The Prep craze has officially come to an end.

From Hyperliquid, Aster to Lighter, it was once the golden age for traders, with high returns attracting massive capital and traffic.
However, after Lighter, the TGE results of @Backpack and @edgeX_exchange fell far below market expectations, with FDV crashing and poor distribution, leading many high-volume users to directly retaliate.
Once trust is broken, the hype quickly cools down.
For project teams, Prep DEX remains an efficient tool for customer acquisition and fee collection; for participants, the era has changed. Blindly farming points carries far greater risks than opportunities.
Rational advice: Projects that have already farmed points should quickly check distributions and secure gains; new projects must rigorously assess transparency and real utility before making decisions.
The Prep era is over, and the next meta is brewing.
#Crypto #DeFi #PrepDEX