On chain PERP is essentially a cunning scheme of "borrowing fake to cultivate truth" Is there no real user on the chain's PERP? Is it a fake race track? But let me tell you, there's only one question: 'Did the chicken or the egg come first?' The corresponding answer is, 'Is liquidity first, or are users first?' @EdgeX_exchange @ Lighter_xyz is actually following this' heavenly scheme ' The initial liquidity must have been self funded, and both self market makers and external market makers are acceptable What about setting up an airdrop expectation and pairing it with a vault? The purpose is actually to attract pure traders. It's unlikely that there will be real trading users coming here in the early stages, but the airdrop has revitalized the early liquidity stage Otherwise, the market maker's own PVP will be irrelevant Then the sharp eyed KOL discovered an opportunity, for example, when I started promoting @ edgeX_exchange, more haters came, including real trading users, because where everyone opens contract orders is not where they open them, and there is also potential airdrop here Then came the arbitrage hedge, which of course is also real users When trading becomes active, the treasury yield of @ edgeX_exchange naturally increases, and there are naturally funds flowing into the treasury, resulting in better liquidity Market makers are also more willing to increase capital inflows The liquidity spiral has started More real trading users are willing to come, and KOL has discovered that the platform is up and the points are more valuable, so they are working even harder to promote it That's actually the thing The process path is as simple as that, but it is also a technical task. For example, the product must be truly solid, and safety must be truly safe. The beginning can be said to be "fooling" everyone, but in the middle and later stages, it must be truly done Many PERPs die in the mid to late stages, and relying on airdrop expectations did attract people in the early stages, but the product and security are not strong enough, making it difficult to further break through the user and fund scale, and it is simply stuck and eliminated In my eyes, the two companies that truly went through the middle and later stages smoothly were @ edgeX_exchange and @ Lighter_xyz, entering the next cycle Liquidity is getting better and better, trading volume is increasing, points are becoming more valuable, and it can attract more liquidity to come in This has a certain moat, making it difficult for other new competitors to surpass it in the short term This PERP team has very high requirements for technical and product capabilities, and they need to follow the right rhythm. If they make a mistake, they will not be able to enter the "next cycle" that I mentioned earlier The snowball is rolling behind us, and we will face the TGE challenge To be honest, the success of TGE largely depends on the market rather than human resources. Of course, human resources are also important, such as Hype. The Hype team does have a clear structure If TGE meets market expectations or even exceeds them, whether it is a novice or a real trader, it will become the most loyal iron army of the platform, which is the strongest foundation Before TGE, everyone was essentially a waverer. Once TGE fell short of expectations, PERP was a trading product. Early users and TGE users were the same group, and it was difficult to reverse the situation later on So from this perspective, once there is a large-scale anti roll up in PERP, it means the end of the platform's fate. Therefore, the probability of anti roll up is relatively small for PERP, because anti roll up is death. Unlike other tracks, the users who engage in anti roll up have little direct relationship with the platform, and the interests of the users are sacrificed, which does not affect the subsequent products So, good luck to everyone. May our @ edgeX_exchange points airdrop be fruitful and have a fruitful year