A new decentralized perpetual futures exchange is attracting investors through an airdrop campaign. Hyperliquid’s successful campaign last year inspired competitors like edgeX, which saw deposits grow to over $100 million in July, a 1,000% increase. The protocol’s trading volume hit $13.5 billion in November but dropped to $1.4 billion by January.

EdgeX introduced the “edgeX Open Season” points program in June, rewarding users for trading volume and referrals. Investors are drawn to points programs in the crypto industry, anticipating future airdrops. EdgeX deposits and volume surged in June, with deposits reaching over $110 million and volume hitting $8 billion.

July saw EdgeX deposits grow almost tenfold to $110 million, with fees nearing $6 million. The protocol facilitated $13 billion in perpetual futures trade volume this month, with volumes increasing. A points program and NFT incentives campaign aim to reward users and boost engagement on the platform.

Despite a successful airdrop, EdgeX’s initial points program did not drive significant growth. The platform distributed points instead of tokens and launched a second incentives campaign involving NFTs. NFT holders will receive edgeX tokens and additional benefits like a 35% rebate on trades.

NFT holders on EdgeX will receive edgeX tokens and a 35% rebate on trades, similar to perks offered on centralized exchanges like Binance. Hyperliquid, another decentralized exchange, had a profitable airdrop last year and is now the largest onchain perpetual futures exchange.

Read more at Yahoo Finance: Hyperliquid competitor attracts $100m in deposits as airdrop hunters pile in