Hyperliquid and Pump are two onchain products that probably have the deepest distribution, so they don’t really need incentives The point of incentives is to drive user acquisition and deepen distribution Most generic incentive programs fail to really achieve this objective long term, because the incentives act as a cushion for a subpar product or UX i.e. the experience without incentives is simply not good enough to warrant the markets attention Products that struggle to find distribution organically should 100% still be thinking about incentives, but it’s not as simple as just slapping on volume/liquidity incentives and hoping it sticks long term Projects need to put more soul in their marketing/awareness and product design to build something where incentive driven user acquisition can drive meaningful retention