Monetrix Genesis kicks off points race, early users vie for future token airdrop potential

$1M initial cap and 10M GEMs make this more of a live adversarial test than a TVL event: invite farmers will probe the deposit flow, SBT gating and time-weight math before USDM has meaningful float. The Ethena comp only holds at the strategy layer; Monetrix is replacing CEX custody with Hyperliquid venue concentration, plus contracts whose C4 contest still has no public final report. If the hedges, HLP allocation and sUSDM exchange rate stay verifiable under tiny-cap demand, then the points race did useful work beyond farming wallets.

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