A comparative analysis of perpetual DEX token launches is giving traders a framework to evaluate the handful of pre-token venues still running point-farming programs. By stacking volume, open interest, fundraising totals, and fully diluted valuations across exchanges that have already launched, analysts can build a rough expectation curve for what comes next.
Four pre-token perp DEXs are currently in active point-farming mode ahead of anticipated airdrops: GRVT, Extended, Hibachi, and Ethereal. Each sits at a different stage of development and fundraising, meaning the eventual FDV spread across the group could be wide.
For airdrop hunters, the exercise is straightforward — recent launches set the comparable set, and the gap between a venue's volume and open interest relative to those comps is the clearest signal of where its token might price on day one.
CoinDesk
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