Author: Yuliya, PANews
As we approach the final quarter of 2025, the crypto market is entering a critical project delivery period. Many high-profile projects have announced plans for TGE or mainnet launches in Q4, covering popular sectors such as parallel EVM, decentralized AI, prediction markets, DeFi, and infrastructure. This article by PANews outlines 24 popular projects that have clearly announced or hinted at launching tokens before the end of the year, aiming to capture potential new market hotspots.
1. DoubleZero: A "New Internet" for Distributed Systems (TGE on October 2)
DoubleZero aims to build a high-performance global network optimized for distributed systems like blockchain. It is not a public chain but a DePIN composed of private fiber optics and submarine cables, designed to enhance validator performance by providing a more direct and lower-latency data transmission path than the public internet, enabling faster and fairer global participation.
The project was co-founded by Austin Federa, former strategic lead at the Solana Foundation, and is seen as a key technology to achieve the ambitious goals of high-performance blockchains like Solana (e.g., millions of TPS).
Key developments and roadmap:
TGE and Mainnet: The Beta version of the mainnet will launch on October 2, with the $2Z token going live on Binance contracts.
Funding Status: The project completed a $28 million funding round in March at a $400 million valuation, led by Dragonfly and Multicoin Capital.
Ecosystem Integration: DoubleZero opened its permissioned testnet to Solana validators and RPC nodes on July 30, establishing a staking pool of 3 million SOL to accelerate the growth of Solana ecosystem validators. Future plans include gradual expansion to other blockchains. Additionally, DoubleZero has launched a token dzSOL representing network delegated staking.
2. Limitless: A Short-Term Prediction Market for Crypto Assets (TGE in October)
Limitless is a prediction market built on the Base ecosystem, cleverly avoiding direct competition with industry giants like Polymarket in politics and sports, instead focusing on a more crypto-native track: short-term price predictions for cryptocurrencies and stocks. Its trading model features quick settlements on an hourly and daily basis.
The platform's core mechanism incentivizes users to "contribute prediction signals" rather than merely speculate. Users earn points by predicting asset price movements, with higher accuracy and frequency leading to faster point accumulation. The platform features hourly and daily leaderboards, where winners can directly share profits and have opportunities to redeem NFTs and seasonal rewards. This model encourages users to make long-term, stable judgments and unlocks more advanced tools for repeat participants.
Key developments and roadmap:
Mainnet and TGE: The token generation event will occur during its second season point program (from September 22, 2025, to January 26, 2026), with an announcement expected for TGE in October.
Funding Status: The total funding for the project has reached $7 million, including a $4 million strategic funding round. Notable trader Arthur Hayes and his family office Maelstrom participated in the investment, with Hayes also joining the company as an advisor. Other investors include Coinbase Ventures and 1confirmation.
Project Dynamics: The $LMTS token presale launched on the Kaito Capital Launchpad platform on September 25, with September trading volume increasing 25 times compared to August, peaking at over $15 million in a single day.
3. Rainbow: A User-Friendly Multi-Functional EVM Wallet (Q4 TGE)
Rainbow is a user-friendly EVM-compatible browser and mobile non-custodial crypto wallet. In the context of major wallets like MetaMask also planning to launch tokens, Rainbow has clearly announced its intention to launch its native token RNBW by the end of this year.
To enhance user experience, Rainbow has recently undergone a series of feature upgrades, including real-time pricing, instant balance updates, and improved price chart functionalities, along with the introduction of perpetual contract trading supported by Hyperliquid. The project initiated a points program in late 2023 to attract users, clearly stating that accumulated points will be used for future token incentives.
Key developments and roadmap:
Mainnet and TGE: The RNBW token is expected to launch in Q4 of this year.
Funding Background: In 2022, Rainbow raised $18 million in Series A funding led by the fund Seven Seven Six, established by Reddit co-founder Alexis Ohanian.
Ecosystem Trends: The Rainbow Foundation proposed acquiring the token issuance platform Clanker with 4% of the new token's total supply, planning to integrate Clanker into its product ecosystem, but the proposal was rejected by Clanker's founder, sparking market discussions.
Security and Privacy: Rainbow emphasizes its security, with fully open-source code allowing community review. Team members have experience working with well-known wallets like MetaMask. Additionally, Rainbow does not collect any personally identifiable information (PII) from users, ensuring user privacy.
4. Theoriq: Modular and Composable AI Agents (Q4 TGE)
Theoriq aims to build an engine for decentralized intelligent services, with a core focus on supporting AI agents to learn, adapt, and coordinate on-chain autonomously, addressing the growing complexity and usability gap in DeFi. Theoriq constructs a flywheel driving TVL and fee revenue growth through Alpha Protocol (infrastructure) and AlphaSwarm (driving protocol usage). Its value and coordination layer is powered by the $THQ token, which secures on-chain agents, rewards holders and stakers, and coordinates incentives among ecosystem participants.
Key developments and roadmap:
TGE Timing: According to its 2025 roadmap, the TGE and staking functionality for $THQ is planned for Q4 2025.
Funding and Partnerships: The company behind Theoriq, ChainML, raised $6.2 million in seed round expansion funding, led by Hack VC. The project has established partnerships with Google Cloud, NVIDIA, Arrakis Finance, and others.
Phased Rollout: The project will be launched in three phases, starting with the mainnet staking core (Phase 1), followed by locking and security mechanisms (Phase 2), and finally agent delegation and modular functionalities (Phase 3).
5. Zama: Leading Privacy Protocol with FHE Technology (Q4 TGE)
Zama is an open-source cryptography company focused on the development of Fully Homomorphic Encryption (FHE) technology. FHE allows computations to be performed on data without decrypting it, opening new possibilities for on-chain privacy protection. Zama's goal is to enable developers to build "confidential smart contracts" on existing blockchains (like Ethereum and Solana), achieving end-to-end encryption, where even node operators cannot view transaction data.
Zama Protocol is not a new blockchain but a cross-chain confidential layer. It combines FHE, multi-party computation (MPC), and ZK technology to provide robust privacy guarantees. Recently, Zama achieved significant breakthroughs in the performance of the FHE core operation "programmable boot," reducing runtime from 53 milliseconds to microsecond levels using GPU acceleration, greatly advancing the practical application of FHE technology.
Key developments and roadmap:
Mainnet and TGE: The public testnet launched on July 1. The Ethereum mainnet is expected to go live in Q4 2025, with plans for TGE by the end of the year. Solana support is planned for 2026.
Funding Status: Zama has completed Series A funding of $73 million and Series B funding of $57 million, with total funding exceeding $150 million and a valuation over $1 billion. Investors include Multicoin Capital, Protocol Labs, Pantera Capital, and founders of Ethereum, Solana, and Filecoin.
Application Scenarios: Zama's technology can be widely applied in confidential payments, RWA, confidential DeFi, on-chain identity (DID), and confidential governance, with the potential to build a new privacy application ecosystem.
6. Nexus: Building a "World Supercomputer" for a Verifiable Internet (Q4 TGE)
Nexus is not an ordinary public chain; its grand vision is to create a "Verifiable Internet." By aggregating idle computing power from around the globe, Nexus aims to build a planet-scale supercomputer, providing a fully trustworthy computing environment for the AI economy and financial innovation. Its core technology combines zero-knowledge virtual machines (zkVM) with Layer 1 public chains, embedding "verifiable" capabilities into the underlying protocols of the internet.
Nexus's global test network (Testnet III) has achieved impressive data: over 3 million verified users and 6.7 million proof nodes, covering 90% of countries worldwide, and establishing partnerships with nearly a hundred Web2 and Web3 companies. Its advisory team includes award-winning cryptographers Jens Groth and Victor Miller.
Key developments and roadmap:
Mainnet and TGE: Nexus plans to launch its Layer 1 mainnet in Q4 2025, which will also be the timing for its TGE.
Funding Status: The project team is strong, headquartered in San Francisco, with over 30 full-time experts, and has received more than $27 million in investments from top institutions such as Lightspeed, Pantera, and Dragonfly.
Core Products: Its product matrix includes Nexus zkVM 3.0 as the core engine of the network, and the high-performance EVM blockchain Nexus Layer 1 designed for verifiable finance in the AI era.
7. Reya: A Modular L2 Built for Trading (Q4 TGE)
Reya is building the world's first Ethereum Rollup designed specifically for trading—ReyaChain. Its goal is to create a trading environment that combines the speed of TradFi with the decentralized characteristics of Ethereum, ultimately realizing the vision of "internet capital markets," bringing the trillion-dollar global capital market into the internet age.
ReyaChain's architectural design is quite innovative, with core features including:
Node Specialization: Introducing different types of nodes, such as "execution nodes," to maximize trading execution performance.
Delegated Ordering: Execution nodes serve as gateways to Ethereum L1, with L1 validators delegating block production to them, achieving millisecond-level transaction pre-confirmation.
Dual Execution Environment: Running both a native environment with an on-chain order book, ReyaNative, and ReyaEVM (customized based on Arbitrum Orbit) for smart contract deployment.
Hybrid Data Availability (DA): Separating high-frequency order data from account data, directing them to different DA layers to optimize efficiency.
Key developments and roadmap:
Mainnet and TGE: The project CTO revealed in an AMA that the token economic model is nearing completion, with TGE scheduled for Q4 this year, planning to allocate at least 45% of tokens to the community. Token functions will be linked to revenue buybacks, blockchain integration, and margin usage.
Funding Status: In March 2024, Reya Labs announced the completion of a $10 million funding round, with investors including Coinbase Ventures, Wintermute, Framework Ventures, and other well-known institutions.
Ecosystem and Incentives: Reya launched the Chain Points (RCP) system in July, converting users' previous contributions (XP) into proof of platform ownership. RCP is non-transferable and can only be earned through trading, staking, and community contributions. The team also stated that a special surprise is being prepared for early users, especially Voltz users.
8. Abstract: Builder of Consumer-Level Crypto Experiences (Q4 TGE)
Abstract is an Ethereum Layer 2 blockchain focused on the consumer sector, built on the ZK Stack. It executes transactions off-chain, batches them, and uses ZK for verification on Ethereum, aiming to provide users and developers with a low-cost, fast, and secure trading experience. As an EVM-compatible network, existing smart contracts built for Ethereum can be easily migrated to Abstract.
What sets Abstract apart is its market strategy. Unlike models that rely on Web2 social platforms for traffic, Abstract chooses to embed crypto technology directly into consumer applications, promoting a "seamless" user experience. Its portal platform, Portal, set to launch in January 2025, serves as the core entry point for its gaming and application ecosystem, integrating features like live streaming, rewards, collectibles, and app recommendations to create a highly engaging user experience.
Key developments and roadmap:
TGE Timing: According to Luca Netz, CEO of Pudgy Penguins, the TGE for Abstract Chain is expected to take place in Q4 2025.
Funding Background: The project contributor team has a strong background, gathering talents who have initiated or helped build Pudgy Penguins, Ethereum, Frame, and Kubernetes. The parent company of Pudgy Penguins, Igloo, Inc., recently completed a strategic funding round of over $11 million led by Founders Fund, which will be used for Abstract's development.
Regulation and Strategy: The team has participated as government advisors in U.S. cryptocurrency legislation and submitted an ETF application covering the PENGU token and NFTs. Meanwhile, the project has adjusted its token handling policy, planning to verify tokens based on verifiable on-chain objective metrics in the future.
9. Talus: A Decentralized Agent Platform for "AI Battle Games" (Upcoming TGE)
Talus is a decentralized agent platform and blockchain focused on artificial intelligence. Its most innovative concept is the "Agent vs Agent (AvA) game," a novel prediction market application where users can speculate on the outcomes of competitions between AI agents, akin to an "AI sports competition."
To support this ecosystem, Talus established the Talus Foundation to manage the network's growth and decentralization. Its economic system is driven by the $US token (total supply of 10 billion, with a deflationary mechanism) and includes components such as "agents as a service," an agent marketplace, and a tools marketplace, aimed at facilitating collaboration and profitability between developers and tool providers. Its underlying technology is supported by the Talus Agentic Framework (TAF) and the Nexus protocol.
Key developments and roadmap:
TGE and Mainnet: As the mainnet and TGE approach, Talus's testnet launched on September 18, and a competition for the AvA game with a prize pool of up to $125,000 was announced.
Funding Status: Talus Network announced on September 29 that it had completed over $10 million in funding, receiving strategic investments from the Sui Foundation and Walrus Foundation, while also attracting support from blue-chip investment institutions like Polychain Capital.
Future Plans: The foundation will promote decentralized AI research, standardize core interfaces, and refine the token and governance roadmap to ensure network security and community-driven decision-making.
10. Allora: A Decentralized Network Focused on AI Prediction Markets (Upcoming Mainnet)
Allora is a decentralized AI network that has transformed from the NFT evaluation platform Upshot. Its core function is to create a decentralized market for generating and circulating "AI prediction data streams," aimed at providing high-quality, AI-driven predictive information for various applications. In January of this year, Allora announced the establishment of a foundation to serve as the network's manager, providing strategic guidance and resource support for its long-term development.
Key developments and roadmap:
TGE and Mainnet: Allora announced on September 10 that its mainnet is about to launch, at which point the first batch of AI prediction data streams will migrate from the testnet to the mainnet.
Funding Status: Allora has completed $35 million in funding to date, with participation from Archetype, Delphi Ventures, and others.
Token and Incentives: Its native token is ALLO, which will be used for transactions, inference access, staking, and rewards within the network. Allora has announced a three-phase distribution of the reward pool through the Kaito platform: 70% will be retrospectively allocated to supporters from the past six months, 20% will be used for competitions from now until TGE, and the remaining 10% will be for a 24-hour celebration at the TGE launch.
11. Irys: Evolution from Data Storage to Programmable Data Chain (Upcoming Mainnet)
Irys was formerly Bundlr Network, a scaling tool for the Arweave ecosystem. As it has accumulated its own value, it has transformed into a "programmable data chain," no longer viewing data merely as objects to be archived but defining it as a productive resource that can be called and orchestrated. Irys believes that the value of data can only be fully realized when it can flow, trigger logic, and be embedded in applications.
To achieve this positioning, Irys has designed a unique product architecture:
Multi-Ledger Architecture: Providing permanent or flexible storage for different types of data through layered ledgers (submission, publication, periodic) to balance cost and demand.
IrysVM: An EVM-compatible virtual machine that allows developers to read and orchestrate data directly on-chain, driving smart contract logic.
Consensus and Incentives: Utilizing a mechanism that combines "useful proof of work" (uPoW) with staking to ensure the long-term availability and credibility of data.
Key developments and roadmap:
TGE and Mainnet: The founder of Irys mentioned at the end of July that the mainnet is approaching, and recent activities on the official Twitter account also indicate that TGE is imminent, with the market generally expecting rewards for early contributors.
Funding Status: Irys has raised nearly $20 million in total funding, including a $10 million Series A funding round led by CoinFund in August 2025.
Business Model: Its value capture is divided into two layers: one based on storage fees (one-time or periodic payments) and the other based on "Gas" fees generated from executing and calling data via IrysVM. This model enables it to serve multiple fields, including AI, DePIN, NFT copyrights, and RWA.
12. MegaETH: Ultra-High-Performance Real-Time EVM L2 (Upcoming Mainnet)
MegaETH is a Layer 2 blockchain aimed at elevating Ethereum's scalability to new heights. It targets unprecedented performance, theoretically capable of processing over 100,000 TPS with latency levels of 10 milliseconds, dedicated to bringing real-time, high-frequency interactive application experiences on-chain.
On September 8, MegaETH partnered with Ethena to launch a stablecoin called USDm on-chain. Its uniqueness lies in the fact that the reserve income of USDm will be programmatically used to cover network operating costs (such as sequencer fees), thereby keeping on-chain transaction fees at extremely low and stable levels for users and developers, coordinating incentives across the ecosystem.
Key developments and roadmap:
TGE and Mainnet: The public testnet was deployed in March, and the team stated that it is currently in the final stage of auditing. An official tweet on September 22 hinted that the mainnet is coming soon.
Funding Status: The project has received strong support from the Ethereum establishment, with Ethereum founder Vitalik Buterin, ConsenSys founder Joseph Lubin, and EigenLayer founder Sreeram Kannan participating in a $20 million seed round led by Dragonfly in June 2024. Subsequently, it completed a $10 million community funding round through the Echo platform in December 2024.
Stablecoin Integration: USDm will be deeply integrated into the MegaETH ecosystem's wallets, dApps, and various on-chain services, becoming a core pillar of its economic model.
13. GTE: A DEX Evolving from MegaETH (Upcoming Mainnet)
GTE is a decentralized trading platform initially built on MegaETH, offering features such as a Central Limit Order Book (CLOB), Automated Market Maker (AMM), token issuance platform, and price aggregation, aiming to provide a secure and transparent trading experience at CEX-level speeds.
GTE offers two asset creation methods: GTE Launchpad and GTE Takeoff. GTE Launchpad is suitable for mature projects' TGEs, providing deep liquidity to support project launches. GTE Takeoff is a permissionless token issuance tool that allows developers to create tokens at a lower cost and quickly establish liquidity using the platform's Bonding Curve mechanism.
The platform brings together talents from top financial and tech institutions such as Citadel, Nasdaq, Google, and Jump. Users can participate in airdrop activities through its testnet, which includes connecting wallets, completing multiple trades, creating tokens, and purchasing tokens from other users.
Key developments and roadmap:
TGE and Mainnet: On August 5, it announced its independence from MegaETH and plans to launch the mainnet.
Funding Status: GTE disclosed that it has completed over $25 million in funding, with investors including top venture capital firm Paradigm and global top market makers such as IMC, Wintermute, and Auros. This indicates that GTE may have excellent liquidity depth after its launch.
14. Monad: A Highly Anticipated Parallel EVM High-Performance L1 (Upcoming Mainnet)
Monad is a highly anticipated high-performance Layer 1 blockchain that is fully compatible with Ethereum. Its core innovation lies in rebuilding Ethereum from the ground up, introducing technologies such as parallel execution, asynchronous execution, and its self-developed high-performance database MonadDb, aiming to achieve a throughput of 10,000 transactions per second (TPS) while maintaining complete compatibility with EVM, allowing developers to seamlessly migrate applications.
With its narrative of "parallel EVM," Monad is viewed by the market as the next potential player in the related track following Sei. Despite the attention, its development has also been accompanied by some controversies, such as public disputes with the teams from Fantom and Aptos over issues of technical originality.
Key developments and roadmap:
Mainnet and TGE: According to multiple sources, Monad is expected to launch its mainnet and conduct TGE in Q4 2025, with several pre-market trading platforms, including Aevo, already online.
Funding Status: Monad Labs raised an astonishing $225 million in a funding round led by Paradigm, with a valuation of $3 billion, with participation from numerous top institutions including Electric Capital and Coinbase Ventures.
Ecosystem Incentives: The Monad BFT consensus mechanism has been launched on the public testnet, and the "Monad Momentum" incentive program was initiated in September to support ecosystem applications.
15. Lighter: An Emerging PerpDEX with Full DeFi Composability (Upcoming Mainnet)
Lighter is an emerging decentralized perpetual contract exchange that is rapidly rising in the fierce "PerpDEX war" due to its unique technical architecture. The biggest technical highlight of Lighter is its "direct alignment with Ethereum." It operates as a zk-rollup optimized for order matching, achieving CEX-level speeds (with latency below 5 milliseconds) while placing the final settlement of all trades in custodial contracts on the Ethereum mainnet. This means that assets held by users on Lighter (such as BTC and ETH) can be seamlessly wrapped and used in any DeFi protocol on the Ethereum mainnet (such as Aave and Uniswap), achieving complete DeFi composability, which is its core advantage over other competitors.
Key developments and roadmap:
TGE and Mainnet: The points program has been launched to incentivize users to participate in testing and trading before the mainnet launch. As of September 21, its TVL has surpassed $500 million and is about to conclude an 8-month private testing phase.
Market Performance: As of September 23, Lighter's market share has grown by approximately 166.7% over the past 90 days, increasing from a low single-digit percentage to 16.8%, gradually catching up to market leader Hyperliquid.
The official website shows that its investors include a16z and Lightspeed, with ZK Security and Nethermind as audit partners.
16. Ethereal: A Spot and Perp DEX Based on Ethena (Upcoming Mainnet)
Ethereal is a decentralized exchange aimed at providing institutional-level performance (sub-20 milliseconds latency, millions of orders processed per second). Its vision is to become the ultimate "integrated DeFi currency application," integrating various DeFi functions such as perpetual contracts, spot trading, lending, RWA products, and yield strategies within a single platform. As of September 24, its TVL is close to $400 million.
The platform features an advanced technical architecture, deployed as an EVM application chain, utilizing the Arbitrum execution environment and Celestia data availability layer. Ethereal is deeply integrated with the Ethena ecosystem, not only using USDe as its native margin asset but also proposing to allocate 15% of the future total token supply to sENA holders.
Key developments and roadmap:
TGE and Mainnet: On September 12, it announced that the mainnet is about to launch and has opened a "Mainnet Alpha" waiting list, giving early participants and active DeFi users priority access.
User Incentives: The project has attracted a large number of early users through multiple phases of point activities such as "Season Zero" and "Season One," and has integrated point tracking with mainstream DeFi protocols like Aave and Pendle.
17. MetaMask: A Veteran Web3 Wallet Frequently in the News for Token Issuance (Expected)
MetaMask, the most popular Ethereum wallet in the crypto world, draws significant attention with any of its movements. Recently, Consensys CEO and Ethereum co-founder Joseph Lubin explicitly stated, "The MASK token is coming soon, and it may be earlier than you expect." The issuance of the token will be closely related to the decentralization of some features of the MetaMask platform.
MetaMask has long been more than just a wallet; it has evolved into a powerful platform with diverse revenue sources, including built-in Swap (DEX aggregator), fiat on/off ramps, cross-chain bridges, and ETH staking services.
Key developments and roadmap:
TGE and Mainnet: Official executives have confirmed the token issuance plan, although the specific timing has not been announced, expectations are already very strong.
Product Expansion: Recently, it has been active, not only officially launching its stablecoin MetaMask USD (mUSD), which surpassed $65 million in issuance just a week after launch, but also planning to introduce perpetual contract trading features within the wallet through integration with Hyperliquid, further moving towards a comprehensive financial platform.
18. OpenSea: Transforming from NFT Dominance to a Multi-Asset Platform (Expected)
Once synonymous with NFT trading, OpenSea is undergoing a profound strategic transformation in the face of intense competition and market cooling. Its goal is to evolve from a single NFT trading platform into an on-chain multi-asset trading entry point.
The core of the transformation is its comprehensively upgraded OpenSea 2.0 (OS2) platform, which now supports token trading across 19 blockchains. To facilitate the transformation, OpenSea has also acquired the Web3 wallet project Rally to strengthen its "mobile-first" strategy and on-chain trading capabilities.
Key developments and roadmap:
TGE Plan: The official has confirmed that it will issue the platform's native token SEA and will conduct TGE after completing a series of product updates. The OpenSea Foundation is expected to announce specific details of the token issuance in early October.
User Incentives: It has launched a rewards system called "Voyages," where users earn XP points by completing on-chain tasks, which can later be exchanged for SEA tokens. Additionally, the platform has allocated 50% of its fee revenue for the final reward phase before TGE.
19. Base: Exploring Native Tokens on Coinbase L2 (Expected)
The Layer 2 network Base launched by Coinbase is accelerating its transformation into a Web3 "super app" with its vast background resources and clear strategy. Its core entry point, the Base App (renamed from Coinbase Wallet), is seamlessly integrating social (based on Farcaster), payments (Base Pay), trading, and dApps into one platform, intending to replicate the successful model of super apps like WeChat.
Base's user activity has recently surged, thanks to the rapid development of dApps within its ecosystem and effective incentive activities. The platform has significantly lowered the entry barrier for ordinary users into the Web3 world by introducing AI agents, simplifying USDC payments, and providing universal identity credentials.
TGE Expectations: The official Base team has publicly stated that they are "exploring" the issuance of a native network token to accelerate the decentralization process. Although there is no specific timeline, the market has high expectations for this.
Ecosystem Expansion: They announced an open-source cross-chain bridge project connecting Base with Solana, demonstrating an open ecosystem. Additionally, the launched "Base Build" tool and "Base Batches" incubation program continue to attract developers and innovative applications to the ecosystem.
20. Fogo: SVM L1 (Unclear)
Fogo is a Layer 1 blockchain designed for institutional-level finance, aiming to seamlessly bridge traditional finance with the decentralized world. The project is based on the Solana architecture, implementing multi-native consensus to achieve minimal latency, fully compatible with the Solana Virtual Machine (SVM).
Fogo's technical highlights include using Firedancer, developed by Jump Trading, as the sole client to achieve faster TPS and block times; SVM support for Solana application migration. The project is led by former quantitative analysts from traditional financial institutions and early Solana developers, backed by Douro Labs and Jump Crypto, rooted in the United States.
Fogo is supported by Douro Labs, the team behind the Pyth oracle network, which provides real-time financial data crucial for DeFi and institutional applications. Pyth is closely related to Jump Crypto, the developer of Fogo's technology stack (Firedancer), providing strong resources and technical endorsement.
The foundation was established on August 21, 2025, focusing on supporting community tools and application expansion, increasing public awareness and participation, and providing an initial governance framework to promote ecosystem development. The team is led by James Reilly and Martine Bond, both of whom have extensive global market experience.
Key developments and roadmap:
Mainnet and TGE: On August 22, Fogo announced the official establishment of the Fogo Foundation, which may hint at an upcoming TGE. The official social media account posted a humorous content regarding the mainnet on September 18, but actual mainnet details and launch time have not yet been disclosed.
Funding Background: The project has completed $13 million in funding, led by The Echonomist, with participation from 4 CMS Holdings, Big Brain Collective, and others.
Project Dynamics: In July 2025, Fogo announced the official launch of its public testnet, which can achieve a block time of 40 milliseconds.
21. edgeX: High-Performance, Order Book-Based Perp DEX (Unclear)
edgeX is a decentralized exchange (DEX) for perpetual contracts built on a ZK architecture, aiming to combine the capabilities and performance of CeFi with the security and transparency of DeFi. The project is incubated by Amber Group, with team members from top institutions like Goldman Sachs and Jump Trading, specializing in high-frequency trading.
edgeX is not just a perpetual contract DEX; it resembles a "full-stack financial platform on-chain," with additional products like eStrategy (treasury) and edgeX chain alongside the perpetual contract DEX. To achieve high performance and security, edgeX's architecture is divided into four layers:
Settlement Layer: All trades are settled on-chain, based on Ethereum L2, ensuring fund security.
Matching Engine Layer: Capable of processing 200,000 orders per second, with latency below 10 milliseconds, approaching traditional high-frequency trading experiences.
Hybrid Liquidity Layer: Can access liquidity from multiple blockchains while users maintain self-custody.
Unified Interface (UI): Integrates the complexity of multi-chain and multi-protocol into a single interface, simplifying trading.
Key developments and roadmap:
Mainnet and TGE: The community currently speculates that TGE will occur in Q4, but the official team has not released any announcements regarding the mainnet or TGE.
User Activity: The edgeX points program aims to encourage users to actively participate in edgeX products and reward loyal users. Points are allocated based on various performance metrics, including trading volume, referral trading volume, open positions, and feature usage frequency. Referrers earn 1 point for every 5 referred users.
Funding Aspects: Amber Group and SNZ have provided approximately $10 million in liquidity funding.
Project Achievements: According to Dune data, as of September 2025, edgeX is now the second-largest perpetual contract DEX by monthly revenue ($19 million), with a daily trading volume of $5 billion and 100,000 traders.
22. Based: Crypto Trading and Consumption Platform (Unclear)
Based is a crypto trading and consumption platform that allows users to trade spot and perpetual futures on Hyperliquid and spend cryptocurrencies at over 70 million merchants in 160 countries worldwide. Users can earn points by trading on Hyperliquid, referring new users, and using the Based Visa card for purchases. Additionally, Based plans to support USDe and USDtb payment functions on its debit card while embedding savings features. Based is the largest builder code platform in the Hyperliquid ecosystem, accounting for about 7% of current perpetual contract trading volume.
Key developments and roadmap:
Mainnet and TGE: The official team has not yet clarified the TGE and mainnet details, but the project has gained attention due to the recent hype brought by Aster.
Funding Background: On September 8, Ethena Labs announced a multi-million dollar strategic investment in Based, an important participant in the Hyperliquid ecosystem, and established a partnership. This collaboration will promote the application of USDe, USDtb, and other unreleased Ethena products on Hyperliquid.
Project Activities: On September 24, Based introduced the "Boosted Airdrop" mechanism, a game-theory-based system designed to heavily reward loyal and project-aligned recipients. This mechanism allows each eligible user to receive a baseline token allocation, where users can choose their upgrade level; the higher the upgrade level, the longer they commit to waiting for the claim, resulting in greater rewards.
Recent Developments: On September 25, Based announced that its first Launchpad project $UPHL has concluded, with an oversubscription of 110 times, raising a total of $73 million.
23. StandX: Yield-Generating Perp DEX (Unclear)
StandX is a decentralized trading platform (DEX) co-founded by early members of Binance and former Goldman Sachs employees. Its feature is "yield-generating perpetual contracts," which means that the margin itself can also earn returns. StandX's first product is a yield-generating stablecoin, DUSD, designed to provide competitive returns. The project's earnings mainly come from staking rewards and funding fees from the futures market, which are automatically distributed to users' wallets. DUSD is fully collateralized by market-neutral assets, ensuring stability without risk from price fluctuations and without leverage. Additionally, the project offers custodial and reserve funds to increase user trust.
For example: Users can exchange USDT for DUSD, and as long as they hold DUSD, they can automatically earn an annual yield, currently with an APY of about 5.96%. As of September 24, the locked value (TVL) of DUSD has exceeded $80 million.
Key developments and roadmap:
Mainnet and TGE: The official team has not yet clarified the TGE and mainnet details, but the project has gained attention due to the recent hype brought by Aster.
User Activity: The platform's $DUSD pre-deposit activity is now live, which will continue until October 31, 2025. Participating users can deposit funds in advance to earn points and additional annual yields, with more incentive rewards to come in the future.
24. Sentient: Open Source AI Development Platform (Unclear)
Sentient is a decentralized protocol that is building a network called GRID, aiming to establish the world's first open, community-built AGI (Artificial General Intelligence) system. It seeks to change the current closed and fragmented landscape of AI technology, making artificial intelligence more open and collaborative, thereby truly benefiting all of humanity.
Sentient believes that AGI will not emerge as a single "brain" but is more likely to be formed by many specialized intelligent modules working together. GRID is designed for this purpose, connecting different AI modules (referred to as Artifacts). These Artifacts can be models, agents, data sources, or tools contributed by community members. Users can utilize these modules through an interface called Sentient Chat, combining them to complete complex tasks.
The network's native token is $SENT, which serves two main purposes: on one hand, it encourages developers to connect their Artifacts to GRID and receive rewards; on the other hand, community members can stake tokens to support quality content and participants, thereby earning returns. The reward mechanism primarily targets four groups: contributors of Artifacts, network representatives, stakers, and regular users. The issuance pace and distribution method of all tokens are governed by DAO to maintain the system's health and sustainability.
Key developments and roadmap:
Mainnet and TGE: The official team has not disclosed specific TGE information, and the community speculates that it may launch in Q4 2025 or Q1 2026.
Funding Details: In July 2024, Sentient raised $85 million in a seed round led by Peter Thiel's Founders Fund, Pantera Capital, and Framework Ventures. One of Sentient's core contributors is Sandeep Nailwal, co-founder of Polygon, with EigenLayer founder and CEO Sreeram Kannan serving as an advisor.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
