Of the seven perp DEX tokens launched over the past year, only ASTER and EDGE are trading above their token-generation event (TGE) valuation on a fully-diluted basis. The rest are down between 32% and 55%.
ASTER is the standout, up 269% from $1.5B to $5.52B FDV. EDGE has roughly doubled, rising 114% from $656M to $1.4B. The other five — BASED (-32%), ROLL (-34%), BP (-41%), LIT (-48%), and DIME (-55%) — have all given back a third or more of their debut valuation.
Why it matters
The data lands as a reality check for a sector that raised and airdropped at multi-billion-dollar FDVs through 2024-25. Perp DEXs remain a structurally interesting slice of DeFi — real volume, real fees, real product-market fit — but the token layer has so far failed to hold its launch premium. The spread between ASTER/EDGE and the rest is wide enough to suggest token performance is decoupling from underlying exchange traction.
Market impact
For traders, the read is that FDV-at-TGE is a poor entry signal in this category. The names that held up tend to be the ones with the deepest liquidity and the most contested airdrop, while the smaller-cap launches have decayed predictably. Watch the next batch of perp DEX token distributions to see if the pattern repeats or if the market starts discounting FDV at issuance.
Source: [source](http://telegraph.controller.bot/files/8336652911/AgACAgIAAxkBAAI0MWoQIsHaR7ni-2ZYAy2f5Fxp_pcwAAIxGmsboq-JSLWtiK2DooMWAQADAgADeQADOwQ)
Frequently asked questions
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Which perp DEX tokens are up since TGE?
ASTER (+269% to $5.52B FDV) and EDGE (+114% to $1.4B FDV). The other five perp DEX tokens tracked are down between 32% and 55% from their token-generation event valuation.
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Which perp DEX token performed the worst after TGE?
DIME is the worst performer in the cohort, down 55% from its TGE FDV. LIT (-48%), BP (-41%), ROLL (-34%), and BASED (-32%) round out the rest of the declining group.
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How many perp DEX tokens were launched in the past year?
Seven perp DEX tokens launched within the past year were tracked in the dataset. The sample covers ASTER, EDGE, BASED, ROLL, BP, LIT, and DIME.
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Why are most perp DEX tokens down from TGE?
The sector raised and airdropped at multi-billion-dollar FDVs through 2024-25, and the token layer has failed to hold that launch premium. Underlying exchange volumes and fees are real, but FDV at issuance is proving a poor entry signal in this category.
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What FDV is considered high for a perp DEX token?
ASTER trades at the top of the cohort at $5.52B FDV after its +269% move. EDGE sits at $1.4B. The remaining five tokens in the sample have FDVs reflecting their 32-55% drawdowns from TGE.
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