Same thoughts.
But still.
There is no better place to dump your time for money then perps.
All math are mathing as fuck.
30% allocations + huge funding and vaults APR + real financial revolution.
Let's ride for now.
Rami poker capital is going to probably fade perps farming for the foreseeable future.
First off - if you’re farming funding in this weak-yield environment, therefore making your points cost basis neutral or even making a little bit of money while earning those points, then by all means be my guest and farm them. There are ways to do so in a smart way and I have been doing it already for 2 years, from Hyperliquid in early 2024 to Lighter in 2025, both 6 fig airdrops for this honest fund.
But I think that, after Lighter TGE, we’re getting very close to perps saturation phase. We’ve seen this very same "new paradigm > early copycats > saturation" pattern across the years in crypto.
1-A big, first mover, high quality, very successful project
2-A few second movers, less quality projects
3-A lot, late movers, low quality forks/shitprojects (we are definitely entering here)
This same pattern has happened in all sorts of markets, including crypto:
-NFTs: Punks > BAYC, penguins and a few more > tons of extractive trash
-Yield bearing stablecoin meta: ENA > USUAL, RESOLV (perhaps) > late movers like EDEN, Theo. (Usual made its farmers money cause it tge’ed at the right time)
-Staking for airdrops (lol): ATOM > TIA > DYM ?
-"Gen 1" perps: GMX, then all its shit forks
-Even DATs which are more or less a scam have had the same pattern from Michael saylor to Ena and similar low quality, mostly scam dats (the ena one was hilarious, they made a dat whose only purpose was to acumuate coins that they were never allowed to sell! and nobody raised an eyebrow lmao)
-ICOs, from incredibly successful ones like ETH to total saturation and scams in late 2017
And many more niches.
So many scams, so many stupid narratives (the stake for airdrops was my favorite), so much extraction.
The first mover always ends up being a massive financial opportunity (it's normal, it's a new paradigm -alpha always in the new- and the majority of people still haven't caught up to it, think of hyperliquid farmers).
The second one/s are still relatively high quality, and can still be a somewhat decent bet that makes people money if played right/early. At this point more people has caught up, but the early ones are still able to make good money (think of early lighter farmers)
The later ones are mostly low quality, extractive schemes (or decent projects that simply got way too late to the party) in which the people that make money are mostly their creators and perhaps a few of the most skillful market participants (here think of all the current perps farmers).
So applied to the current generation of perps:
>HYPE (big paradigm swift, massive success and financial opportunity)
>LIT (and perhaps the following 1 or 2 to TGE if you farmed them early)
>the rest (paradex, extended, pacifica, variational, ethereal, hyENA, and a few more. the list is long)
I'm seeing these days a lot of threads by retards talking about "DN between perps", "farm variational + Extended", "spreads", "funding",.... I mean, first off we've been talking about such strategies and concepts for 2 years already (hyperliquid and aevo were my 2 first dn perps, funding on aevo was very juicy), and also made very clear and easy guidelines here on twitter on how to farm lighter that btw turned out to be money printers without burning a single $.
And second, no offense, but this threadoors are the type of people that made guides on how to stake 1 TIA (lol) in January 2024, "stake DYM for airdrops", when the "stake to earn" tech had been ongoing for almost 2 years and was already done. If you get a message from this tweet remember this: once this people arrive and you start to see massive content on a certain topic, you know the party is already over.
Imo we’re very very close or already on saturation phase. There might be 1 or 2 decent airdrops left, and btw they might not necessarily be the highest quality ones, but the quicker ones. TGE timing matters a lot in crypto, especially when a narrative is already running out of time.
Many of these perps airdrops will end up being similar to idk Mode airdrop, Blast (lateish L2s, only in a much much stronger market than the current one), RESOLV (kinda late to the yield bearing stablecoin narrative but still decent airdrop), etc. stuff that will make u some money if u farm it right and dump early, with low fdv launches and straight to 0 charts.
So what now?
I mean, if u can make low-mid 2 fig apr while earning points, in this economy, sure go for it. there's not much else out there anyways. but don't expect much from any of those overfarmed temu perps left to tge, and know that if u burn money, there's a very decent chance you will lose it.
Also, for the retards who can't read, I'm not saying all of the remaining perps are low quality shit (although most of them they kinda are), and probably some of them will get their fair share of the market, just saying that it's hard to think farming perps now will have disproportionate APRs like hyperliquid or early lighter had, and that burning money on them is retarded.