I often tell my group friends that with small funds, you shouldn't burn fees to brush up on perp airdrops, especially for projects that haven't taken off early on. The reason is simple: 1. Traders and arbitrageurs can use the product normally while steadily profiting, and they enjoy earning points, with subsequent airdrops being pure profit for them. After the project's TGE, they can pour in at any price point, while you still have to wait to break even. In the face of this asymmetry of power, why would you want to be a sacrificial lamb? Contributing fees while waving flags for the project and acting as a miner? For example, all my points across projects are at a negative cost, so I don't care when the project issues tokens. If I like a product, I just trade more on it; if I think the team's performance is mediocre, I move my money away, being a player who doesn't hang himself on one tree, maintaining a good mindset. Remember, we are neither shareholders of the project nor employees of the company; you come to make money, not to recognize a father. 2. In the process of burning money, your principal will only decrease, and if the project side wants to earn more fees and delays issuing tokens, you will find yourself increasingly passive, ultimately becoming a resentful person with no control, with your eggs in someone else's hands. Opportunities are waited for, not gambled for. Staying at the poker table, having enough backup to call your range of cards is the way to go. 3. Therefore, the strategies I previously provided are very conservative arbitrage plays. For example, using @Backpack for spot contract hedging, while earning rate management returns and gaining points through positions, this method is still the optimal solution, no exceptions. Another example is the arbitrage between @Lighter_xyz and @variational_io due to the need for monitoring, which is not easy to get started with, and is basically what I'm doing with group friends. If you search my previous tweets, you'll find that the time points I mentioned for participating in these three projects were as early as possible. Listening to Brother Yuan's advice might mean you earn less, but you will never suffer a big loss. 4. If you really want to burn fees, unless you find a system-level loophole that allows you to obtain a large number of points at a very low cost in a short time, only such opportunities with huge hidden odds are worth leveraging. But such opportunities usually belong to top-tier studios, not something small funds can handle. As for those early projects you missed, now seeing the so-called off-market point prices and then going to fomo, it's basically just giving real money to lift others up. 5. If we understand perp as a casino, the only thing we can control is the process returns. For example, casinos now use high APR vault limits as part of their user loyalty programs. So, by improving user levels through arbitrage trading to meet the vault access threshold, and then using the casino's dividends to continue rolling points, it can also be a good strategy. For instance, with the current difficulty of earning points at @Lighter_xyz, preparing a large amount of capital for trading might not yield higher returns than storing all in LLP. Another example is why I say @variational_io can be done? Because its process returns are already very clear; the community vault is the source of all protocol liquidity, acting as the counterparty for all user orders, resulting in an explosive OLP annual yield, currently over 400%. Entering such platforms early when there's no competition, trading to increase levels, and later storing in the vault, you don't even need to hope for token issuance to earn returns. In my view, this type of project is like when I brought group friends to hedge and stake $AIXBT to extract from the virtual pool, something that can be calculated, my absolute comfort zone.