In the cycle of DeFi, many people have fallen into the same traps—rushing into projects at launch without understanding the token logic, just hearing about "possible airdrops" and jumping in. When the event ends, the activity dwindles, and the protocol becomes a ghost town.

Recently, I saw a leading DeFi project go live on its mainnet, and my first reaction was actually a bit cautious. Not questioning their technical strength, but worried about whether they might repeat the old pattern—pump and dump. However, after carefully studying their points system design, my perspective completely changed.

Honestly, this mechanism is far more complex than it appears on the surface. Many think it's just an ordinary points system, but the core logic is actually a user screening system. It doesn't reward "how much you buy," but rather "what you actually do in the ecosystem." In the current DeFi environment, this kind of design approach is truly rare.

Looking back at the common issues across the entire DeFi ecosystem, it becomes very clear. The incentive logic of most projects boils down to a few patterns: those with larger funds earn more, early movers get the biggest gains, and those who run fastest laugh last. It sounds in line with market principles, but what are the actual consequences? The protocol's active user data is fake, user retention is fake, community discussion heat is also manipulated, and in the end, the number of users who actually stay and participate is pitifully small.

The root cause is that this system rewards from start to finish not genuine participation and contribution, but speculation and arbitrage. The short-term capital influx creates a false prosperity, but ultimately, it must return to a cold reality.