Most Perp DEX Tokens Are Underwater Since Launch — Only ASTER and EDGE Beat Their TGE Valuation.

A snapshot of seven perpetual DEX tokens launched over the past year paints a mostly bearish picture: five of the seven are trading below their token generation event (TGE) fully diluted valuation, with losses ranging from 32% to 55%.

The two exceptions stand out sharply. ASTER has surged 269%, taking its FDV from $1.5B at launch to $5.52B, while EDGE is up 114%, moving from $656M to $1.4B. Every other name in the cohort — BASED, ROLL, BP, LIT, and DIME — is in the red, with DIME the worst performer at -55%.

The split underscores a pattern that has become familiar in the current cycle: new token launches tend to price in optimistic growth assumptions at TGE, and most fail to grow into those valuations once the initial liquidity event fades.