2026-01-09 00:32:47

A new perpetual trading platform just launched its mainnet, bringing some fresh dynamics to the derivatives market. The project completed a $2.5M fundraising round at a $20M fully diluted valuation, with all tokens unlocked immediately at token generation event.

What makes this interesting is the product scope: traders can go long or short on crypto assets, real-world commodities, collectibles, and even alternative indexes like trading card markets. During the testnet phase, the platform already processed over $1B in trading volume—a solid indicator of user demand.

The tokenomics structure caught attention too. Full unlock at launch means no vesting cliffhangers, which speaks to the team's confidence in the protocol. Given the testnet traction and the addressable market for decentralized derivatives, the current valuation doesn't look stretched. The real test arrives when mainnet liquidity kicks in and we see whether retail and institutional participation scale accordingly.

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OnchainHolmes

· 01-12 00:21

Full unlock is now live? This move is a bit aggressive, but liquidity is the key; otherwise, even with confidence, you'll have to kneel.

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0xSoulless

· 01-11 23:10

Another derivatives platform, this time even skipping the unlock step—blatantly confident in harvesting profits from new investors.

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GasFeeWhisperer

· 01-11 20:35

The card market is quite interesting, a real niche play. --- The $20M valuation still feels a bit inflated; it depends on the actual liquidity on the mainnet. --- Full unlock? Aren't you worried about dumping? Haha. --- A 1B testnet trading volume sounds impressive, but how many real users are there actually? --- Another derivatives track is coming; will it survive the bear market this time? --- I'm optimistic about commodities and collectibles; they are stronger than just coin-based assets. --- The key is liquidity; without LP, everything is pointless.

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OfflineNewbie

· 01-09 01:01

Card market trading? How crazy do you have to be to think of this? --- Full unlock going live is a bit exciting. Either the team is really confident or... what do you guys think? --- Hearing about 1B testing volume sounds great, but the real question is whether it can survive once it goes live on the mainnet. --- I just want to ask how the logic started from a $20M valuation. Feels like it's all cheap now. --- Spot market isn't enough, so they have to play with derivatives. That's just how this circle is. --- I like the diversity of products, but what I’m more worried about is the liquidity trap. --- No lock-up period? Does the team really believe in themselves that much? It’s a bit surprising.

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WenMoon42

· 01-09 00:58

ngl, this valuation is a bit questionable; it mainly depends on whether the mainnet liquidity is deep enough.

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nft_widow

· 01-09 00:49

Full unlock is going live? This move is not to boost the team's confidence, but to set a trap for the price...

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AirdropF5Bro

· 01-09 00:36

Full unlock is now live, and this wave directly tests the team's mentality... A testnet volume of one billion indicates that some people are indeed buying in, but the mainnet liquidity is the real test. Let's wait and see if institutions really come or if it's just another wave of harvesting retail investors.

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Web3Educator

· 01-09 00:34

let me break this down for my students real quick—full unlock at TGE is either genius confidence or a massive red flag, no in-between tbh

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