With open interest hitting the $1B milestone, the perpetual DEX landscape is heating up again. Right now, a certain leading platform is emerging as the prime spot for farming opportunities.

Looking at the scenarios: on the downside, you're exposed to fee drag—that's the bear case nobody wants to talk about. In the base scenario, we could see the next round of governance token distribution arrive without exceptional bonuses tied to specific activity metrics. Then there's the upside—if the distribution cycle comes through as hoped, early farmers could capture meaningful value.

The key tension here is balancing immediate yield generation against the uncertainty around future incentive structures. For serious liquidity providers, it's worth monitoring how the incentive scheme evolves.