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The incentive model struggles to conceal the challenges of token issuance: a data analysis from SKATE to SOON.
The Double-Edged Sword Effect of Incentive Token Issuance Model
In 2025, the crypto market welcomed a new type of project launch model: incentive leaderboards. This mechanism creates project hype by rewarding early participants, paving the way for token issuance. Its operation is simple and direct:
This model can indeed effectively enhance project exposure, trading volume, and community recognition. But it also raises a key question: can this attention be sustained?
This article analyzes several projects that adopt this incentive model, including $SKATE, $HUMA, $QUAI, and $SOON. An obvious trend emerges: this model is more about attracting attention in the short term rather than maintaining long-term popularity.
Let's first take a look at the case of the SKATE project.
SKATE: A typical example of high opening and low closing
SKATE is a token related to the modular gaming layer, which performed strongly during its initial issuance. Thanks to the support of well-known exchanges and deeply promoted incentive activities, SKATE had sufficient liquidity and high visibility at the time of its launch.
The early trading trend of SKATE was quite optimistic. On June 10, the token attracted a lot of attention, with the price soaring to $0.06539 at one point, but then quickly falling back to $0.05094, resulting in an approximate 22% retracement on the first day.
After that, the trend of SKATE is roughly as follows:
The social buzz also shows a rapid cooling trend after an early peak. Within 7-10 days of the project's launch, early participants' attention shifts to new projects and activities, resulting in a noticeable decline in related discussions and engagement.
Overall, SKATE has many favorable conditions: listing on large exchanges, ample liquidity, and an incentive-driven ecosystem narrative. However, these have not translated into sustained attention. Although SKATE's daily trading volume is close to 140% of its market capitalization, it resembles more of a high turnover asset that lacks long-term holders.
The market performance of SKATE further corroborates the industry's criticism of such projects: high exposure, low user retention.
HUMA: Rapid Cooling After Brief Prosperity
HUMA is a decentralized payment financing protocol that will issue its native Token HUMA on May 26, 2025. It is simultaneously launching exchange mining activities and incentive ranking activities, allocating 0.5% of the total supply to early participants.
First round incentive distribution plan:
The launch data of HUMA ( as of May 27 ):
Despite the activities of the exchange and the incentives ranking, HUMA trading is still primarily short-term speculation. The first round of rewards can be claimed from the first day of the launch, coupled with the announcement of the second round of activities, which has led to increased selling pressure rather than long-term holding.
After briefly stabilizing around $0.05 in early June, the price continued to decline over the next month, falling by 40% from June 9 to July 7. This not only reflects profit-taking but also highlights a lack of enduring demand. Daily trading volume shrank by more than 90% from its initial peak, while the fully diluted market cap ( $1.308 billion ) and the actual market cap ( $53 million ) continue to widen the gap, further reinforcing the market's view that HUMA's appeal mainly derives from activity rather than the product itself.
Overall, HUMA exhibits typical characteristics of an incentive model: impressive data, abundant liquidity, but lacking lasting appeal. Its launch is more about increasing visibility than winning solid support. Due to the lack of practical applications and demand, early attention comes quickly but also goes quickly.
QUAI: The Silence After Massive Distribution
QUAI is a decentralized multithreaded blockchain protocol that has launched the most generous incentive campaign to date. From January 17, 2025, to April 17, 2025, the project has allocated a total of 6 million QUAI Tokens to reward content contributors:
From April 29 to May 12, users can claim rewards through the designated platform. Weekly snapshots track contributors, with some top participants receiving personal allocation shares of up to 5.95%, far exceeding other projects.
QUAI's first day performance ( February 22, 2025 ):
QUAI is one of the most remarkable newcomers among such projects. Its price surged from $0.09884 to $0.2263 during the session, an increase of 129%, and ultimately closed at $0.1929, a rise of 95%.
But this is already the highest point. In the coming weeks:
Trading volume also shows a similar trend:
Overall, QUAI has many advantages: large-scale distribution, strong brand influence, highly anticipated issuance, and robust early price trends. However, attention is shifting quickly. Even top participants have not managed to stabilize their secondary market interest.
The current trading price of QUAI has fallen below the issuance price and has shown no significant recovery since March, which fully demonstrates that early liquidity does not equate to lasting confidence.
SOON: From Hotspot to Cooling
SOON is a high-performance optimized network that ran one of the most structured and community-cohesive incentive activities at the beginning of 2025. During the 3-month activity period, the project allocated 450,000 SOON Tokens to the top 100 participants, which is about 0.045% of the total supply (.
This event is not just a reward airdrop, but also integrates the brand image of SOON. Participating users will receive special roles, badges, and social status, which reinforces that early participants are the key force in spreading SOON.
The SOON Token was issued on May 23 and listed on the exchange on May 24. The opening price of the token was $0.4527, briefly touching $0.4776, with a closing price of $0.4007 for the day. The trading volume on the first day exceeded $103 million, reflecting significant speculative activity and the amplifying effect of the exchange.
Some market indicators ) as of July 7, 2025 (:
After the initial excitement, SOON has followed the familiar curve we see today:
The recent plunge coincided with the end of the claiming period on June 23, ). After that, many claimants may have sold their assets and shifted their attention to other activities.
Overall, SOON has all the elements for a successful issuance: strong infrastructure promotion, exchange exposure, and community incentive mechanisms. However, the token has dropped 66% within six weeks, indicating that the hype has not translated into solid support.
Conclusion: Narrative is easy to obtain, but faith is hard to seek.
The incentive model has proven to be a powerful engine for gaining attention before a project's launch, but in the aforementioned cases, a common pattern gradually emerged: attention surged at the time of issuance but failed to translate into long-term conviction.
Despite the differences in industry, listing platforms, and reward mechanisms, the results are surprisingly similar:
This is not a flaw in the incentive mechanism itself; as a content discovery layer, it performs excellently. However, the current model incentivizes narrative creation rather than long-term beliefs. Due to a lack of practicality, retention mechanisms, or sustained product demand, most Tokens issued through this channel have fallen into a cycle of attention/exit.
Unless this cycle is broken and tokens are designed to reward holding rather than just speculation, this model may remain as follows: a powerful launch platform, but very few can successfully land.