The airdrop cycles of 2024 and 2025 exposed a recurring pattern: points programmes attract volume, after which much of the distributed supply and activity migrate to the next protocol. Decentralised perpetual exchanges have tripled their market share, rising from roughly 2% in January 2024 to more than 10% by early 2026, with monthly volumes exceeding one trillion dollars. New designs separate the transferable liquid token from non-transferable governance power, provide for progressive unstaking over one year with penalties of up to 50%, and index rewards to protocol fees rather than new token emissions. EVEDEX’s model includes 100 million $EVE tokens, with 31% allocated to the treasury and DAO, 18% to the founding team and 6% to early users. Insider allocation, unlock schedules and the token generation event, expected between six and eighteen months after mainnet launch, nevertheless remain sources of uncertainty.
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