A fierce user battle has recently erupted on the chain.

A certain aggregation layer protocol has launched an incentive program called Craterun. The approach is quite straightforward—spend money to attract users. They are offering a $2.5 million cash reward, plus 10% of the project's token supply as an airdrop pool. The goal is clear: to bring over traders who are active on decentralized contract platforms like Hyperliquid.

This kind of aggregation layer positioning is quite interesting; essentially, it provides a more user-friendly interface for DEXs, lowering the user entry barrier. Now, using real cash as incentives aims to poach users from the existing market. $2.5 million is no small amount, and a 10% token share is also quite attractive. This tactic is not uncommon in the DeFi space, but it is indeed quite aggressive.

Ultimately, the number of on-chain contract users is limited; those who offer better experiences and higher yields will attract users. The core of this battle still depends on whether the product can retain users—subsidies alone won't last too long.