- farm @OndoPerps -> get $ONDO -> bet on RWA - farm @HyperliquidX -> get $HYPE -> bet on volatility - farm @DeriveXYZ -> get $DRV -> bet on options meta - farm @pendle_fi -> get ethereum:0x808507121b80c02388fad14726482e061b8da827 -> bet on everything else Did I miss something ?

so, looks like @OndoPerps is done with rewards. over the whole campaign I farmed enough for a small airdrop, or at least covered the fees I paid. but if I count @tread_fi airdrop, most of which was for the hidden season I farmed on Ondo Perps, I made back my fees about 30x. now they need to come up with something really cool so the volume doesn't move to other platforms. my opinion is still the same: start rewarding traders with real stocks. I'm sure this will be the next perp DEX narrative.

Let's be honest. @entropyIO doesn't have money for any airdrop. At this rate, it will take them half a year just to recoup what they spent buying HIP-3 tickers. Their PMF has already been proven to fail with other HIP-3 deployers. Even their HYPE stake is debt, they simply have no skin in the game. But they do have money for marketing and badges, and that's the only reason they have any volume at all. I'd be happy to be wrong, so Entropy farmers, tell me: where exactly is your airdrop money supposed to come from ? Badge holders especially, I can't wait to hear your totally unbiased take.

CT wrote more strategies for the new casino than the casino had winners. Half the timeline was posting ways to farm @papertrade_xyz. The other half was writing about what's broken and how the team should fix it. In the end a few whales just took everyone's money. Give it a week and nobody will remember the name. Everyone moves to the next casino and starts posting "life-changing" threads with ways to make money on it. The same whales will be there first, and the timeline will pay for it again.

100% circulating, years of buybacks, but tokens still goes nowhere. @beefyfinance & @gains_trade have a real product, survived multiple bear markets and have been making money for years. So what’s the problem ? Is it the team ?

Another week of rewards just showed up on @OndoPerps rewards page. Why only one week ? Feels like something is planned after these rewards, and devs just didn’t have enough time to launch it this week.

Honestly, if this were any other project, the community would be like: “Why the fuck are you guys getting staking rewards?” But here we’re talking about a team that actually values its community. So we’re just happy for these guys.

Why I'm skipping Arcus, even though everyone on CT posting their ref links would have you believe it's the next gem It's no secret that Arcus is a perp DEX built by the team behind dYdX. Most people remember dYdX for one of the biggest airdrops in crypto history. Naturally, that gives Arcus a bullish narrative and makes people want to farm points for a potential airdrop. So why am I sitting this one out? Below are my reasons, followed by a few closing thoughts. I'm not saying I have all the answers or telling anyone what to do. This thread is for information only 1. Constantly switching chains 2018-2020: dYdX was building on Ethereum. 2021-2023: StarkEx. Since 2023: Cosmos, with dYdX Chain. Since 2026: Robinhood Chain, with Arcus as a separate perp DEX from the dYdX team Name a perp DEX that kept switching chains and ended up delivering a huge airdrop or exponential volume growth because of it. Recent examples of perp DEXs repeatedly changing chains have ended badly: SynFutures, Ethereal (Meridian), Perpetual Protocol, Synthetix Perps, Gains, Hibachi 2. They shut down the bridge, leaving some long-term holders unable to migrate or sell As part of the move to its own chain, holders of the old ERC-20 token, ethDYDX, could swap it for native DYDX through a bridge. In December 2024, a governance vote approved ending support for that bridge by June 2025. A second vote in June changed the network parameters and shut off support. Someone could have held DYDX in a cold wallet for years, missed the announcements, and ended up holding a token with no remaining route to migrate into the active ecosystem. Holders posted collective appeals on the forum and asked for the bridge to be reopened. These were complaints from actual long-term holders, not just outsiders throwing shade. The reported damage was around $25 million worth of tokens, affecting 45,000 holders. Institutions and exchanges, which received direct warnings, mostly migrated in time. Retail holders often weren't following the forum, where posts about the proposal had only hundreds of views, and missed the deadline. According to one of the people pushing to reopen the bridge, large holders openly said on the forum that removing retail’s tokens from circulation and getting rid of that extra supply benefited them. Effectively, burning other people's tokens to reduce supply, dressed up as a "decentralized decision." 3. Problems with the exchange’s infrastructure Trading went down during the AWS outage in December 2021. In 2022, malicious packages were published through an employee's compromised npm account. In July 2024, the v3 website's DNS was hijacked, redirecting users to a phishing site that used Permit2 signatures to drain wallets. In January 2026, the official v4 client libraries on npm and PyPI were compromised, with attackers inserting wallet-stealing malware and a remote access trojan In November 2023, one trader ran essentially the same play on dYdX twice within two weeks: build leveraged longs, then pump the token on spot. On SUSHI, he walked away with around $5 million. On YFI, open interest ballooned from $0.8 million to $67 million. When the price crashed, the exchange covered a $9 million hole, roughly 40% of its insurance fund. The team itself controlled this "decentralized" DEX's insurance fund, while margin requirements across roughly a dozen markets were manually raised after the fact, without a governance vote dYdX was down for eight hours during the October 10, 2025 liquidation cascade, which wiped out $19 billion across crypto, the largest in its history. Worse, after the restart, the engine executed trades and liquidations at incorrect prices because of stale oracle data. Compensation was eventually paid: around $462,000 from the insurance fund. Getting that compensation through governance took weeks. This team has been building a perp DEX since 2018, yet it's still making mistakes you'd expect from some scam devs who vibe-coded a perp DEX website in a few days, like Dango or Hotstuff 4. Questionable moves from dYdX's founder In late March 2024, the dYdX Foundation put a restructuring proposal to a vote: move the dYdX Operations Trust into a foundation in the Cayman Islands. The official reason was to protect contributors from the SEC, which was putting heavy pressure on DeFi at the time. dYdX didn't operate in the US, but US regulators had already pursued projects outside the country. A month and a half later, Antonio Juliano announced that he was stepping down as CEO for "personal and professional reasons." The timing, so close to the Cayman restructuring, immediately sparked speculation that he was running from regulators, though there was no direct evidence In July, Bloomberg reported that dYdX was in talks to sell v3, the old Ethereum L2 version that had made it a market leader, to a consortium of major market makers, including Wintermute and Selini Capital. No completed deal was announced, and in October, v3 was simply shut down. Five months after leaving, Juliano returned as CEO. A couple of weeks later, he laid off 35% of the core team, explaining that "the company we've built is different from the company dYdX must be." So, in 2024 alone, they moved the operating structure to the Cayman Islands, changed CEOs and brought the old one back, tried to sell the old exchange to market makers and shut it down three months later, laid off a third of the team, and lost their lead in the perp market, with market share falling from around 80% to under 7%. Juliano now sits on Arcus's board and, in his own words, is responsible for strategy and long-term vision. Do you think Arcus can compete with the top five perp DEXs with someone like that on its board? You don't even have to look that far. Robinhood Chain already has a leader: Lighter. If Arcus fails to carve out its share of the market, are we going to watch the same drama unfold again? 5. Investors could earn fees on locked tokens When dYdX Chain launched in 2023, the team heavily promoted the idea that "all trading fees go to stakers," paid in USDC. But there was an important detail: investors and the team could stake tokens that were still locked. They couldn't sell them, but they could collect a share of the fees. This is explicitly stated in the documentation. For a retail buyer, that was a pretty rough deal. You buy the token on the open market for the yield, then share those fees with a massive amount of insider allocations. The more locked tokens being staked, the smaller your share of fees per token The main issue was how it was communicated. Fee sharing got plenty of attention, while the participation of locked investor tokens barely got a mention. It wasn't mentioned at all in the official launch posts. On top of that, staking payouts went live just two weeks before a major insider unlock. Blockworks covered this criticism in November 2023. The condition wasn't completely hidden, but plenty of people found out too late 6. Suspected insider moves in DYDX ahead of major events dYdX postponed the unlock for investors, employees and consultants from February 3 to December 1, 2023. Around 150 million tokens, worth roughly $282 million at the time, were due to unlock, which would have doubled the circulating supply. The market reacted positively to the delay, but questions about insider knowledge followed. Back on December 26, 2022, an account that looked like an insider had already posted that the unlock would be delayed until v4 launched. The post was later deleted As December 2023 approached, tokenomics news and the dYdX Chain mainnet launch helped send the token up 109% in a month, right before the unlock. Some in the community suspected the classic "pump before the dump." Arcus came with a similar pattern: DYDX rallied 40% in a day on a teaser for a "big announcement," then dropped 23% to $0.145 after the actual reveal. Make of that what you will 7. Paying for promotion on social media There is confirmed information covering 2024-2026: dYdX allocated $150,000 to promotion through Kaito, and another $300,000 to developing and managing the VIP affiliate program over 12 months, starting in November 2024. Its own website also has a Master Agreement for Promotion and Marketing Services covering influencer campaigns and paid ambassadors As for 2021-2023, the following is unconfirmed. Again, this is my own speculation. Remember how KOLs shilled DYDX in 2021 and called for $50-100? Some of them were the same paid shills who made fortunes from promotional posts. Of course, there may never be proof, and nobody is going to volunteer that they were paid to shill DYDX. But if dYdX openly used paid promotion in 2024-2026, what would have stopped them from doing it unofficially in 2021-2023, paying big influencers to push the token? Look at the DYDX chart: from $28 to $0.1. Nothing about it looks organic to me. It looks like large investors spending years unloading on retail while people were being sold dreams of a $50-100 token. I have nothing against paid promotion itself. But when it looks more like an attempt to unload on retail than introduce people to your product, that's a red flag for me. 8. Arcus"s own points program There was no point in being early to Arcus. Early users weren't what they needed. Their documentation literally said weekly points issuance would increase as platform volume grew. A points system without a fixed supply is a massive red flag to me. You can dilute points as much as you want, and nobody is going to keep track of it all. The funniest part is that, after CT started calling it out, they decided to change it and introduce a fixed supply after all. Watching them change the rules on the fly already makes me less interested in using the DEX My main takeaway The size of the dYdX airdrop was a product of market conditions, not proof of an outstanding product. Around the 2021 bull-market peak, plenty of projects had absurdly inflated FDVs: ICP at $150B, AVAX at $100B, DYDX at $28B, AXS at $45B, SAND at $25B, FTM at $11B and ENJ at $10B. Everything the dYdX team did between 2021 and 2026 has only reinforced my view that the project is terrible and the huge airdrop was a case of perfect timing Now the team wants to cash in on that old hype through Arcus. But people have short memories. Nobody seems bothered by dYdX's history; they just remember the big airdrop. What the team actually did, and what kind of product they spent nine years building, apparently doesn't matter. I'm not going to say everyone is only in it for the ref fees and doesn't care about anything else. I write about perp DEXs myself, including ones where I see legitimate red flags. With Arcus, the red flags simply outweigh the green flags for me. That's why I'm skipping it None of this rules out a good Arcus airdrop or a TGE in favorable market conditions. None of this changes the fact that the Arcus team is now much stronger than the dYdX team used to be. And none of this rules out Arcus becoming a top-five perp DEX by volume. Personally, though, I'm more bearish than bullish on Arcus. My reasons are above. Whether you trade there is up to you

spent the week on @FX100Perp's testnet trying to get liquidated on purpose, and the wick that would have killed me on any other perp did nothing. every position gets a 15 minute window where a price spike can't force-close you. the loss is still real. funding is zero. only the timing of the forced close moves. that window is the entire product. if your thesis needs ten minutes to survive, no other venue gives you ten minutes. their week two report: $400m in volume, 18.5k wallets, referrals up 9x. still worth an hour. go open a 100x position and try to break it.

spent an hour on the @FX100Perp testnet last night and closed every position on my own terms. that hasn't happened to me on a perp dex in a long time. the mechanic is simple. every position you open gets 15 minutes where it cannot be liquidated. price does whatever it wants: a wick, oracle noise, a 3% candle out of nowhere. the position survives the full window. on Base, priced from an oracle instead of an order book, with one shared USDC vault sitting as your counterparty. up to 100x. they wrapped the testnet in a "liquidation game", which is a smart way to stress it. you're basically being paid to try and blow yourself up. what makes it interesting to me: at high leverage on a normal perp, the wick decides your trade before your thesis gets a chance. with the window, you get a real directional bet inside a known time box. closest comparison i can think of is a 15 min binary on @Polymarket, except there you're capped around 2x with fixed upside. same time box here, no cap. it comes from the @protocol_fx crew, so the liquidation engine work isn't starting from a blank page. still testnet, so one thing i want to see under real volume: what the vault does when a pile of protected positions all lean the same way and nobody can be liquidated for 15 minutes.