A few days ago, the token was still included in the listing roadmap of Kraken Exchange. However, under the trend of chain abstraction, narratives such as liquidity aggregation and trading routing are gradually becoming outdated, and it is also difficult to escape the valuation suppression of pioneers like 1inch. But aside from the narrative, the team's improvements in the ve(3,3) model do show some cleverness in its incentive model:

1) Traditional ve(3,3), whether it's Velodrome, Aerodrome, or Shadow Exchange, essentially revolves around LP incentives. The vetoken holders vote to decide which pools' LPs receive token emissions, and LPs earn these rewards by providing liquidity, while also giving up their share of transaction fees that should belong to them to the vetoken voters.

2) Fly Trade, on the other hand, is just an aggregator and does not involve setting up any pools, so it directs the incentives of ve(3,3) towards the trading users of the pools. This means that the vetoken holders vote to determine which pools can receive trading rewards, and trading users effectively receive a certain trading subsidy, thereby stimulating trading volume.

Therefore, traditional ve(3,3) enhances pool liquidity and stimulates trading volume; Fly Trade increases pool trading volume and APR, attracting liquidity and market making. This shift from 'LP providing liquidity' to 'user-driven trading volume' implies a paradigm shift in DeFi incentive models.

For small to medium-sized project teams, this new approach seems to be superior:

Because these project teams are often the primary or even the only LP of their own token's DEX pools, directly incentivizing trading is beneficial for their own LP positions, as it can directly increase the fees they receive, and they can even recover the budget used for bribing. In contrast, if they engage in liquidity mining without an increase in trading volume, the budget used for rewards cannot be recovered through increased fee sharing, and it simply goes to other LPs.

Thus, if project teams are willing to directly bribe on Fly Trade, abandoning the traditional liquidity mining approach, then Fly Trade would transform from an aggregator into a DeFi incentive distribution platform.