I recently came across a Perp DEX project called DeriW. The most interesting aspect isn't its leverage ratio, but rather how it links trading losses with token issuance. Simply put, on DeriW, you only mine DER when you close a position at a real loss or are forcibly liquidated. Profits, opening positions, and holding positions do not generate tokens. According to early rules, when the genesis pool was below 2 million USDT, every 1 USDT lost earned 100 DER. However, it's crucial to understand that loss mining doesn't guarantee a return on investment. Traders bear real market risk; market volatility, leverage amplification, and forced liquidation can all lead to losses far exceeding token rewards. Especially with the maximum leverage of 500x, even a small adverse movement can result in significant capital loss. The actual value of DER depends on market liquidity and price performance; the expected rewards cannot be directly considered cash compensation. This mechanism does offer a different perspective: losses are inevitable in contract trading, but on DeriW, eligible real losses can earn token incentives, reducing trading costs to some extent. What's truly worth studying is its underlying economic model. DER has a total supply of 10 billion, with no pre-mining, no private placement, and no advance allocation. Transaction mining accounts for 70%, the team 20%, and the community 10%. Team tokens are not unlocked in advance but released synchronously with transaction mining. More importantly, it features a dual halving mechanism: the mining rate decreases as the liquidity pool grows, and the mining multiplier is permanently halved for every 25% of the remaining supply mined. This means early participants acquire tokens more efficiently, and the decreasing supply reduces the pressure on early holders from continuous dilution. Long-term value depends on the product's ability to retain genuine traders. DeriW is based on the Arbitrum Orbit L3 architecture, featuring zero gas and zero slippage under certain conditions, supporting up to 500x leverage. Once the liquidity pool exceeds 5 million USDT, 80% of the excess funds are used to buy back and burn DER, and the remaining 20% is used for insurance and to thicken the liquidity pool. Therefore, the core logic of this model is: early-stage incentives through loss-based mining, mid-stage supply control through halving, and late-stage buybacks and token burns using real transaction revenue. It's estimated that if the project can retain users, the growth rate of funds used for buybacks will exceed the demand for funds used for buybacks, creating a positive cycle where the produced tokens are gradually burned. Of course, a well-designed model doesn't guarantee it will work. What truly needs to be observed is post-launch trading volume, user retention, liquidity pool growth, and the sustainability of buybacks. This is what DeriW is most worth paying attention to.