I just checked the Perp Dex data for the last 7 and 30 days. The Lighter token issuance has had a significant impact on trading volume. However, overall it's still okay, remaining firmly in the top tier, just with a slight drop in ranking. You can see that Lighter is first in the 30-day ranking with 160 billion. In the 7-day ranking, it only ranks third with 24.5 billion. So, did Variational launch some kind of incentive program these past few days? It seems like everyone's been using it to boost trading volume, jumping directly into the top 5 in just 7 days. And look at that data, the 9.6 billion in 7 days is basically equal to the 30-day figure, indicating that the volume shifted in the last few days. Can I understand this as the studios that were boosting Lighter issuing their tokens starting to boost Variational? 🤔 To answer my own question, it's roughly the same: (24.5 + 9.6) * 4.3 = 146.6 billion, which is not much different from the 160 billion in the previous 30 days for Lighter. This means that about 10 billion of the weekly trading volume shifted from Lighter to Variational. 😂

It seems to be a common problem with PERP: after issuing its token, trading volume starts shifting to competitors. 😂

Haha, there's no solution to this. It's a Web3 feature, not a bug.