Liquid, a budding player in the decentralized perpetual-futures space, has officially started its first Season Points Reward Program, rolling out on 18 November 2025. With a weekly allocation of 100,000 points, the initiative rewards users who trade and maintain funds deposited on its platform. This marks a new incentive layer on top of its core offering — and arrives as the company is already riding a wave of investor confidence following a $7.6 million seed funding round led by Paradigm, alongside General Catalyst and prominent angel investors. (The Block)
A Closer Look at Liquid’s Reward Program
How the Points Work
From day one (November 18), Liquid began distributing 100,000 points every week. Users can earn these by:
- Trading on the DEX.
- Holding deposited funds — likely in vaults or other native liquidity pools.
- Possibly through other engagement mechanisms (Liquid hasn’t detailed every earning method yet). (WEEX)
These points don’t just sit there. They form part of a season-by-season rewards structure, suggesting that Liquid plans to run multiple “seasons” of incentives — a model popularized in Web3 to align user behaviour with long-term platform growth.
Significance for Users
For traders and liquidity providers, the points program provides extra incentives. It’s not just about volume anymore; users who keep their funds on the platform are also rewarded. That helps:
- Attract active traders, especially those who use multiple perpetual DEXes.
- Encourage capital retention, reducing churn as users may prefer to hold deposits on Liquid rather than shift to alternate platforms.
- Build community loyalty, with point-based programs often becoming a way for users to feel more “invested” in the protocol.
Context: Liquid’s Market Position & Funding
Liquid isn’t building from scratch. It aggregates several decentralized perpetual futures exchanges — notably Hyperliquid, Lighter, and Ostium — into a non-custodial, unified interface. (The Block) That means users can manage all their positions, access analytics, and monitor risk in one place, rather than bouncing between separate platforms.
The recent $7.6 million seed funding, led by Paradigm, underscores strong investor belief in Liquid’s vision. Also backing the round were General Catalyst and several angel investors, including names like Ashwin Ramachandran and Eric Wu. (The Block) According to Liquid’s founder, Franklyn Wang (formerly from Two Sigma), this capital will go toward scaling the team, expanding product features, and deepening integrations. (VentureBurn)
Since launch, Liquid has already processed more than $500 million in trading volume, according to its own public statements. (FinSMEs) That’s a big number for a relatively young platform, hinting at strong early traction.
Understanding the Strategic Importance of the Points Program
Liquid’s move is more than a simple rewards rollout: it’s a strategic play.
- User Acquisition and Retention
By rewarding both trading and capital deposits, Liquid is targeting two key segments: active traders and users who may act as liquidity providers or capital holders. This dual focus can help the platform grow its user base while locking in value. - Aligning Incentives
Points-based reward systems help align the interests of users with the long-term goals of the platform. Users have a reason to stay active and maintain their balances, while Liquid gains a more stable ecosystem of participants. - Competitive Advantage
In the crowded world of perp DEXes, offering a structured rewards program gives Liquid a competitive edge. Aggregators like this can otherwise feel like commodity infrastructure — but meaningful incentives can differentiate them. - Scalability of Engagement
The weekly distribution model (100k points/week) suggests that Liquid is planning for sustained engagement, not a one-off launch event. Multiple “seasons” could mean evolving reward dynamics that keep users interested over time.
Risks and Challenges to Watch
Of course, this strategy is not without its potential pitfalls.
- Point Value Uncertainty: Without clarity on how much each point is worth (or what users can redeem them for), there’s a risk that the points may carry little intrinsic value, reducing their effectiveness as a reward.
- Capital Efficiency: If many users deposit funds just to earn points, but don’t use them actively, Liquid might lock up a lot of capital without generating intended trading volume.
- Cost of Incentives: Sustaining 100,000 points per week could be expensive in terms of future reward payouts, depending on how Liquid scales and what those points translate into.
- User Behavior: Some users might “game” the system by depositing and then withdrawing as soon as they earn points, unless there are vesting or lock-up mechanisms.
Broader Industry Trends: Why This Is Part of a Bigger Wave
Liquid’s initiative isn’t happening in isolation. It reflects a larger trend in DeFi:
- Many DeFi protocols are shifting toward gamified and seasonal incentive models (so-called “season programs”) to drive recurring engagement.
- Perpetual DEXes, in particular, are competing not just on trading experience but on capital attraction, risk tools, and yield mechanisms.
- Aggregators like Liquid are increasingly seen as the frontend layer for professional-grade infrastructure, bringing institutional-style execution and analytics to retail.
Liquid’s point program could set a benchmark in how perpetual DEX aggregators incentivize their communities — assuming it’s well designed and scales sustainably.
For Different Stakeholders?
- For Traders: This is a clear opportunity to earn more. If you’re already trading on perps, switching to or integrating Liquid may give you extra rewards for your volume.
- For Liquidity Providers / Depositors: Holding funds in Liquid’s vaults (or however its mechanism works) becomes more attractive. The point rewards may provide a supplementary yield.
- For Liquid Itself: The program is a way to grow, retain, and deepen engagement. It could also help “lock in” users and capital, which is critical for long-term scalability.
- For Investors: The incentive program is a signal of Liquid’s ambition to build a sticky user base. That helps support future funding rounds or growth metrics.
Potential Ways Liquid Could Expand This Program
Looking ahead, there are several directions Liquid could take to make this points system even more compelling:
- Redemption Options
Introduce ways for users to redeem points — for example, reduced fees, exclusive access, bonus yields, or even a token. - Tiered Seasons
Create different tiers within a season (e.g., Bronze, Silver, Gold) to reward top performers or long-term users more generously. - Cross-Platform Incentives
Partner with other DeFi or Web3 projects so users can use Liquid points in other ecosystems, boosting utility. - Leaderboard & Social Mechanics
Add a leaderboard or “gamified” mechanics where users can compete, unlock badges, or earn status — increasing engagement. - Lock-Up & Vesting
Implement lock-up periods or vesting schedules for points or rewards to stabilize capital inflow and discourage short-term gaming.
Conclusion
Liquid’s launch of the Season 1 Points Reward Program is a meaningful step in its journey. By distributing 100,000 points weekly, the platform not only encourages trading but also rewards users who keep their funds deposited. This aligns nicely with its broader vision of being a non-custodial, unified aggregator of perpetual DEXs — and comes at a moment when it’s fresh off a successful $7.6 million seed round, led by heavyweights like Paradigm. (TodayOnChain.com)
If Liquid plays this right — balancing reward cost, point utility, and user incentives — it could strengthen its position in the ever-competitive perp DEX market. For users, this is a chance to benefit not just from trading, but from being part of Liquid’s platform over the longer term.
Sources
- The Block: Paradigm leads $7.6 million seed funding round for perp DEX aggregator Liquid. (The Block)
- FinSMEs: Liquid Raises $7.6M in Seed Funding. (FinSMEs)
- WEEX Crypto News: Liquid Launches Season 1 Staking / Points Program. (WEEX)
- VentureBurn: Paradigm Backs Liquid with $7.6M Seed to Revolutionize Perp DEX Trading. (VentureBurn)
