Since ancient times, Perp DEX has had a lot of hair. DYdX airdropped 25% of the tokens, Hyperliquid airdropped 31%, and Variational announced that it will airdrop 32%. These numbers are already astonishing enough. But what's even more shocking is that @ popdex_ directly announced a 100% value refund. Do not engage in point based long-distance running, nor rely on airdrop expectations to repeatedly PUA users. It sounds great, but problems also arise. If all the value is returned to users, how can the development team make money? PopDEX has received a $30 million investment, will it actually issue coins? Let's answer them one by one. Who is PopDEX? PopDEX is a user first perpetual contract DEX that focuses on capital efficiency and trading experience. In May 2026, PopDEX announced the completion of a $30 million funding round led by Foresight Ventures. At present, it has completed 4 rounds of closed testing: Accumulated trading volume of 3 billion US dollars LP fund pool of 61 million US dollars More importantly, the so-called '100% value return' is no longer a slogan during the internal testing period, but a real gold and silver. In the fourth round of closed beta testing, a user received the highest reward of 8000 USDT for a single address; User @ kasoutuu tested a trading volume of 6 million US dollars and received a trading reward of 2550 USDT. After deducting transaction fees, they also earned an additional 1000 USDT. Of course, not everyone can make money. But this value feedback model does significantly reduce users' actual transaction costs. Will PopDEX issue coins? Firstly, we need to clarify a misunderstanding. The so-called '100% value return' does not mean returning all transaction fees to users in their original form, but rather referring to all the distributable value generated by transaction fees being returned to users. Will it issue coins? Firstly, Foresight led a $30 million investment, and in order for the venture capital to exit, it logically requires a tradable token as an exit. Secondly, PopDEX adopts a solution of "self built dedicated L1+on chain order book" to provide a trading experience comparable to CEX. The possibility of issuing native tokens on public chains is generally not low. 3/Conclusion: Why does PopDEX want to take a different path? Nowadays, most Perp DEX rely on points and airdrop tokens to attract new customers, but this gameplay has a fatal problem. According to Foresight's survey, 69% of users admit that points and airdrops are the most important reasons they choose a Perp DEX. The problem is that these profit seeking users often quickly leave after the token goes online. After comparing multiple platforms, Foresight found that only Hyperliquid's trading volume did not decrease but instead increased after the token was launched, successfully converting the airdrop party into real users. Only this one company, without exception. What PopDEX wants to do is to take a harder but longer path, not by incentivizing users to rent, but by distributing 100% of the distributable value to real users, thus establishing a positive cycle of "real trading, real dividends, and long-term play". If you agree with this concept, you may want to personally try PopDEX: https://app.popdex.xyz/zh-CN/tools/app-launch?referralCode=CHAOS