Token-based pricing: I might have discovered the next generation of perps trading! A $1 trading loss mints 100 BACK tokens. 50% of the transaction fees are distributed based on the token ratio, with USDC directly returned. This is even with LPs below $500,000. Get it? Stop playing hide-and-seek with points, and stop trying to attract people to farm and pocket the fees. Taken from the people, used for the people, understand? Let's dive in! ⬇️ I'm already behind the times; I've actually seen this project, @backtrade_xyz, on my timeline many times. For someone who's participated in countless perps trading points games, this project is still innovative, mainly focusing on the two points mentioned above, which I'll elaborate on further. First, token restrictions. What is the exact ratio between your trading points and tokens? What's the standard? Is it transparent? Many veteran players remember the pain of EdgeX. Damn, my points were inflated to 1/10, or even more. Initially, participation was pure guesswork; I knew nothing about token quantity, exchange rates, or exchange mechanisms, relying entirely on the project team's conscience. And what was the result? Repeated losses. BACK is more direct. The idea of a maximum 1000x exchange rate is similar to the previously popular Paper project, but it also carries some game-theoretic risks, which I want to specifically point out. The overall gameplay is simply converting trading losses into BACK tokens, and the quantity is announced in advance. Participation here offers choices and strategies. Simply put, you can choose to profit, as it's easy to find counterparties here; you can also choose to incur losses to mint tokens—a more sophisticated approach, hedging? Secondly, there's the issue of profit distribution. StandX has once again hurt many. I don't know the final team distribution, but everyone is dissatisfied. This raises a problem: besides trading losses and profits, the most important contribution is transaction fees, which is also a key incentive for many perps to lure participants. BACK has also made this aspect transparent. When LPs are below $500,000, 50% of trading fees are distributed proportionally to BACK holders. Therefore, your losses need to be reduced by this distribution. I won't comment on the exact amount, including how it's distributed once it exceeds $500,000, but this sets a precedent for all permits; at least it will be harder for anyone to try and manipulate the system again. Finally, as a HyperEVM ecosystem project, it deserves more attention, at least being added to my watchlist. I've recently collected quite a few new projects on HyperEVM. Although the market is sluggish, many people are still working diligently. I want to observe when the $500,000 threshold will be reached. If you're interested in participating, you can wait for the official announcement. You can reserve your spot here: https://app.backtrade.xyz/?ref=0x9102eec568ec0cc62f43cec5ed939d8d7c8a345e Wish us luck! / Author: anymose | A softcore science writer This article is for popular science purposes only and does not constitute any investment advice. Always remember DYOR!