PANews on Aug. 26 published a market commentary by yourQuantGuy on the recent wave of attention around Entropy. The author said many KOLs have been posting about the project, including himself, while critics on the other side have framed the activity as a coordinated push tied to a so-called KOL round, paid promotion, or a 50,000 USDT marketing arrangement.
He wrote that he is one of a relatively small number of people with a tier 4 invite code. Based on what he knows, no one around him has received the alleged KOL allocation or any payment for promotion.
Why Entropy is getting broad attention
The first reason, in his view, is simple: the market is hungry for something new. He said he could not think of another project for 2026 that feels as exciting, and argued that Entropy stands out because its longer-term expectations are unusually strong.
In the article, he said Ribbit led a $14 million round, the team has a professional background, and there is an airdrop expectation around the project. He also noted that some market participants have even described it as a chance to receive an airdrop in connection with tradexyz. In his view, there is no second new project at the moment with a similar setup.
A second factor is the influence of Roger, identified as @HassnHh30961. The author said he had been in touch with Roger since the Lighter period. He added that many large holders and KOLs had also worked with Roger around Lighter, and that the market already knows how that airdrop eventually played out. With Roger now involved in Entropy as well, people who track these opportunities closely moved quickly.
Fee subsidies and arbitrage are part of the draw
The article also ties Entropy’s popularity to short-term trading mechanics. According to the author, the platform is directly subsidizing trading fees to attract users. With his tier 4 invite code, fees are fully waived, which lets him use Entropy in much the same way he used Lighter and opens the door to several arbitrage strategies.
He said he had been running at an average daily return of 0.5% for nearly a week. Over the last 24 hours, he wrote, an 80,000 USDT principal generated 680 USDT in profit. He used those figures to argue that users chasing crypto incentives are now earning from the setup in a concrete way.
Referral links may carry more value through points than rebates
For most KOLs, the author argued, the real upside may be the potential points attached to invite links rather than the rebate itself. He wrote that Entropy’s taker fee is only 0.008%. If an invited user trades $10 million, total fees would come to just 800 USDT. Even at the highest tier 4 level, the inviter would only receive 50% of that amount, or 400 USDT.
He added that most KOLs, himself included, manually return extra cash to users and pass 100% of the rebate back to the invitee. On that basis, he argued that referral income alone does not fully explain why so many KOLs are discussing the project.
How he views the backlash
As for why some people have been criticizing or blocking Entropy, the author said he could not speak for them. Still, he said he understands why a large, simultaneous KOL push can trigger resistance, given how chaotic the crypto market can be and how many people have been burned before.
He then offered his own explanation. One group, he said, is simply not in this segment of the market and does not understand Hyperliquid, tradexyz, or even Lighter. Another group, in his view, lacks the research depth and learning ability needed to understand the significance of zero fees when using a tier 4 invite code.
The author says he does not encourage blind volume farming
He also wrote that he tells members in his Telegram group not to farm volume blindly at a loss. He described the current fee subsidy as a strong opening, but said people who do not understand arbitrage or code can choose to accept that they will not make money from this kind of setup.
He compared that approach with his own situation, saying he has accepted that he may never make money by speculating on tokens directly. Others may double their money overnight, he wrote, while he might need five years of 15% annualized wealth-management returns to reach the same result. The alternative, he said, is to put in more effort on research and learning and try to catch the opportunity.
The article also said several people in his group began using perpdex around the same time last year. At first, they knew nothing about arbitrage and only knew how to open and close positions quickly to generate volume. He said he does not know whether they were later exploited by the market, but added that more than one of them can now generate arbitrage profits while still building trading volume, effectively benefiting on both fronts.
His conclusion: the opportunity exists whether or not Entropy becomes a major project
The author wrote that arbitrage is not barrier-free, but said many of the people spreading FUD around Entropy probably have not tried it themselves and do not understand arbitrage at even a basic level. In his view, anyone who does understand the meaning of fully refunded fees would react strongly once they saw that structure.
He ended by saying that, objectively, Entropy looks like a good opportunity in both the short and long term, regardless of whether it ultimately becomes 「the next big thing」. Whether someone wants to try to capture that opportunity, and whether they are capable of doing so, he said, is a personal decision.