2026-01-13 16:40:54

The market structure markup issue has brought new ideas. Regulatory authorities and exchanges are brewing a reform plan, with the core focus on the stablecoin reward mechanism.

What is the key to the reform? Simply put, if the incentive system is to be retained, rewards can only be issued at the moment when users actually spend stablecoins. In other words, rewards must be strongly linked to transaction payment behavior.

This is similar to the traditional financial concept of "cashback"—you only receive the corresponding reward at the moment of payment. It is no longer a passive mode where holding yields profits, but one where profits are earned through actual transactions. This design makes the incentive mechanism more aligned with real trading activities and also reduces pure arbitrage opportunities.

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GasSavingMaster

· 9h ago

Haha, isn't this just trying to block arbitrage loopholes? It should have been regulated long ago. Rewards are only given for actual transactions, which is pretty good—much better than those lying-down scams. Wait, after this change, will the transaction fees become more expensive again... The cashback system is somewhat interesting, but will the exchange secretly shift the costs? Finally going to kill off those pure arbitrage shorts; I've had enough. Damn, if that's the case, I need to recalculate. Can the old strategies still be used? Binding rewards to real transactions is a return to the essence. Support.

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WenMoon42

· 9h ago

In simple terms, it's about cutting off air rewards and forcing transactions to earn, so as to prevent arbitrageurs from疯狂收割.

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ContractFreelancer

· 9h ago

Ah, do we have to change again? It feels like every reform is just closing loopholes for arbitrage, and in the end, those actually trading don't really benefit much. The cashback system sounds good, but in practice, it seems like another excuse for institutions to profit at the expense of retail investors. If this keeps up, can trading activity be sustained? Without the appeal of passive income, who would still want to play? Alright, then it depends on who reacts faster. There are definitely new tricks waiting in this wave of reforms. I've seen it coming a long time ago; the incentive game for stablecoins doesn't last long. I just didn't expect them to start cutting so soon.

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LiquidityOracle

· 10h ago

Here comes another scheme to cut the leeks, reward binding trading? Then I might as well just become a market maker. --- Basically, it's trying to block arbitrage loopholes, but can the actual trading activity pick up... question mark. --- Cashback system? Sounds good, but how are the fees calculated? That's the key point. --- Alright, the days of passive earning are over. From now on, you still need to get active. --- Wait, does this mean stablecoins are going to be phased out? It seems that with fewer incentives, users will just run away. --- Finally, targeting pure arbitrage. About time, otherwise how can DeFi be played?

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fren_with_benefits

· 10h ago

Really? Binding trading behavior? Isn't this just a disguised way to cut incentives? Wait, can this really reduce arbitrage opportunities? I feel like it might just create new tricks. Finally, someone remembers to fix this loophole. It should have been changed long ago. Speaking of which, with passive earning gone, who else would play with stablecoins? This reform plan will probably take another six months of debate before it gets implemented.

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