I waited until Lighter announced the points before organizing this summary, which will rank the Perp I participated in based on the difficulty of earning points and the certainty of TGE. 1. Points Difficulty (1) Lighter ★★★★★ I traded 4 million on Lighter last week and held my position, ultimately earning 4.76 points, ranking 13000. According to community news, many people were affected by the witch, so the difficulty of earning points is very high. Although Lighter does not charge fees, it is almost impossible to achieve zero cost. Features: 0 trading fees (2) edgeX ★★★★ The rules are relatively clear, but the cost of earning points is not low. Limit orders reduce efficiency, while market orders increase costs. On average, at least 100,000 in trading volume is needed for 1 point, with costs reaching up to 32U. Features: CEX-level app with super strong liquidity and trading depth (3) Grvt ★★★ The biggest advantage is that it is not so competitive right now, making it easier to earn points at this stage. Features: limit orders with negative fee rates (4) standX ★ The internal test of Perp does not use a points system; current points can only be obtained through DUSD's LP or Swap, making it almost effortless. Features: DUSD orders default to an additional 4%+ annual yield 2. TGE Expectations (1) Lighter ★★★★★ This week's AMA just revealed part of the economic model and TGE timing, expected to complete TGE by the end of 2025, making it the most competitive right now. (2) Grvt ★★★★ The airdrop distribution for the first quarter has been released, along with a clear model and TGE timing, expected in Q1 2026, so there is ample time and strong certainty in the target. (3) edgeX ★★★ The project team hardly conducts any TGE-related guidance or operations, only discussing the product without mentioning anything else. Initially, they mentioned an expected Q4, but adjustments will be made based on market conditions. As of now, there is no information, and the market situation is very poor, leading to strong uncertainty. What is relatively clear now is that the V2 plan will be released in November, which is a major event for edgeX, and this is the only expectation related to TGE. (4) standX ★ A project that is positioned early for 2026, officially launching in November, so do not expect an early TGE. In summary, for the aggressive, go for Lighter; for the neutral, go for Grvt; for the conservative, go for edgeX and standX. edgeX: lighter: grvt: standX: —— Note: The links above empower as follows: edgeX: Direct access to VIP1, 10% points bonus, 10% off fees lighter: / Grvt: / standX: /