A recent tweet sparked quite a discussion:
"Are Perp DEX Airdrops Dead?"
From Paradex, EdgeX to O1 Exchange, more users are starting to question:
Why have they been grinding for months to earn points, only to end up with disappointing returns?
But if we take a look at the pre-market, perhaps things aren't so straightforward.
1. The biggest change in the market by 2026: points no longer equal returns.
The past logic:
Grind points to cash in on airdrop TGE.
Now the market has begun to price things in early.
From Aspecta's current pre-market data:
Project FDV Variational $700M StandX $360M Pacifica $273M Extended $273M GRVT $250M Concrete $233M
The market is no longer waiting for TGE.
Instead, it’s completing valuation games before TGE.
2. Why did O1 trigger such controversy?
O1 once shot up to:
Nearly $1B FDV
But then quickly retraced.
The reason is quite simple:
There was a discrepancy between market expectations and the actual airdrop value.
When users find out:
Airdrop ratios are limited, unlocking pressure is high, and valuations are overextended,
prices naturally get repriced.
"Are Perp DEX Airdrops Dead?"
From Paradex, EdgeX to O1 Exchange, more users are starting to question:
Why have they been grinding for months to earn points, only to end up with disappointing returns?
But if we take a look at the pre-market, perhaps things aren't so straightforward.
1. The biggest change in the market by 2026: points no longer equal returns.
The past logic:
Grind points to cash in on airdrop TGE.
Now the market has begun to price things in early.
From Aspecta's current pre-market data:
Project FDV Variational $700M StandX $360M Pacifica $273M Extended $273M GRVT $250M Concrete $233M
The market is no longer waiting for TGE.
Instead, it’s completing valuation games before TGE.
2. Why did O1 trigger such controversy?
O1 once shot up to:
Nearly $1B FDV
But then quickly retraced.
The reason is quite simple:
There was a discrepancy between market expectations and the actual airdrop value.
When users find out:
Airdrop ratios are limited, unlocking pressure is high, and valuations are overextended,
prices naturally get repriced.