Perpetual Contract Track is getting a bit crazy right now.

After Hyperliquid became popular, Aster and a wave of new platforms followed suit, all playing the same game: zero fees, rebate incentives, Points Farming… pulling out all the stops to boost trading volume. On the surface, it looks like a competition for users, but essentially they are betting that TGE can help them complete the value loop.

But there's an unavoidable question— is this model truly sustainable?

Looking back at how FCoin collapsed. Back then, they also used rebates and mining to push trading volume into the top three in the industry, and investors were optimistic. The problem is that once Token prices fall and new user growth stalls, the entire incentive mechanism begins to self-destruct. High profits in the early stage can't sustain the costs later on, ultimately leading to liquidity drying up and bankruptcy.

Most of the current Perps platforms are basically copying this script, just under a different name called Points. Whether they can truly survive depends on whether they can establish real trading depth and user stickiness before TGE— relying solely on incentive-driven trading volume will eventually catch up with them.