been fading perpl for a min now. openly. thin books, wide spreads, the whole thing wasn't it really. i took literally one trade on there. ~$8k on $BTC. closed it, ate so much spread on the way out i just withdrew everything and left 😒. funny how that happened on the deepest book on the platform, now @perpltrade drops this and i gotta be honest, i'm paying attention again. yesterday they launched mPoints: a 16 week campaign, up to $1,000,000 in $MON based on organic trading activity. and it's not the usual points cope. the mechanics are actually built around the exact thing i faded them for. the alpha: $500k is guaranteed. not "up to", guaranteed. scales to a full $1m in $100k chunks as the platform's oi-adjusted adv climbs. pool's usd-denominated too, so mon price dumping doesn't nuke your reward value. the unlock formula is the catch: min(daily volume, open interest × 10). means you literally cannot wash-trade your way to rewards, volume does nothing without real oi behind it. the whole campaign is a machine built to force real depth. which is the exact thing i said they didn't have. lol. they killed access codes july 7, perpl's permissionless now it's purple summer, 2-in-1 farm, mPoints run alongside the existing perpl points. so every trade farms $MON now and perpl points for later +5% mPoints referral boost both ways for all 16 weeks i'm not here to shill you a bag, but yeah what could actually go wrong👀 i pulled their api. platform does ~$7-8m/day total volume. that's maybe ~$15-20k/week in real fees. they're paying ~$62.5k/week in rewards. so they're paying like 3-4x their actual revenue to rent liquidity. that's financing, not earnings. and financing runs out. which means week 17 is the whole question. the formula forces real depth during the farm, but nothing keeps it there when the money stops. if the only reason there's liquidity is the $1m, the day it ends the spreads that ran me off come right back. it's the same liquidity problem i faded, just on a 16-week delay. and rn today the books still prove me right. i pulled live depth off their websocket. outside btc everything's thin, and their own token $MON had stretches with like a few hundred bucks of depth within 25bps of mid. a few hundred. on the token they're paying you in. the depth also flickers in n out every few minutes which is exactly what thin mm-dependent liquidity looks like. so i'm not trusting vibes, i'm literally logging the order books twice a day for the whole campaign. that chart's gonna be the real verdict, not the announcement. it's a subsidy, not a business (yet). mon-not-usdc is a lil yellow flag too. paying in their ecosystem token conserves their real cash. and even tho the pool's usd-denominated, the second you're paid you're holding $mon, a token near its atl with ~16% supply unlock landing around november. everyone gets paid the same token at the same time n a chunk dumps. you can farm perfect and still bleed on exit. plus you're taking @monad risk now, not just perpl risk. so is it worth it? imo yeah, a guaranteed $500k floor, usd-denominated, liquid token, hot L1, anti-wash design that actually rewards real traders over bots, guess that's a legit farm and it's early. i'm just not gonna tell you the liquidity's fixed, cause the data says it ain't. yet. the honest version: i was right to fade old perpl. they just put $1m on fixing the exact thing i faded, with a mechanism that pays for real depth not fake volume. so the trade isn't "liquidity's good now" it's "i get to watch a million dollars try to fix these books in real time." if btc-level depth spreads to $MON, $ETH n the rest over 16 weeks? then they earned it. if week 17 it snaps back, the i was right twice and farmed the subsidy on the way thru. purple summer. onchain clob on @monad. sign up with my link link: app.perpl.xyz/trade?ref=Dy1f…