Post-Airdrop Market Dynamics and Liquidity Flight Risks in Perp DEXs: Evaluating Long-Term Sustainability and User Retention Challenges

The rise of perpetual decentralized exchanges (Perp DEXs) has redefined liquidity dynamics in DeFi, with token airdrops emerging as a double-edged sword. While airdrops have proven effective in attracting short-term liquidity and user engagement, they often expose critical vulnerabilities in long-term sustainability and user retention. This analysis examines the post-airdrop market dynamics in Perp DEXs from 2023 to 2025, focusing on liquidity flight risks, tokenomics challenges, and the effectiveness of user retention strategies.

Liquidity Booms and Flight Risks: The Airdrop Paradox

Airdrops have become a cornerstone of growth in Perp DEXs, with platforms like Hyperliquid, Aster, and Avantis leveraging token distributions to drive trading volume and user participation. For instance, Hyperliquid's airdrop of 31% of its total token supply to early users spurred daily trading volumes to nearly $7 billion in 2025. Similarly, Aster's "Dawn" incentive phase, combined with 1001x leverage options, generated a 24-hour trading volume of $35 billion. These examples highlight the immediate liquidity surge enabled by airdrops.

However, the same mechanisms that attract liquidity also create significant flight risks. Lighter, a Perp DEX that airdropped $675 million worth of its LIT token, experienced a $30 million liquidity outflow shortly after the event. This pattern is not isolated: 64% of airdrop recipients typically sell their tokens within days, and 88% lose value within three months. The root cause lies in tokenomics design-projects that unlock large token supplies immediately or allocate excessive shares to teams/investors (e.g., Lighter's 50% team allocation with strict vesting) risk triggering short-term selling pressure and undermining price stability.

Sustainability Challenges: Volume vs. Depth

The 2025 Perp DEX market saw explosive growth, with daily trading volumes surging to $96.973 billion and monthly turnover reaching $1.064 trillion. Yet, this growth raises questions about liquidity depth and structural resilience. Platforms like Aster, which grew from $370 million TVL to $17.35 billion in months, face the risk of overreliance on retail-driven, incentive-fueled metrics. Hyperliquid, despite maintaining low spreads (0.1–0.2 basis points), saw its market share drop from 80% in August 2025 to 38% as competitors like Aster gained traction.

The sustainability of liquidity is further complicated by the inherent trade-offs between centralized limit order book (CLOB) models (e.g., Hyperliquid, Lighter) and AMM-based platforms (e.g., GMX). While CLOB models offer high performance, they require robust liquidity infrastructure to handle volatility. AMM platforms, though user-friendly, often struggle with consistent depth. This duality underscores the need for hybrid models or institutional-grade liquidity solutions to ensure long-term viability.

User Retention Strategies: Incentives vs. Infrastructure

Post-airdrop user retention remains a critical challenge. Lighter's $675 million airdrop, while initially successful, faced operational instability, including withdrawal outages, which eroded trust. In contrast, Hyperliquid prioritized infrastructure, building a custom Layer 1 blockchain to attract professional traders and institutions. Its deflationary tokenomics- using trading fees for automatic buybacks-created a self-sustaining value proposition.

Aster's strategy, however, leaned heavily on aggressive incentives and rebranded tokens, achieving $85 billion in daily volume within a week of launch. Yet, its reliance on zero-fee models and wash trading exposed structural fragility. Meanwhile, platforms like GRVT focused on institutional-grade security and regulatory compliance to retain risk-averse users, though such approaches require longer timelines to scale.

The Path Forward: Balancing Growth and Stability

The 2025 Perp DEX landscape reveals no one-size-fits-all solution. Aggressive growth strategies (e.g., Aster) yield rapid results but face sustainability risks, while infrastructure-focused models (e.g., Hyperliquid) require patience but offer durable value. Key lessons for future projects include:1. Tokenomics Design: Controlled vesting schedules, utility mechanisms, and deflationary models can mitigate sell-offs.2. Liquidity Infrastructure: Hybrid CLOB-AMM models or institutional partnerships may address depth concerns.3. User Engagement: Beyond incentives, platforms must prioritize execution quality, risk management, and capital efficiency.

Conclusion

Post-airdrop liquidity in Perp DEXs is a high-stakes game of balancing short-term gains with long-term stability. While airdrops remain a powerful tool for growth, their success hinges on tokenomics, infrastructure, and user retention strategies. As the sector matures, projects that adapt to market conditions and prioritize sustainable value creation-rather than fleeting metrics-will likely dominate the 2026 landscape.