The Santa Browser tournament's underwhelming turnout becomes pretty obvious when you look at the mechanics. Top 75 participants are getting $30k worth of $SANTA tokens—sounds decent on paper, but here's the catch: only 10% unlocks at TGE, while the remaining 90% vests linearly over 4 months. That's a brutal unlock structure. Most people joining these competitions want accessible rewards they can actually use soon, not a majority of their winnings locked away for months. When incentives are backloaded like this, participation naturally takes a hit. It's a reminder that token distribution schedules matter just as much as the prize pool size.