Decentralized perpetual futures platforms are tightening anti-Sybil enforcement as several points campaigns approach their final stages, raising the risk that users relying on self-trading, referral loops, or coordinated wallet activity could lose accumulated rewards before token launches. Extended has provided the clearest example: the platform said in August that it removed about 5.04 million points associated with abnormal behavior, including cross-account self-trading, self-referrals, Sybil addresses, and coordinated multi-account activity.
The adjustment arrived as Extended’s points program nears its 70 million-point ceiling. The project said cumulative issuance stood at roughly 64.67 million points after the removals, leaving about 5.33 million points under the cap. At its stated weekly emission rate of 600,000 points, the remaining supply would be exhausted within roughly nine weeks unless the schedule changes.
That creates a more demanding environment for traders pursuing future token allocations. Early points programs often rewarded simple participation, but the latest designs increasingly measure the quality and durability of trading activity. Platforms are examining fees paid, position duration, liquidity provision, slippage, referrals, and behavior across linked wallets rather than relying on raw transaction volume.
Extended moves closer to its points cap
Extended began its points season in April 2025, issuing 600,000 points per week with a fixed total cap of 70 million. The project disclosed $19 million in fundraising: $6.5 million raised in 2024 and a $12.5 million strategic round completed in July.
Its August enforcement action suggests that a published points balance is not necessarily final. Projects can revise rewards after identifying activity they consider artificial, especially where accounts appear to be transacting primarily with each other or multiplying referral rewards through connected wallets.
The approach also protects the economics of a future distribution. A token allocation spread across large numbers of automated or coordinated accounts can dilute rewards for organic users and create concentrated selling pressure once tokens become transferable. Removing suspicious points before a token generation event would leave a smaller pool of eligible users sharing any eventual community allocation.
Omni enters a more complex final phase
Variational’s Omni program is another campaign entering its later stages. Variational said it has raised about $60.3 million across two funding rounds, comprising a roughly $50 million Series A completed in May and an earlier $10.3 million seed round.
Omni launched its points program in December 2025 with a retroactive distribution of 3 million points to early users. Points have been issued weekly, and the project has said distributions will end no later than the end of the third quarter. Variational has also indicated that about half of Omni’s token supply is planned for community allocation.
As the program has progressed, earning points has shifted toward more involved on-platform actions. That raises the cost for late participants, particularly where trading fees, execution quality, and the capital required to hold positions outweigh the uncertain value of a future token allocation. Secondary pricing for points cited in the supplied material ranged from about $10 to $20 per point, though such informal pricing does not establish the value of any eventual token distribution.
The tighter structure changes the calculation for users. Large amounts of low-risk, rapidly recycled volume may receive less favorable treatment than activity that produces fees, sustains positions, or supplies usable liquidity.
RISEx measures trading quality as well as volume
RISEx, the perpetual futures product on RISE Chain, has adopted one of the more detailed published scoring frameworks. RISE Chain said its Ignite Season 1 program started on July 20, 2026, distributing 200,000 RISE Points weekly through no later than the second quarter of 2027.
RISEx users receive the full RISE Points allocation generated by the product. The system covers traders, liquidity providers, and developers using Builder Code, which gives third parties a route to build or integrate with the platform.
The project’s scoring model considers trading volume but also incorporates fees, slippage, negative price impact, maker and taker activity, position size, and holding time. RISEx does not disclose the weight assigned to each variable and says the weights can be updated weekly. Referrers receive an additional 10% of the points earned by users they bring to the platform.
That design makes it harder to estimate rewards from a single metric such as notional volume. A trader generating large turnover through low-fee or self-offsetting positions could be scored differently from a market maker providing liquidity or a user holding a directional position over time.
RISE Chain said it received a $4 million investment in 2025 and had reached $8 million in total funding. It named Ethereum co-founder Vitalik Buterin and Aave founder Stani Kulechov among its early backers, while RISEx has not disclosed separate financing for the product.
Robinhood-linked platforms add token incentives
Lighter has paired its points system with distribution through Robinhood-linked products. Lighter reported about $89 million in public fundraising, including a $68 million round led by Founders Fund and Ribbit Capital, with Robinhood participating.
Lighter and Robinhood have set aside 11 million LIT tokens for the community, according to the projects. Eligible users trading perpetual contracts through Robinhood Wallet receive twice the usual Lighter points, while users trading through Lighter’s web application on Robinhood Chain receive the standard one-times rate. The program terms provide for points to convert into LIT allocations.
Arcus, another perpetual futures project on Robinhood Chain, is being developed with dYdX Labs and lists Robinhood Crypto as a strategic backer. Arcus has not announced a formal points program. Charles d’Haussy, chief executive of the dYdX Foundation, has said that if Arcus issues a token, part of its allocation could be reserved for the dYdX community.
More projects build rewards before token events
Several earlier-stage platforms are using waitlists, dual-reward systems, or product-level referral incentives before announcing full token plans.
GTE said it has raised about $25 million publicly, including a $15 million Series A led by Paradigm after roughly $10 million in prior rounds. Its waitlist gives users points for registering, reserving usernames, following official channels, and inviting verified users.
Perpl, which reported $9.25 million in funding led by Dragonfly Capital, said it is live on Monad mainnet. The platform distributes 50,000 Perpl Points and 50,000 mPoints weekly, and has said mPoints rewards are unlocked up to $1 million.
Entropy, a perpetuals platform focused on real-world assets and pre-initial-public-offering contracts, raised $14 million in a seed round led by Ribbit Capital. It has not announced a formal points program, though product data referenced by the project includes a points-multiplier field, referral rebate ratios, and a reward-policy version described as “referrals-boosted-launch.”
HelloTrade, founded by former digital-asset team members associated with BlackRock’s IBIT, ETHA, and BUIDL initiatives, said it raised a $4.6 million seed round in 2025 led by Dragonfly Capital, with Mirana Ventures participating. The product remains in alpha and offers early access through applications.
The common pattern is increasingly clear: teams are rewarding activity before tokens are issued, while building controls designed to distinguish sustained platform use from reward farming. Users pursuing these programs face a narrowing window in mature seasons, with the strongest incentives increasingly tied to behavior that platforms can classify as genuine trading or liquidity activity.
Worried about losing rewards to stricter anti-Sybil checks? Learn safer strategies in our risk management guide.
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