There’s a pretty aggressive perpetual contract project in the Monad ecosystem that recently launched on the Launchpad of a leading DEX.

The way this project operates is definitely wild—open position limits, no LP pool, and it goes head-to-head with traders. Basically, the platform acts as the house, and all user profits and losses are borne by the protocol.

They’re doing a TGE now, and I’m guessing it’s mostly to deter airdrop hunters. After all, without a token, this pure betting model would have a hard time competing with other perpdexes in terms of user retention. Token incentives might be their last card to keep traders around.