BULK is a perp DEX launching on Solana sometime in June or July. Right now @bulktrade is running pre-deposits before mainnet goes live and handing out points called AURA to people who get in early.
You deposit $USDC through their site, it sits there until mainnet launches, and then it automatically becomes your trading margin on the exchange. You can withdraw anytime before launch. Not locked, not staking. 1M AURA get distributed every week and most of that goes to pre-depositors based on how much you put in and how long you keep it there. First distribution is June 6.
Current TVL is around $833K. The fewer dollars in the pool the bigger your share of the weekly AURA drop. At this level $100-500 actually gets you a meaningful allocation. Once TVL climbs to $8-10M small deposits stop doing much.
There is a referral program but it is nothing crazy. 1 AURA per $100 your referral deposits.
Nobody knows what AURA converts to yet. No confirmed tokenomics, no price. Community expects something like 30% of supply going to point holders but nobody promised that. Main downside is a mainnet delay where your USDC just sits there earning nothing, and after launch you are on a new perp DEX with leverage risk like any other.
I put in because TVL is still low enough that the points math works and I wanted early margin on another Solana perp exchange anyway. Mainnet on time and reasonable token allocation and this is a solid early position. Delays or bad tokenomics and I parked some USDC for a few weeks.