2026-01-06 14:30:08

A new Maker Points mechanism launched by an emerging exchange is expected to reshape the liquidity incentive logic of derivatives DEXs.

The key innovation of this model is—market makers do not need to wait for trades; they can accumulate points simply by placing orders to provide liquidity, breaking the traditional mindset that only trading yields profits.

The logic for generating points is driven by three dimensions. First, consider order value, calculated by multiplying margin by leverage; the larger the position size, the faster the points accumulate. The time an order stays on the ledger also affects the points earned. Additionally, price priority plays a role—orders closer to the market mid-price will receive a weighting bias.

In the short term, this mechanism can significantly increase the depth and trading volume of trading pairs. Market makers are motivated to continuously supply liquidity rather than waiting for volatility to act. For the exchange ecosystem, increased liquidity means reduced slippage and improved user experience, creating a positive feedback loop. This incentive system may become a benchmark that competing products will strive to imitate.

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GhostChainLoyalist

· 01-06 14:54

Placing orders can earn points, now market makers are really guaranteed to win effortlessly --- Basically, it's encouraging liquidity pooling, but how long can it last --- The design of the price weighting is quite interesting, but it still depends on whether it can truly attract big players to enter --- Hearing about the new mechanism every day, but in the end, it all turns to nothing. Can this time be different? --- Lower slippage sounds great, but the cost is on the users, and the yield farmers are about to start again --- Market makers finally don't have to stand by the order book and stare blankly; the saying "time is money" has truly been realized this time --- Margin with leverage... the risk also doubles. Who dares to try it out?

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ruggedSoBadLMAO

· 01-06 14:53

Yeah, I like this logic. Placing orders earns points, so there's no need to wait passively for a trade to happen. Finally, an exchange has come up with a good idea. Just by looking at the price weighting, you can see that orders near the mid-price have doubled in weight. Clever. If this model can really be implemented, market maker incentives will definitely outshine old DEXs by a long shot. It feels like a clone version is about to appear; this kind of套路 has always been like this. Only when the depth increases can slippage decrease. When user experience improves, traffic will come. This logical closed loop is quite good.

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MidnightGenesis

· 01-06 14:48

From a code logic perspective, this points-based generation mechanism actually hides the old tricks of liquidity mining, just with a different disguise. It’s worth noting that the calculation method of margin * leverage multiple—what’s interesting is that this will encourage more aggressive market-making behavior. Can the risk buildup on-chain be monitored? --- When deploying this kind of mechanism late at night, I was thinking—could the stay time weight be easily gamed? With almost zero cost for placing orders, large traders layering orders to deepen the order book will inevitably happen sooner or later. --- Based on past experience, these incentive systems look very attractive in the first three months, then they start to collapse. Market makers have no real trading income support, and eventually, the points will need to be cashed out. How fierce will the exodus be when that time comes? --- My observation is that the design of skewing mid-price weight actually limits the real liquidity of the order book—looks deep, but actual trading disperses easily under pressure. An expected routine. --- On-chain data shows that the imitation cost for this kind of mechanism is extremely low; competitors can copy it tomorrow. Where is the real moat? Or is it just relying on first-mover advantage to last three to five months?

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