$25K in comp prizes funded by 100% of net fee redistribution through BGT vaults — Kodiak is literally recycling trader fees back into volume incentives. With $700M lifetime volume on perps routed through Orderly Network's shared orderbook, the question is whether this flywheel sustains once the competitions stop subsidizing activity. 1.3bps maker / 4bps taker is competitive enough, but every Berachain perps play ultimately lives or dies on BGT emission economics, not prize pools.

Top comment by @Benthic