The race for airdrops in the decentralized finance sector has new leaders. The Perp DEXs Lighter, Paradex, and Pacifica are emerging with innovative points systems, attracting billions in trading volume. Traders are actively seeking to accumulate these rewards, which could become high-value tokens. According to data from the analytics platform DefiLlama, these platforms are recording unprecedented activity.
Lighter has quickly positioned itself as a giant in the derivatives space. This protocol has surpassed $7 billion in daily volume, driven by a zero-fee model. Its points are already trading at $50 on over-the-counter (OTC) markets, with a token distribution planned for the end of 2025. Users earn points through trading, competitions, and referral programs.
Meanwhile, Paradex is nearing the $100 billion mark in lifetime trading volume. It distributes 4 million experience points (XP) weekly, with 57.6% of the total token supply allocated to the community. However, the recent extension of its “Season 2” has generated some uncertainty among users, as expressed by analyst @DeFiChronicles on social media.
The Competition for Airdrop Rewards Intensifies
The rise of Perp DEXs revives interest in farming strategies that have generated significant returns in the past, such as the dYdX and Blur airdrops. These new protocols not only offer advanced trading tools but also a clear path to earning rewards for early participation. The competition is based on attracting liquidity and volume, rewarding loyalty and consistent activity.
In this competitive environment, the Solana-based Pacifica represents a more speculative but high-potential bet. Although it is in a closed beta, its points already have an OTC value of approximately $0.80. Its success will depend on its ability to attract a strong community and differentiate itself in an increasingly crowded DeFi niche.
The impact on the market is direct: an increase in volume on decentralized exchanges and greater pressure on centralized platforms. For investors, this represents a high-risk, high-reward opportunity. The key is to evaluate the sustainability of each project and the likelihood that its points systems will translate into a valuable and tangible future airdrop.
The current dynamics suggest that the trend of Perp DEXs and their incentive programs will continue to grow in the coming months. Traders will need to choose carefully where to focus their efforts. Lighter offers volume and clarity, Paradex has institutional backing but faces questions about its timelines, and Pacifica is the high-potential option for the most risk-tolerant.
