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Paradex's latest round of point distribution results are out, and market competition has clearly intensified. Last Sunday, the average daily trading volume remained around $1 billion, but this week it surged to $1.5 billion. Despite a 50% increase in trading volume, the point earnings per transaction have actually decreased by 30-40%.
The main drivers of this growth are institutional funds and studio participation. They deploy大量 small accounts combined with automation scripts to perform high-frequency trading and wash trading. This approach is indeed somewhat aggressive. The project team responded quickly—pausing point distribution to accounts identified as witch accounts and those with abnormal XP acquisition.
For participants, this means a recalculation of mining profitability. Accounts holding BTC/ETH for hedging trades need to reassess cost-effectiveness under the current mechanism. This adjustment in the market ecosystem reflects the continuous improvement of protective measures in trading mining projects.