Author: fiyalkin, Crypto KOL Compiled by: Felix, PANews Recently, crypto KOL fiyalkin summarized a list of Perp DEX projects that may conduct token issuance in 2026, including brief introductions, key data, and more. These projects are all in the early stages of development and have not yet issued tokens. Below are the details. 1. Variational Variational is a decentralized peer-to-peer (P2P) derivatives trading protocol built on Arbitrum, focusing on on-chain trading, settlement, and clearing of broad derivatives such as perpetual contracts, options, and futures. Based on the Variational protocol, several applications have been developed, including those for simple perpetual contract trading.

Solana ecosystem leader aggregator Jupiter Exchange is facing a critical crossroads in its tokenomics model. On January 4, 2026, co-founder Siong publicly questioned the effectiveness of the ongoing JUP buyback program on social media, revealing that over $70 million had been spent on buybacks in the past year, yet the token price remains nearly 89% below its all-time high, with minimal results. Meanwhile, the team announced a significant reduction in the original airdrop scale from 700 million JUP to 200 million JUP, aiming to ease market selling pressure and more accurately reward genuine users. These measures have sparked widespread discussion among industry leaders, including Solana co-founder Anatoly Yakovenko. The market responded quickly, with whale addresses betting on the long-term value of the strategic adjustments, investing over $12 million to establish multi-asset leveraged long positions including JUP. This incident not only concerns Jupiter's future but also touches on the core issue of how current crypto projects can optimize fund utilization and balance short-term market pressures with long-term development.

Gate YuBiBao launches Double Christmas and New Year financial activities, offering 5% annualized interest rate coupons and 100% annualized fixed-term financial products to new users. Users can participate in lotteries through financial management, with the activity designed to lower participation thresholds. The overall event provides users with a variety of year-end financial options.

The Lighter DEX protocol faces insider trading allegations following significant LIT token sales and $250 million in withdrawals after its airdrop event. Concerns about liquidity and market stability arise as yield farmers exit the platform.

The Lighter DEX protocol faces insider trading allegations following significant LIT token sales and $250 million in withdrawals after its airdrop event. Concerns about liquidity and market stability arise as yield farmers exit the platform.

Lighter's LIT Airdrop Suspected of Insider Manipulation, On-Chain Data Shows a Few Wallets Divided Over $26 Million, Sparking Fairness Controversy in DeFi. At the start of the new year, the decentralized perpetual contract exchange Lighter launched the Lighter Infrastructure Token (LIT) airdrop plan, which was originally seen as a "model of reward" in the DeFi community. However, it is now embroiled in suspicion of "insider manipulation." According to on-chain analysts, a group of wallets appears to have coordinated their actions to pre-position and divide over $26 million worth of LIT tokens, triggering strong community backlash and distrust. Five Wallets' Master Moves: $500,000 USDC Invested to Receive 9,999,999.6 LIT

At the beginning of the new year, the decentralized perpetual contract exchange Lighter launched the Lighter Infrastructure Token (LIT) airdrop plan, which was originally regarded as a "model of rewards" in the DeFi community. However, it is now embroiled in suspicions of "insider manipulation." According to on-chain analysts, a group of wallets is suspected of coordinating operations to pre-position and divide over $26 million worth of LIT tokens, triggering strong community backlash and distrust. Five wallets' masterful operation: 5 million USDC invested to exchange for 9,999,999.6 LIT Well-known on-chain analyst @mlmabc posted a detailed analysis on the social platform X, pointing out that a group of five wallets collectively engaged with Lighter approximately nine months ago.

Charles Hoskinson reveals a partnership with Ripple's David Schwartz in developing Midnight's NIGHT tokens. The Glacier Drop airdrop involved eight ecosystems, with XRPL posing unique challenges, leading to innovative cross-chain solutions that broadened perspectives within Cardano.

Lighter (LIT) – the underlying token of the decentralized perpetual contract exchange that just launched – is still in the process of finding its equilibrium after a lively startup phase thanks to the airdrop program. Although there was a slight adjustment immediately after listing, LIT has maintained a price around $2.73, with the effect

Lighter, a decentralized exchange, executed a historic $675 million token airdrop, igniting excitement and skepticism within the crypto community. While many early supporters retained their tokens, concerns over the project's tokenomics and team allocation persist.

Author: Jae, PANews The final airdrop suspense of this year came to an end last night (December 30). Perp DEX (Decentralized Perpetual Contract Exchange) Lighter announced the completion of its airdrop distribution, with a total of $675 million worth of tokens airdropped to early participants, bringing a touch of warmth to the cold market at the end of 2025. Although the winter market is somewhat bleak, the competition for liquidity and trading experience on the Perp DEX battlefield is becoming increasingly fierce. The industry is witnessing the gradual replacement of early automated market makers (AMMs) by high-performance centralized limit order books (CLOBs). Based on zk-rollup technology, Lighter has quickly stood out, leveraging its zero-fee strategy and customized ZK circuits to attempt to redefine the standards of on-chain derivatives trading. Since ancient times, airdrops have been difficult to balance, and Lighter undoubtedly faces competition from other airdrop projects.

Background and highlights of the event As we welcome the 2026 New Year, Gate has officially launched the VIP New Year's Red Envelope Rain Special Campaign to reward users for their support throughout the year. This event is designed for VIP users, with zero threshold participation and tier-weighted distribution as the core design, injecting new momentum into asset allocation at the beginning of the year through a dual-token prize pool composed of KDK and CYS. Whether it is an old user returning to the high-end VIP or a new member who has been promoted for the first time, as long as they meet the conditions, they will have the opportunity to receive exclusive red envelopes at the beginning of the new year. Activity time and participation methods This VIP New Year Red Envelope event will be available during the designated period. Users only need to complete the registration on the event page and meet the corresponding VIP level conditions during the event period to qualify for the prize pool. After the event ends, eligible users will receive airdrop rewards one after another, and they can check the actual distribution in their spot accounts

Decentralized perpetual contract exchange Lighter will conduct a large-scale airdrop in 2025, distributing a total of $LIT platform tokens worth $675 million, attracting many early users to profit. One Taiwanese high school student, through personal effort, mined six-figure points and earned millions of dollars in profit, sparking heated discussion.

Lighter has launched its long-anticipated token launch after releasing initial details around LIT and its role in the protocol. Summary Lighter revealed LIT tokenomics with 50% allocated to the ecosystem and 25% immediately airdropped. Protocol revenues will fund growth or buybacks, fully

Orexn and Snowball Money have officially revealed that they have formed a partnership strategy to enhance trust, identity, and transparency in the Web3 launch ecosystem. The partnership combines the decentralized launchpool and airdrop platform of Orexn with the Modular Naming Service (MNS) and on-c

Image: [https://www.gate.com/campaigns/3625](https://www.gate.com/campaigns/3625) Gate VIP New Year Red Envelope Rain Event Overview At the intersection of the year-end and New Year, Gate launches the VIP 2026 New Year Red Envelope Rain event, covering KDK and CYS dual-token pools, with a total value of approximately 70,000 USDT. Unlike common limited red envelope grabs, this event emphasizes the distribution concept of "everyone has a share." As long as you meet the VIP requirements and complete registration, you can enter the prize pool calculation range, making the event more inclusive and focused on broad-based incentives rather than short-term speculation. Why VIP Becomes the Core Threshold for Airdrops Gate sets VIP levels as the basic participation requirement, mainly to filter participants

Author: 1912212.eth, Foresight News The most anticipated protagonist in the derivatives track is finally about to debut. A few days ago, the market leader of the Lighter team leaked rumors that its TGE will take place before the end of the year, with only 3 days left until 2026, so its TGE is very likely to happen soon. The initial trading is limited to the Lighter platform, but Coinbase and Bybit have included it in their roadmaps. OKX and Binance also launched its perpetual contracts early. Polymarket also provided a prediction, with the latest data showing that the market's betting probability of airdrop this year has risen to 88%, and the total trading volume in this market has reached $14.85 million. Exchange MEXC's Launchpad

Author: Frank, PANews 2025 will be a year of dramatic significance and a watershed moment for the public chain track in the crypto world. If 2024 was a "carnival night" where various new public chains competed with high airdrop expectations and grand narratives, then 2025 will be the "wake-up call" after the carnival. As the tide recedes and liquidity tightens, the true data hidden behind the surface of prosperity begins to emerge. We see a "clash of two worlds": on one side, the widespread halving of secondary market prices and a significant slowdown in TVL growth; on the other side, an unprecedented surge in on-chain fee income and DEX trading volume. This stark contrast reveals a harsh truth: the market no longer buys into simple "narratives," and capital is increasingly concentrated in leading protocols with the ability to generate revenue and meet essential needs. PANews' data team has comprehensively analyzed 26 mainstream public chains for 202

Today, Phoenix Group listed some of the top upcoming cryptocurrency airdrops in 2026, an indicator that the new year is likely to experience a flood of free crypto token distributions to dedicated community participants through airdrop programs. According to the data shared today by the crypto

Article by: thedefinvestor Compiled by: Plain Blockchain According to Polymarket data, the largest perpetual contract DEX without a token—Lighter—is expected to launch its Token on December 29. Although its team has not publicly confirmed the specific date of the TGE (Token Generation Event), Polymarket indicates a 73% probability of an airdrop on December 29, possibly based on insider bets. Additionally, Lighter's user interface recently added an airdrop registration form, which will expire on December 26. Lighter founder Vladimir Novakovski and his wife have hinted that the TGE will take place during the holiday season, and he recently posted on his X (formerly

The highly anticipated decentralized perpetual contract trading platform Lighter is about to reach a key milestone—Token Generation Event (TGE) and a large-scale airdrop. According to core information disclosed by the project team in the market Q&A, its native token LIT has a total supply of 1 billion tokens, of which up to 25%, or 250 million tokens, will be used for the initial airdrop, with no lock-up restrictions. This airdrop will be directly distributed based on the completed points system, and community speculation suggests that the timing window is very likely to be in the coming days. Against the backdrop of a generally sluggish market, Lighter’s TGE performance is regarded by the industry as a key indicator of current market risk appetite, supported by its ZK Rollup-based technical architecture, a total locked value of $1.392 billion, and a recent massive financing round of $68 million.

Binance Alpha became a prominent venue in 2025 by launching 221 tokens, with significant airdrop returns averaging $1,076 per user. The integration of Alpha 2.0 transformed user participation in Web3, despite market caution reflected in the Fear and Greed Index.

Author: Frank, PANews 2025 will be a year of dramatic significance and a watershed moment for the public chain track in the crypto world. If 2024 was a "carnival night" where various new public chains competed with high airdrop expectations and grand narratives, then 2025 will be the "wake-up call" after the carnival. As the tide recedes and liquidity tightens, the true data hidden behind the surface of prosperity begins to emerge. We see a "clash of two worlds": on one side, the widespread halving of secondary market prices and a significant slowdown in TVL growth; on the other side, an unprecedented surge in on-chain fee income and DEX trading volume. This stark contrast reveals a harsh truth: the market no longer buys into simple "narratives," and capital is increasingly concentrated in leading protocols with the ability to generate revenue and meet essential needs. PANews' data team has comprehensively analyzed 26 mainstream public chains for 202

Author: Frank, PANews 2025 will be a year of dramatic significance and a watershed moment for the public chain track in the crypto world. If 2024 was a "carnival night" where various new public chains competed with high airdrop expectations and grand narratives, then 2025 will be the "wake-up call" after the carnival. As the tide recedes and liquidity tightens, the true data hidden behind the surface of prosperity begins to emerge. We see a "clash of two worlds": on one side, the widespread halving of secondary market prices and a significant slowdown in TVL growth; on the other side, an unprecedented surge in on-chain fee income and DEX trading volume. This stark contrast reveals a harsh truth: the market no longer buys into simple "narratives," and capital is increasingly concentrated in leading protocols with the ability to generate revenue and meet essential needs. PANews' data team has comprehensively analyzed 26 mainstream public chains for 202

Author: Frank, PANews 2025 will be a year of dramatic significance and a watershed moment for the public chain track in the crypto world. If 2024 was a "carnival night" where various new public chains competed with high airdrop expectations and grand narratives, then 2025 will be the "wake-up call" after the carnival. As the tide recedes and liquidity tightens, the true data hidden behind the surface of prosperity begins to emerge. We see a "clash of two worlds": on one side, the widespread halving of secondary market prices and a significant slowdown in TVL growth; on the other side, an unprecedented surge in on-chain fee income and DEX trading volume. This stark contrast reveals a harsh truth: the market no longer buys into simple "narratives," and capital is increasingly concentrated in leading protocols with the ability to generate revenue and meet essential needs. PANews' data team has comprehensively analyzed 26 mainstream public chains for 202

Author: Zhou, ChainCatcher Recently, the name Lighter has been trending nonstop in the community. Whether it's valuation discussions, points farm yield calculations, TGE timing guesses, or pre-market price fluctuations, the sentiment is exceptionally intense. Binance, OKX, and other exchanges have announced the launch of pre-market trading for the LIT token. Polymarket's prediction market shows a greater than 50% chance that its valuation will exceed $3 billion after TGE. On-chain transfer signals of 250 million LIT tokens have further ignited FOMO sentiment, making everything seem logical. Lighter is undoubtedly one of the most anticipated projects in the crypto market at the end of the year. However, while everyone is calculating how many LIT they can exchange points for or how much it will rise after TGE, the more fundamental question is being overlooked: this airdrop frenzy

Author: Frank, PANews 2025 will be a year of dramatic significance and a watershed moment for the public chain track in the crypto world. If 2024 was a "carnival night" where various new public chains competed with high airdrop expectations and grand narratives, then 2025 will be the "wake-up call" after the carnival. As the tide recedes and liquidity tightens, the true data hidden behind the surface of prosperity begins to emerge. We see a "clash of two worlds": on one side, the widespread halving of secondary market prices and a significant slowdown in TVL growth; on the other side, an unprecedented surge in on-chain fee income and DEX trading volume. This stark contrast reveals a harsh truth: the market no longer buys into simple "narratives," and capital is increasingly concentrated in leading protocols with the ability to generate revenue and meet essential needs. PANews' data team has comprehensively analyzed 26 mainstream public chains for 202

According to Brevis official announcement on December 25, the BREV token economic model has been officially released, with a total supply of 1 billion tokens. Nearly 70% is allocated to community and ecosystem incentives. The airdrop registration portal will be launching soon. BREV is the core utility and governance token of Brevis ProverNet, used to pay for zero-knowledge proof generation and verification fees, serve as a staking and reward medium, and grant governance rights to token holders.

Midnight enhances Cardano's privacy features, benefiting ADA holders with preferential access and NIGHT tokens. Its UTXO architecture attracts Bitcoin capital for yield opportunities without asset liquidation, while exploring potential for privacy tools across other cryptocurrencies. Charles Hoskinson emphasizes Midnight's role in strengthening Cardano's ecosystem without competing against it.

Author: Frank, PANews In 2025, the public chain track in the crypto world will be a year of great drama and a watershed moment. If 2024 was a "carnival night" where various new public chains competed with high airdrop expectations and grand narratives, then 2025 will be the "wake-up call" after the carnival. As the tide recedes and liquidity tightens, the true data hidden behind the surface of prosperity begins to emerge. We see a "two extremes" scenario: on one side, the widespread halving of secondary market prices and a significant slowdown in TVL growth; on the other side, an逆 surge in on-chain fee income and DEX trading volume. This stark contrast reveals a brutal truth: the market no longer buys into simple "narratives," and capital is concentrating on leading protocols with the ability to generate revenue and meet essential needs. The PANews data team has comprehensively analyzed 26 mainstream

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure After the successful Midnight (NIGHT) token airdrop, Cardano founder Charles Hoskinson is getting a familiar question from ADA holders: if NIGHT is the new token tied to Cardano’s privacy network, w

_Cardano ecosystem token NIGHT drops over 27% in one day amid oversupply, airdrop selling, and broader crypto market weakness._ The Cardano ecosystem faced renewed turbulence as NIGHT posted a sharp daily decline. The token fell about 27%. As a result, market sentiment dropped considerably.

Lighter, a perpetual decentralized exchange (perp DEX) and a major rival to Hyperliquid, is fueling airdrop speculation as Polymarket traders bet on a token launch before year’s end. Sebas, also known as Babastianj, a core contributor to the Lighter DEX, announced on the project’s Discord channel

Lighter.xyz, an Ethereum zk-rollup DEX, is filtering out exploitative trading practices from its points program before the $LIT token launch, opting to redistribute slashed points to genuine users. This aims to enhance community integrity and support long-term protocol health.

The Pi Core Team warns its community about scams related to fake Pi Network airdrops, urging users to remain cautious. Fraudsters are exploiting the hype to steal wallets by sending misleading messages. The team emphasizes security and advises users to avoid sharing passphrases or engaging with unknown links.

What is the Gate VIP 2026 New Year gift coins rain? Image: [https://www.gate.com/campaigns/3625](https://www.gate.com/campaigns/3625) Gate VIP 2026 New Year Gift Coin Rain is one of the important VIP exclusive benefit activities launched by the platform at the New Year transition. This event distributes rewards in the form of an airdrop, with a total prize pool valued at approximately 70,000 USDT, and the reward tokens are KDK and CYS. Users do not need to incur additional costs to participate; they only need to meet the VIP level requirements to participate in the reward distribution according to the rules. Unlike common random lotteries, this gift coin rain emphasizes VIP levels and participation quality. The reward distribution adopts a weighting mechanism, which favors long-term users and active VIPs.

The on-chain Perpetual Futures exchange Lighter has opened its Airdrop registration. The current premarket price is around 3.75, corresponding to a FDV of 3.75 billion USD, while the latest valuation in the last round was 1.5 billion USD. The author has organized Hyperliquid's market capitalization to revenue ratio (PS Ratio), as well as the Lighter PS Ratio calculated using VC valuation and premarket valuation, suggesting that the current Lighter premarket price may not be a good entry point. On the other hand, the trading volume of Lighter divided by the open interest ratio is far higher than that of Hyperliquid, indicating that there may be some wash trading involved. Lighter has opened the Airdrop submission page Click on Points in Lighter, then proceed to

The Solana ecosystem star protocol RateX officially announced its native Token RTX's economic model on December 19. According to the official documentation, the total supply of RTX is 100 million, with 44.18% allocated to the ecosystem and community, the team and investors each accounting for 20%, and 15.82% designated for the treasury. On the same day, Binance Alpha platform launched RTX, allowing eligible users to receive an Airdrop. This move marks the official start of a new phase of tokenization for this DeFi protocol, which has raised over 10 million dollars and focuses on leveraged yield trading, aiming to further incentivize the ecosystem and capture its value as a key interest rate infrastructure on Solana.

News Preview: Aster will launch the fifth phase of the airdrop on December 22, allocating 1.2% of the total supply. MetaPlanet will hold an extraordinary general meeting of shareholders on December 22 to discuss important proposals regarding the future issuance of preferred shares. The Bureau of Economic Analysis will release the third quarter GDP data on December 23. Due to the Christmas holiday in the United States, the US stock market will be closed for one day on December 25th (Wednesday); Plasma (XPL) will unlock approximately 88.89 million tokens at 8 PM Beijing time on December 25, with a circulation ratio of 4.5%, valued at about 11.7 million USD. Approximately $23 billion in Bitcoin options will expire on December 26, which may exacerbate the already high volatility. December 22 Project Updates: Binance Wallet will launch Bitway on December 22.

According to statistics, 84.7% of the 118 TGEs in 2025 fell below the issue price, with a median drop of 71%. Funds are flowing towards Bitcoin and Ether. Is the new investment strategy failing? (Previous summary: Aster, Lighter... strong enemies besiege, Hyperliquid's siege battle) (Background Supplement: Market share dropped from 80% to 20%, what happened to Hyperliquid?) The year 2025 is about to come to an end, and the primary market for cryptocurrencies has been surprisingly cold during this time. According to Memento Research's statistics on December 20, out of 118 token generation events (TGE) this year, 84.7% of new coins opened below the issue price, with only 15% maintaining an upward trend. For airdrop hunters who have long relied on "new launches" for profit, this year has probably been quite difficult.

Insider betting signals a likely token generation event (TGE) for Lighter, with a $LIT airdrop of 250M tokens raising speculation. Aster DEX gains traction in the DeFi market, promoting increased trading volume and competition.

Crypto Information and Research Platform Bankless released the top 10 predictions for cryptocurrencies in 2026 on X. The key points include: Bitcoin will break the 4-year cycle and hit a new all-time high, ETF purchases will surpass BTC, and ICO will make a strong comeback to replace airdrop models. Bankless co-founder David Hoffman specifically emphasized that 2026 is the year of tokenization.

The Web3 AI security track receives a major announcement. The world's first AI agent security operating system AgentLISA recently announced the completion of a $12 million funding round and plans to launch its token LISA on platforms such as Binance Alpha on December 18. The project aims to leverage its proprietary TrustLLM large model to revolutionize the industry pain points of high costs and long cycles in smart contract auditing, reducing audit times from several weeks to just a few minutes. This token generation event (TGE) and launch mark a high level of recognition from capital and the market for the "AI + blockchain security" integrated track, which is expected to build a new security foundation for decentralized applications.

Dawn Network validators convert users' idle network bandwidth into tradable blockchain rewards. Users only need to install the DAWN Validator browser extension, which runs in the background, to earn up to 1440 points daily. These points may later be converted into DAWN tokens as part of a retroactive airdrop. DAWN is a Solana blockchain DePIN project that has raised $18 million.

Summary Bitcoin price continues to fluctuate within the bottom range, with $85,000–$86,000 forming the current most important short-term support zone, while Ethereum price drops below $2,900. Benefiting from reallocation after the airdrop, H 24 hours increased by 35.58%; driven by reward-driven demand and exchange risk adjustments, GHST increased by 21.17% within 24 hours. Traditional financial giant EquiLend invests in Digital Prime; Ripple partners with AMINA Bank for cross-border settlement services; Securitize plans to launch an on-chain stock trading platform in early 2026. BitMine increased its holdings by 102,259 ETH again, and Strategy has added more than 10,000 coins for two consecutive weeks.

Perp DEX Aggregator VOOI is about to take a key step in its ecosystem development. According to the project team’s announcement, the airdrop of its token VOOI will officially open at 8:00 PM Beijing time on December 18, and will be available for 30 days. Meanwhile, Binance Alpha also announced that VOOI will go live on December 18, and users who meet the points criteria can participate in the airdrop. This series of actions marks the transition of this decentralized trading platform, which focuses on “chain abstraction” and “CEX-like experience” and has accumulated over $8.5 billion in trading volume, from the product stage to a comprehensive community and market operation phase.

Aster is taking another step to reward loyal users as it moves closer to a key network milestone. Summary Aster's Stage 5 airdrop distributes 1.2% of supply with an optional three-month vesting period Early claims trigger token burns, reinforcing supply discipline The phase leads into Aster

Privacy Data Verification Protocol zkPass officially announces that its native token ZKP will be launched on the Binance Alpha platform on December 19, with airdrops for eligible users, marking the project's transition from technical development to market ecosystem construction. The core of zkPass lies in its innovative zkTLS technology, which allows users to verify authentic information from any HTTPS website without exposing raw data, aiming to bridge the data gap between Web2 and Web3. Prior to this launch, the project has completed $17 million in funding and received support from top investors including Binance Labs and Animoca Brands. Its technological approach is considered highly strategic in the current environment where compliance requirements are increasing and data value is becoming more prominent.

Gate launches the VIP Christmas Invitation Gift event, encouraging users to invite friends to upgrade to VIP 5. Both parties can receive rewards, with a maximum unlock of 150 USDT and a shared airdrop of 600,000 SCOR. The event runs from December 17 to 27, 2025. Participants must complete identity verification and maintain VIP 5 level. Cheating is prohibited.

Today's News Highlights: Cryptocurrency venture capital firm Shima Capital reportedly quietly ceases operations Binance releases a guide to listing processes and issues a community warning about impersonation scams by third parties The US SEC has concluded nearly four years of investigation into the Aave protocol Michael Saylor: Quantum computing will not crack Bitcoin; instead, it will make it stronger Rainbow Token Economics: 15% airdrop at TGE, total supply of 1 billion tokens Bitcoin spot ETF experienced a net outflow of $277 million yesterday, with only Fidelity FBTC seeing a net inflow