Perp DEXs in 2026 don't have a traffic problem. They have a retention problem. Getting 50,000 wallets through KOLs, points and an airdrop campaign is relatively easy. Getting a trader to deposit, open a position, come back next week and eventually make your venue part of their trading stack is much harder. That's why @entropyIO is interesting to watch. Instead of relying only on speculative future rewards, Entropy is building incentives around behavior that can compound: trading rebates, referrals, partner distribution and rewards paid in $HYPE using deployer-level fees. It recently started distributing those rebates to traders and referrers, while also expanding distribution through channels like Trust Wallet. And there is already meaningful activity to retain. DefiLlama currently shows roughly $895M in 30-day perp volume for Entropy. The important metric now isn't how many wallets a campaign can acquire. It's funded accounts → first trade → second week → Day 30 retention → LTV. Points can rent volume. A real growth system makes coming back economically rational even after the campaign ends.