It's been almost 2 months, so it's time to update my tier list of tokenless perp DEXs (including the ones I skip). A quick breakdown: High - My main focus. These are the perp DEXs where I can trade organically, use them as part of my points farming strategies, or simply stay active to position myself as an early user if it's a new perp DEX. Mid - Medium priority. I interact with them less often and mostly wait for major updates like mainnet, official testnet, a new season, points program, TGE, or other important announcements. Once the High-tier projects launch their TGE, these are the first ones I'll shift my attention to. Low - Low priority for now. I'm keeping an eye on them because I see potential, but I'm not interested in actively trading or using them for delta-neutral strategies at the moment. Skip - Projects I'm not interested in anymore. Some of them I used in the past, but no longer see any reason to use. Others I've never touched and don't plan to, especially since some have already been exploited, which significantly hurts my confidence in the protocol. RIP - Perp DEXs that have shut down since my previous tier list, plus a few that, in my opinion, look like they could be next. This is just my personal opinion. I can absolutely be wrong, and I genuinely hope every perp DEX succeeds. The perp DEX sector is still very early, and I'd love to see more strong protocols competing with each other, just like CEXs do today. So, here's my updated perp DEX tier list. High – @variational_io, @TxFlow_L1, @get_truenorth, @bulktrade, @tradexyz Mid - @slx_fi, @QFEX, @nadoHQ, @risextrade, @tread_fi, @ProprXYZ Low - @perpltrade, @blinktrade SKIP - AFX, Arcus, Phoenix, Bullet, EVEDEX, Astros, PopDEX, Vest, GMtrade, Antarctic, Rho, Euphoria, Hello, Nova, GTE, Miracle, Paragon, Ostium, Decibel, StandX, Cascade, Liquid, GRVT, Meridian, DreamCash, Pacifica, Reya, Extended, Carbon, Bullpen, Hibachi, Minara, Upscale, Papertrade, Legend RIP - Dango, Satori, Dexari, Hotstuff, 01, Ventuals
At the moment @DefiLlama already shows 200+ perp DEXes. To save you time hunting for the ones without a token (and potential airdrop farming), here's my current focus list. Focusing on: @variational_io, @tradexyz, @nadoHQ, @bulktrade, @risextrade Currently skipping: grvt, gmtrade, standx, pacifica, extended, antarctic, ostium, satori, reya, decibel, ethereal, vest, hibachi, 01, bullbit, phoenix, dreamcash, miracle, dexari, bullpen, ventuals, liquid, rho, carbon, hotstuff, dango, cascade Hope I saved you some time and money
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