Even if you get liquidated, you can still get platform tokens and USDC. Now, even losses aren't for nothing? Just two weeks ago, we were talking about the NYSE's owner moving perpetual tokens back to the US, and someone on the Hyperliquid chain has already changed the perpetual transaction fee distribution method. It's @backtrade_xyz, a perpetual token platform based on HyperEVM. The team has drawn on Papertrade's experience, and BTC and ETH perpetual tokens support up to 1000x leverage. Points I find interesting: First, how are BACK tokens minted? Only liquidated or closed positions can be minted. There's no pre-mining, no team or institutional allocation, and no airdrops. Early on, every $1 of eligible loss can mint 100 BACK tokens, with the maximum mint rate until the LP (Limited Partners) first reaches $500,000. Secondly, regarding fee distribution: When LP (Limited Partner) holdings are below $500,000, the platform will allocate 50% of the transaction fees in USDC to eligible BACK holders. The exact amount each person receives depends on the specific distribution rules. Both of these points revolve around the $500,000 threshold, including the maximum BACK minting rate. Therefore, early and late participation will have different conditions. However, 1,000x leverage is extremely high. Even a slight price reversal could lead to liquidation. It's not recommended to stubbornly hold on just to get BACK. According to the official statement, trading will open soon. If you're interested, register via this link. Getting an airdrop isn't unreasonable, right? : https://app.backtrade.xyz/?ref=0xac706ef4ba6fb3477d86ea9e19df2af96d13a2d4 *** This does not constitute any investment advice. It is merely a personal record and opinion. Profit and loss are your own responsibility.