Original | Odaily Planet Daily (@OdailyChina)

Author | Asher (@Asher_0210)

Recently, after several high-profile projects in the Perp DEX track conducted their TGE, the market's expectations for "haircutting" are rapidly cooling down. Projects like Backpack and edgeX initially boosted trading volume through financing narratives, endorsements from KOLs, and point systems, but ended up with vague rules, strict anti-witch regulations, and allocation controversies during the launch phase, leaving ordinary users to bear the costs. The once "rich mine" is evolving into a high financing, high heat, but highly uncertain entity.

So, for projects in the Perp DEX track that have yet to conduct their TGE, when will they issue tokens? Below, Odaily Planet Daily organizes the details for everyone.

Variational: The official has not provided a specific TGE date, the market generally expects token issuance in this year’s Q3 to Q4

Variational is an innovative Perp DEX on Arbitrum, utilizing a unique P2P spread arbitrage model. Unlike traditional fee-dominant platforms, Variational allows users to trade hundreds of markets, including mainstream coins, long-tail assets, even RWA, and volatility indexes, with zero trading fees (only a small deposit and withdrawal fee) through its Omni application. As of today, the cumulative trading volume has exceeded $106 billion, in addition, Open Interest (OI) stands at $678 million, ranking first among unissued Perp DEX projects, with daily trading volumes often between $400 million and $600 million.

On December 18, 2025, Variational officially launched the Omni Loyalty Program, and retroactively issued 3 million points to historical trading users. Subsequently, points accrued from the previous week will be distributed every Friday at 00:00 UTC (snapshot cut-off at Thursday 00:00), with around 150,000 points distributed weekly, and the total point supply expected to be around 9-10 million.

Points are primarily calculated based on trading activity, with weightings positively correlated to spread contribution, holding duration, and trading volume; a Tier system is also introduced, providing point boosts and fee discounts based on the effective volume of the last 30 days (personal volume + 0.2× invited volume). Additionally, through the invitation mechanism, for every 10 points of invitation points, users will receive an extra point. Early participants also receive a permanent 10% point bonus, and the overall design is more inclined towards organic trading rather than simply brushing volume.

According to community member feedback, while Variational does not have an official exact date for TGE, both the community and Polymarket generally expect it to occur in this year’s Q3 to Q4 (due to the official document stating that the points program will conclude by September 30). Furthermore, based on the document's content, the project promises to allocate about 50% of token supply to the community (through various mechanisms like points, revenue sharing, etc., rather than a single airdrop), and plans to use at least 30% of protocol revenue for VAR token buyback and burning, with governance and value capture mechanisms relatively clear.

Source: Variational official documentation

GRVT: TGE time has been postponed from Q1 to the end of June, total allocation ratio of airdrop increased from 22% to 28%

GRVT is a hybrid Perp DEX based on zkSync Validium, employing a privacy-first ZK appchain architecture, providing near CEX-level trading experiences while ensuring DEX’s self-custody security. Currently, the platform’s Open Interest (OI) is approximately $487 million, with the trading volume in the past 30 days nearing $41 billion.

In terms of incentive mechanisms, GRVT will launch Rewards Season 2.0 in October 2025, unifying the Grvt Points system. Points will be distributed weekly (settlement every Tuesday), based on trading volumes constructing a dynamic pool, and will be allocated according to user contribution ratios. According to the original plan, the project intended to complete its TGE in Q1 2026. However, on March 12, 2026, the official announced an adjustment to the timeline, pushing TGE to the end of June this year, shortly after the conclusion of Season 2.

It is worth mentioning that this delay comes with a significant ramp-up in incentives: the community and airdrop total allocation ratio has increased from 22% to 28%, with the proportion for Season 2 increased from 12% to 18%, while the total supply remains at 1 billion GRVT.

Additionally, the official has further reinforced the narrative of token value capture, clearly stating that 100% of the economic surplus from the platform will ultimately be funneled back to GRVT holders: a part will be used for ecological reinvestment, while another part will achieve value support through systematic buybacks, overall emphasizing a "pay you back" distribution logic.

Perhaps due to the lackluster Q1 market and severe backlash against TGE projects. Overall, community feedback regarding GRVT's TGE postponement is relatively divided but not intense. Some users believe that the delay in exchange for higher community allocation and more thorough product preparation is an acceptable adjustment, stating that there is still some room for point accumulation in the current phase. However, at the same time, many users also mention that the delay from the originally expected Q1 to mid-year feels more of a helpless acceptance, leading to lowered expectations and reduced trading friction.

StandX: Developed by the Binance OG team Perp DEX, the market generally expects token issuance in the second half of this year

StandX is a decentralized finance project founded by core members of the former Binance Contracts team, focusing on synthesized stablecoins and perpetual contract DEX integration.

• Founding Background: The core team includes former Binance contract head Aaron Gong and former Binance contract director Justin, who left Binance in 2024 to venture into emerging fields on-chain;
• Project Positioning: StandX aims to integrate Ethena-style synthesized stablecoin mechanisms with Hyperliquid-style decentralized contract trading models to form a complete financial ecosystem;
• Vision and Goals: The team believes that stablecoins and decentralized contracts are two key tracks in the blockchain industry, and StandX hopes to provide users with efficient, secure, and transparent trading and stable value storage solutions through innovative designs.

On December 10, 2025, StandX announced on the X platform that the trading points activity has gone live on the mainnet, with first-day trading volume exceeding $81 million. Users can accumulate points through depositing stablecoin DUSD into the Perps Wallet or Vaults, actively participating in trading (Trading Points), providing limit order liquidity (Maker Points), daily check-ins, and referrals.

As of now, the official has yet to announce a specific TGE date, but the community generally anticipates TGE to occur in the second half of this year.

Extended: Leading in the Starknet ecosystem, the market generally expects token issuance in the first half of this year

Extended is a Perp DEX on the Starknet network, developed by the former Revolut team, employing a hybrid CLOB architecture to achieve self-custody security and CEX-level trading experiences. The project has completed its migration from StarkEx to the Starknet mainnet in August 2025, and is currently the top application in Starknet’s ecosystem TVL, reporting $176 million.

Extended’s Season 1 points program was launched on April 29, 2025, distributing a maximum of 1.2 million points weekly on Tuesdays at 00:00 UTC (based on trading activity, providing liquidity/Vaults, and referral/alliance programs distributed according to contribution ratios). The point logic is merit-weighted (value-weighted), adjustable weekly, and 4.3 million points have already been retroactively issued to early participants (in February and April 2025). The points can be accrued through organic trading, LP, and invitations without needing manual collection, and the platform emphasizes anti-wash trading mechanisms. Currently, Season 1 is still ongoing, with no announced end date or Season 2 plan.

The official has not clearly disclosed the exact timing for the TGE of Extended, but the community generally expects it to occur in the first half of 2026. Additionally, there is a high level of discourse in the English community about the article "Extended: The Perp DEX Built for Traders", which mentions that the airdropped token allocation is 30%, but as of now, the official has not provided a clear response.

Pacifica: Solana ecosystem Perp DEX, the market generally expects token issuance in Q3 or later

Pacifica is a hybrid Perp DEX in the Solana ecosystem, employing an off-chain order matching and on-chain settlement architecture, emphasizing the ultimate trading experience and genuine organic growth. The platform was co-founded by Constance Wang, former COO of FTX, and other experienced individuals (team backgrounds include Binance, FTX, Jane Street, Fidelity, OpenAI) without VC funding, fully self-funding. Currently, the platform’s Open Interest (OI) is approximately $82 million, with the trading volume in the past 30 days nearing $10.7 billion.

The points program for Pacifica was officially launched on September 4, 2025, and is currently in Season 1, distributing 500,000 points weekly on Thursdays with a snapshot time on Wednesdays at 23:59 UTC. Points are primarily based on trading volume, holding duration, liquidity provision, referral/alliance activities, and are calculated by a merit-weighted dynamic formula that updates weekly. Additionally, Pacifica conducted a pre-snapshot in early September 2025, retroactively issuing some points to historical users.

In terms of TGE, the official has not yet announced a specific date and token economic model. According to feedback, the community generally expects TGE to occur in Q3 2026 or later, speculating that the total airdrop volume will be between 20% and 30%.

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