Most of the traders who got liquidated in this crash weren’t even futures traders a few weeks ago.

They were airdrop farmers.

Not risk managers.

Everyone jumped into Perp DEXs like $HYPE and $ASTER others just to farm points.

No stop losses.

No position sizing.

No understanding of liquidation levels.

All they cared about was:

More volume = more points = bigger airdrop.

So when the market flipped, it wasn’t just bad luck, it was poor risk discipline on a massive scale.

Billions in open interest was built on greed, not conviction.

These weren’t traders, they were farmers with leverage.

And this crash proved one thing clearly:

→ Free money is never free.

→ Airdrop farming isn’t risk free yield, it’s disguised leverage.

→ When you play for points, you forget you’re still playing with real money.

Every cycle has its version of this.

Different name.

Same story.

The biggest lessons?

1. Don’t trade just because everyone’s doing it.

2. If you don’t understand liquidation, you are the liquidity.

3. Airdrop points aren’t worth losing your portfolio.

This crash will humble many, but it’ll also create better traders, those who stay will finally understand risk.

And the next bull phase will belong to them.