Looking for the next Alpha? Ambush 24 potential projects that are about to launch TGE or mainnet

By Yuliya, PANews

As 2025 approaches its final quarter, the crypto market enters a critical period of project delivery. Numerous high-profile projects have announced plans for TGEs or mainnet launches in Q4, encompassing popular sectors such as parallel EVM, decentralized AI, forecasting, DeFi, and infrastructure. In this article, PANews has compiled a list of 24 popular projects that have either officially announced or hinted at token launches before the end of the year, aiming to identify potential new market hotspots.

1. DoubleZero: A "New Internet" Built for Distributed Systems (TGE, October 2)

DoubleZero aims to build a high-performance global network optimized for distributed systems like blockchain. Rather than a public blockchain, it is a Decentralized Public Network (DePIN) comprised of private fiber optic cables and submarine cables. This network aims to improve validator performance and enable faster and fairer global participation by providing a more direct, lower-latency data transmission path than the public internet.

The project was co-founded by Austin Federa, former head of strategy at the Solana Foundation, and is seen as a key technology for achieving the ambitious goals of high-performance blockchains such as Solana, such as millions of TPS.

Core Dynamics and Roadmap:

TGE and Mainnet: The mainnet beta will be launched on October 2nd, and the $2Z token will be listed on Binance Futures.
Funding: The project raised $28 million 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 30th and established a 3 million SOL staking pool to accelerate the growth of validators in the Solana ecosystem. Future expansion plans include expansion to other blockchains. DoubleZero also launched dzSOL, a token representing delegated staking within the network.

2. Limitless: A short-term prediction market focused on crypto assets (October TGE)

Limitless is a prediction market built on the Base ecosystem, but it cleverly avoids direct competition with industry giants like Polymarket in fields like politics and sports. Instead, it chooses a more crypto-native track: short-term price predictions for cryptocurrencies and stocks. Its trading model is characterized by fast settlements on hourly and daily levels.

The platform's core mechanism is to incentivize users to contribute prediction signals, rather than simply speculate. Users earn points by predicting asset price fluctuations, with the higher the accuracy and frequency of their predictions, the faster their points accumulate. The platform features hourly and daily leaderboards, with winners receiving a direct share of the profits and the opportunity to redeem NFTs and seasonal rewards. This model encourages consistent long-term judgment and unlocks more advanced tools for repeat users.

Core Dynamics and Roadmap:

Mainnet and TGE: The token generation event will take place during its second quarter points plan (September 22, 2025 to January 26, 2026), and its announcement stated that the TGE is expected in October.
Funding: The project has raised $7 million in total funding, including a $4 million strategic funding round. Renowned trader Arthur Hayes and his family office, Maelstrom, not only participated in the investment, but Arthur Hayes himself also joined the company as an advisor. Other investors include Coinbase Ventures and 1confirmation.
Project News: The $LMTS token pre-sale was launched on the Kaito Capital Launchpad platform on September 25. The trading volume in September increased 25 times compared to August, with the peak daily trading volume exceeding US$15 million.

3. Rainbow: A user-friendly, multi-functional EVM wallet (Q4 TGE)

Rainbow is an EVM-compatible browser and mobile non-custodial crypto wallet that focuses on user-friendliness. While leading wallets like MetaMask are also planning to launch their own tokens, Rainbow has explicitly announced that it will launch its native token, RNBW, by the end of this year.

To enhance the user experience, Rainbow recently implemented a series of feature upgrades, including real-time pricing, instant balance updates, and improved price charting. It also introduced perpetual contract trading powered by Hyperliquid. The project launched a points program in late 2023 to attract users, explicitly stating that accumulated points would be used for subsequent token incentives.

Core Dynamics and Roadmap:

Mainnet and TGE: RNBW tokens are expected to be launched in the fourth quarter of this year.
Financing background: In 2022, Rainbow raised US$18 million in a Series A financing round led by Seven Seven Six, a fund established by Reddit co-founder Alexis Ohanian.
Ecological trends : The Rainbow Foundation once proposed to acquire the token issuance platform Clanker for 4% of the total supply of new coins, planning to incorporate Clanker into its product ecosystem. However, the proposal was rejected by Clanker's founder, sparking market discussion.
Security and Privacy: Rainbow emphasizes security, with its code being fully open source and open to community review. Team members have experience working with well-known wallets such as MetaMask. Furthermore, Rainbow does not collect any personally identifiable information (PII) from users, safeguarding user privacy.

4. Theoriq: Modular, Composable AI Agents (Q4 TGE)

Theoriq aims to build an engine for decentralized intelligence. Its core focus is enabling AI agents to autonomously learn, adapt, and coordinate on-chain to address the growing complexity and usability gap in DeFi. Through Alpha Protocol (infrastructure) and AlphaSwarm (powering protocol usage), Theoriq creates a flywheel that drives TVL and fee revenue growth. Its value and coordination layer is driven by the $THQ token, which is used to secure on-chain agents, reward holders and stakers, and align incentives across the ecosystem.

Core Dynamics and Roadmap:

TGE Time: According to its 2025 roadmap, $THQ's TGE and staking functions are scheduled to be launched in the fourth quarter of 2025.
Funding and Partnerships: ChainML, the company behind Theoriq, raised $6.2 million in an extended seed round led by Hack VC. The project has partnered with Google Cloud, NVIDIA, Arrakis Finance, and others.
Phased rollout: The project will be rolled out in three phases, starting with the mainnet staking core (Phase 1), followed by lock-up and security mechanisms (Phase 2), and finally proxy delegation and modularization functionality (Phase 3).

5. Zama: A leading privacy protocol for FHE (Q4 TGE)

Zama is an open-source cryptography company focused on the development of fully homomorphic encryption (FHE). FHE allows computation on data without decrypting it, opening up new possibilities for on-chain privacy. Zama's goal is to enable developers to build "confidential smart contracts" on top of existing blockchains like Ethereum and Solana, ensuring end-to-end encryption, making transaction data invisible even to node operators.

Zama Protocol is not a new blockchain, but rather a cross-chain confidentiality layer. It combines FHE, multi-party computation (MPC), and ZK technologies to provide strong privacy protections. Recently, Zama achieved a significant performance breakthrough in FHE's core operation, "programmable bootstrapping," leveraging GPU acceleration to reduce runtime from 53 milliseconds to microseconds, significantly advancing the practical application of FHE technology.

Core Dynamics and Roadmap:

Mainnet and TGE: The public testnet went live on July 1st. The Ethereum mainnet is expected to launch in Q4 2025, with a TGE planned for the end of the year. Solana support is planned for 2026.
Funding : Zama has raised $73 million in Series A funding and $57 million in Series B funding, bringing its total funding to over $150 million and its valuation to over $1 billion. Investors include Multicoin Capital, Protocol Labs, Pantera Capital, and the founders of Ethereum, Solana, and Filecoin.
Application Scenarios : Zama's technology can be widely used in confidential payments, RWA, confidential DeFi, on-chain identity (DID), and confidential governance, and is expected to build a new privacy application ecosystem.

6. Nexus: Building a "World Supercomputer" to Verify the Internet (Q4 TGE)

Nexus is no ordinary public blockchain. Its grand vision is to create a "Verifiable Internet." By pooling idle computing power from around the world, Nexus aims to build a planetary-scale supercomputer, providing a fully trusted computing environment for AI-powered economics and financial innovation. Its core technology, the combination of the zero-knowledge virtual machine (zkVM) and a Layer 1 public blockchain, embeds verifiable capabilities into the underlying protocols of the internet.

Nexus' global testnet (Testnet III) has achieved impressive results: over 3 million validators and 6.7 million provers, covering 90% of countries worldwide. It has also partnered with nearly 100 Web2 and Web3 companies. Its advisory team includes award-winning cryptographers Jens Groth and Victor Miller.

Core Dynamics and Roadmap:

Mainnet and TGE : Nexus plans to launch its Layer 1 mainnet in the fourth quarter of 2025, which will also be the time of its TGE.
Financing : The project team is strong, headquartered in San Francisco, with more than 30 full-time experts, and has received over US$27 million in investment from top institutions such as Lightspeed, Pantera, and Dragonfly.
Core products : Its product matrix includes Nexus zkVM 3.0, the core engine of the network, and Nexus Layer 1, a high-performance EVM blockchain designed for verifiable finance in the AI era.

7. Reya: A modular L2 built for transactions (Q4 TGE)

Reya is building ReyaChain, the world's first Ethereum Rollup designed specifically for trading. Its goal is to create a trading environment that combines the speed of TradFi with the decentralized nature of Ethereum, ultimately realizing the vision of an "internet capital market," bringing the trillion-dollar global capital market into the internet age.

ReyaChain's architectural design is quite innovative, and its core features include:

Node specialization : Introducing different types of nodes, such as “execution nodes,” to maximize transaction execution performance.
Delegation-based ordering : Execution nodes act as gateways to Ethereum L1, and L1 validators delegate block production to them, enabling millisecond-level transaction pre-confirmation.
Dual execution environment : Simultaneously run ReyaNative, the native environment that includes the on-chain order book, and ReyaEVM (customized based on Arbitrum Orbit) that is compatible with smart contract deployment.
Hybrid Data Availability (DA) : Separate high-frequency order data from account data and push them to different DA layers to optimize efficiency.

Core Dynamics and Roadmap:

Mainnet and TGE : The project's CTO revealed in an AMA that the token economics model is nearing completion, with a TGE planned for Q4 of this year, with plans to distribute at least 45% of tokens to the community. Token functionality will be tied to revenue buybacks, blockchain integration, and margin usage.
Financing status: In March 2024, Reya Labs announced the completion of US$10 million in financing, with investors including well-known institutions such as Coinbase Ventures, Wintermute, and Framework Ventures.
Ecosystem and Incentives : Reya launched the Chain Points (RCP) system in July, converting user 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 announced a special surprise for early users, particularly Voltz users.

8. Abstract: Builders of Consumer-Grade Encryption Experiences (Q4 TGE)

Abstract is a consumer-focused Layer 2 Ethereum blockchain built on the ZK Stack. By executing transactions off-chain, batching them, and verifying them on Ethereum using ZK, Abstract aims to provide users and developers with a low-cost, fast, and secure transaction experience. As an EVM-compatible network, existing smart contracts built for Ethereum can be easily migrated to Abstract.

Abstract's unique approach lies in its market strategy. Unlike relying on Web2 social platforms for user traffic, Abstract chooses to embed cryptography directly into consumer applications, enabling seamless user experience. Its portal platform, Portal, launched in January 2025, serves as the core entry point for its gaming and app ecosystem, integrating features such as live streaming, rewards, collectibles, and app recommendations, aiming to create a highly engaging user experience.

Core Dynamics and Roadmap:

TGE Time : According to Pudgy Penguins CEO Luca Netz, Abstract Chain’s TGE is expected to take place in the fourth quarter of 2025.
Funding Background : The project's contributors are highly skilled, including those who previously launched or helped build Pudgy Penguins, Ethereum, Frame, and Kubernetes. Pudgy Penguins' parent company, Igloo, Inc., recently secured over $11 million in strategic funding led by Founders Fund, which will be used for the development of Abstract.
Regulation and Strategy : The team has served as a government advisor on US cryptocurrency legislation and has submitted an ETF application covering PENGU tokens and NFTs. Furthermore, the project has adjusted its token handling policy and will now verify tokens based on verifiable, objective on-chain metrics.

9. Talus: A decentralized proxy platform for AI-powered gaming (soon to be 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, similar 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 (with a total supply of 10 billion and a deflationary mechanism). It includes multiple components, including "Agent as a Service," an agent marketplace, and a tool marketplace, all designed to foster collaboration and profitability between developers and tool providers. Its underlying technology is powered by the Talus Agentic Framework (TAF) and the Nexus Protocol.

Core Dynamics and Roadmap:

TGE and Mainnet : With the mainnet and TGE approaching, Talus’ testnet went live on September 18th and launched an AvA game competition with a prize pool of up to $125,000.
Financing : Talus Network announced on September 29th that it had raised over US$10 million in funding, securing strategic investments from the Sui Foundation and the Walrus Foundation, while also attracting support from blue-chip investment institutions such as Polychain Capital.
Future Plans : The Foundation will promote decentralized AI research, standardize core interfaces, and improve token and governance roadmaps to ensure network security and community-driven decision-making.

10. Allora: A decentralized network focused on AI prediction markets (mainnet coming soon)

Allora is a decentralized AI network, rebranded from the NFT valuation platform Upshot. Its core function is to create a decentralized marketplace for generating and distributing "AI prediction data streams," aiming to provide high-quality, AI-driven prediction information for a variety of applications. In January of this year, the Allora Foundation announced the establishment of a network stewardship foundation, providing strategic guidance and resource support for its long-term development.

Core Dynamics and Roadmap:

TGE and Mainnet : Allora announced on September 10 that the mainnet will be launched soon, at which time the first batch of AI prediction data streams will be migrated from the testnet to the mainnet.
Funding : Allora has raised $35 million to date, with participation from Archetype, Delphi Ventures, and others.
Tokens 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 its reward pool through the Kaito platform: 70% will be distributed retroactively to supporters over the past six months, 20% will be used for competition between now and the TGE, and the remaining 10% will be used for a 24-hour celebration at the launch of the TGE.

11. Irys: Evolution from Data Storage to Programmable Data Chain (Mainnet Coming Soon)

Irys , formerly known as Bundlr Network, a scaling tool for the Arweave ecosystem, has evolved into a "programmable data chain" as its value accumulates. Data is no longer simply viewed as an object to be archived, but rather as a means of production that can be accessed and orchestrated. Irys believes that data's value 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 : Provides permanent or flexible storage for different types of data through layered ledgers (committed, published, periodic) to balance cost and demand.
IrysVM : An EVM-compatible virtual machine that allows developers to read and orchestrate data directly on-chain to drive smart contract logic.
Consensus and Incentives : A mechanism combining “Useful Proof of Work” (uPoW) and Staking is used to ensure the long-term availability and credibility of data.

Core Dynamics and Roadmap:

TGE and Mainnet : The founder of Irys mentioned the approaching mainnet at the end of July. Recent activity on the official Twitter account also indicates that TGE is coming soon. The market generally expects that it will reward early contributors.
Financing : Irys has raised nearly $20 million in total funding, including a $10 million Series A round led by CoinFund in August 2025.
Business Model : Its value capture is divided into two layers: one is based on storage fees (one-time payment or periodic payment), and the other is based on the "gas" fees generated by IrysVM execution and data call. This model enables it to serve multiple fields such as AI, DePIN, NFT copyright, and RWA.

12. MegaETH: Ultra-High-Performance Real-Time EVM L2 (Mainnet Coming Soon)

MegaETH is a Layer 2 blockchain designed to take Ethereum's scalability to new heights. Aiming to achieve unprecedented performance, it is theoretically capable of handling over 100,000 transactions per second (TPS) with 10-millisecond latency, enabling real-time, high-frequency interactive applications on-chain.

On September 8th, MegaETH partnered with Ethena to launch a stablecoin called USDm on the blockchain. Unique to the platform, USDm's reserve income will be programmatically used to cover network operating costs (such as sorter fees), keeping transaction fees on the blockchain extremely low and stable for users and developers, thereby aligning the incentives of all parties in the ecosystem.

Core Dynamics and Roadmap:

TGE and Mainnet : The public testnet was deployed in March, and the team said it is currently in the final stages of auditing. An official tweet on September 22 hinted that the mainnet is imminent.
Funding : The project has received strong support from the Ethereum establishment. In June 2024, Dragonfly led a $20 million seed round, with participation from Ethereum founder Vitalik Buterin, ConsenSys founder Joseph Lubin, and EigenLayer founder Sreeram Kannan. Subsequently, in December 2024, the project raised a $10 million community funding round through the Echo platform.
Stablecoin integration : USDm will be deeply integrated into the wallets, dApps, and various on-chain services of the MegaETH ecosystem, becoming the core pillar of its economic model.

13. GTE: A DEX derived from MegaETH (coming soon to mainnet)

GTE is a decentralized trading platform originally built on MegaETH, providing functions including a central limit order book (CLOB), an automated market maker (AMM), a token issuance platform, and price aggregation, aiming to provide a secure and transparent trading experience at CEX-level speed.

GTE offers two asset creation methods: GTE Launchpad and GTE Takeoff. GTE Launchpad is suitable for TGEs of mature projects, supporting project launches with deep liquidity. 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 talent from top financial and technology institutions such as Citadel, Nasdaq, Google, and Jump. Users can participate in airdrops through its testnet by connecting wallets, completing multi-pair trades, creating tokens, and purchasing other users' tokens.

Core Dynamics and Roadmap:

TGE and Mainnet : On August 5, it announced that it would be independent from MegaETH and planned to launch the mainnet.
Financing : GTE disclosed that it has secured over $25 million in funding from investors including top venture capital firm Paradigm, as well as top global market makers such as IMC, Wintermute, and Auros. This suggests that GTE will likely have excellent liquidity upon launch.

14. Monad: The highly anticipated parallel EVM high-performance L1 (coming soon to mainnet)

Monad is a highly anticipated, high-performance, fully Ethereum-compatible Layer 1 blockchain. Its core innovation lies in rebuilding Ethereum from the ground up, incorporating technologies such as parallel execution, asynchronous execution, and its proprietary high-performance database, MonadDb. It aims to achieve a throughput of 10,000 transactions per second (TPS) while maintaining full compatibility with the EVM, enabling developers to seamlessly migrate their applications.

With its "parallel EVM" narrative, Monad is seen by the market as the next potential stock in the related field after Sei. Despite the high attention, its development has also been accompanied by some controversy, such as public disputes with the Fantom and Aptos teams over issues such as technical originality.

Core Dynamics and Roadmap:

Mainnet and TGE : According to multiple sources, Monad expects to launch the mainnet and conduct TGE in Q4 2025. It has currently launched multiple pre-market trading markets including Aevo.
Funding : Monad Labs raised a staggering $225 million in a round led by Paradigm, with participation from Electric Capital, Coinbase Ventures, and other top investors, valuing the company at $3 billion.
Ecosystem incentives : The Monad BFT consensus mechanism has been launched on the public testnet, and the "Monad Momentum" incentive program was launched in September to support ecological applications.

15. Lighter: An emerging PerpDEX with full DeFi composability (mainnet coming soon)

Lighter is an emerging decentralized perpetual contract exchange, rapidly rising in the fierce "PerpDEX War" with its unique technical architecture. Lighter's greatest technical highlight is its direct alignment with Ethereum. As a zk-rollup optimized for order matching, it achieves CEX-level speeds (sub-5ms latency) while placing the final settlement of all trades in an escrow contract on the Ethereum mainnet. This means that assets held 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 full DeFi composability, a core advantage that distinguishes it from its competitors.

Core Dynamics and Roadmap:

TGE and Mainnet : A points program has been launched to incentivize users to participate in testing and trading before the mainnet launch. As of September 21st, its TVL has exceeded US$500 million and is about to end its 8-month private beta phase.
Market Performance : As of September 23, Lighter's market share has increased by approximately 166.7% over the past 90 days, from the low single digits to 16.8%, and is gradually catching up with market leader Hyperliquid.
The official website shows that its investors include a16z and Lightspeed, and ZK Security and Nethermind are audit partners.

16. Ethereal: Spot and Perp DEX based on Ethena (mainnet coming soon)

Ethereal is a decentralized exchange designed to deliver institutional-grade performance (sub-20 millisecond latency and millions of orders per second). Its vision is to become the ultimate "all-in-one DeFi money app," integrating multiple DeFi features, including perpetual swaps, spot trading, lending, RWA products, and yield farming strategies, into a single platform. As of September 24th, its TVL reached nearly $400 million.

The platform boasts an advanced technical architecture, deployed as an EVM application chain, utilizing the Arbitrum execution environment and the Celestia data availability layer. Deeply integrated with the Ethena ecosystem, Ethereal not only uses USDe as its native margin asset but has also proposed to the Ethena community that sENA holders be allocated 15% of the future token supply.

Core Dynamics and Roadmap:

TGE and Mainnet : On September 12, it announced that the mainnet will be launched soon and the "Mainnet Alpha" waitlist has been opened. Early participants and active DeFi users will have priority access.
User Incentives : The project has attracted a large number of early users through multiple stages of point activities such as "Season Zero" and "Season One", and has integrated point tracking with mainstream DeFi protocols such as Aave and Pendle.

17. MetaMask: A long-established Web3 wallet with frequent coin issuance news (expected)

As the most popular Ethereum wallet in the crypto world, MetaMask 's every move is highly anticipated. Recently, Joseph Lubin, CEO of Consensys and co-founder of Ethereum, stated, "The MASK token is coming, and it might be sooner than you expect." The token's issuance will be closely tied to the decentralization of certain MetaMask platform features.

MetaMask is no longer just a wallet. It has developed into a powerful platform with diversified revenue streams, including built-in Swap (DEX aggregator), fiat currency deposits and withdrawals, cross-chain bridges, and ETH staking services.

Core Dynamics and Roadmap:

TGE and Mainnet : The official senior management has confirmed the token issuance plan. Although the specific time has not been announced, the anticipation is very strong.
Product Expansion : The company has been making frequent moves recently, not only officially launching its stablecoin MetaMask USD (mUSD), which saw its circulation exceed $65 million just one week after its launch; it also plans to launch perpetual contract trading functionality within the wallet by integrating Hyperliquid, further moving towards becoming a comprehensive financial platform.

18. OpenSea: Transforming from an NFT Dominator to a Multi-Asset Platform (Expected)

OpenSea , once synonymous with NFT trading, is undergoing a profound strategic transformation under the dual pressures of fierce competition and a cooling market. Its goal is to evolve from a single NFT trading platform to a multi-asset trading portal on the blockchain.

At the heart of this transformation is the fully upgraded OpenSea 2.0 (OS2) platform, which now supports token trading across 19 blockchains. To support this transformation, OpenSea also acquired the Web3 wallet project Rally, strengthening its mobile-first strategy and closed-loop capabilities for on-chain transactions.

Core Dynamics and Roadmap:

TGE Plan : The platform's native token, SEA, has been officially confirmed and will be issued. The TGE will be conducted after a series of product updates are complete. The OpenSea Foundation expects to announce the details of the token issuance in early October.
User Incentives : A rewards system called "Voyages" has been launched, where users earn XP points by completing on-chain tasks. These points can be redeemed for SEA tokens in the future. In addition, the platform has allocated 50% of its fee revenue for the final rewards phase before the TGE.

19. Base: Exploring Coinbase L2 for Native Tokens (Expected)

Base , the Layer 2 network launched by Coinbase, is leveraging its vast resources and clear strategy to accelerate its transformation into a Web3 "super app." Its core portal, Base App (rebranded from Coinbase Wallet), seamlessly integrates social (powered by Farcaster), payments (Base Pay), trading, and decentralized apps into a single platform, aiming to replicate the successful model of super apps like WeChat.

Base's user activity has recently surged, driven by the rapid development of dApps within its ecosystem and effective incentive programs. By introducing AI agents, streamlining USDC payments, and providing universal identity credentials, the platform has significantly lowered the barrier to entry for ordinary users in the Web3 world.

Core Dynamics and Roadmap:

TGE Expectations: Base officials have publicly stated they are "exploring" the issuance of a network-native token to accelerate decentralization. While there's no clear timeline, market expectations are high.
Ecosystem Expansion : The announcement of an open-source cross-chain bridge project connecting Base and Solana demonstrates its open ecosystem. Furthermore, its "Base Build" tool and "Base Batches" incubation program continue to attract developers and innovative applications to the ecosystem.

20. Fogo: SVM L1 (unspecified)

Fogo is a Layer 1 blockchain designed for institutional finance, aiming to seamlessly bridge the gap between traditional finance and the decentralized world. Built on the Solana architecture, Fogo implements multi-local consensus for minimal latency and is fully compatible with the Solana Virtual Machine (SVM).

Fogo's technical highlights include using Firedancer, developed by Jump Trading, as the sole client, achieving faster TPS and block times; and SVM support for compatibility with Solana application migration. Led by a former quantitative analyst at a traditional financial institution and an early Solana developer, and backed by Douro Labs and Jump Crypto, the project is rooted in the United States.

Fogo is backed by Douro Labs, the developer of the Pyth oracle network, which provides real-time financial data, primarily for DeFi and institutional applications. Pyth is closely associated with Jump Crypto, the developer of Fogo's technology stack (Firedancer), providing strong resources and technical support.

The Foundation was established on August 21, 2025, with a focus on supporting the expansion of community tools and applications, increasing public awareness and engagement, and providing an initial governance framework to drive ecosystem development. The team is led by James Reilly and Martine Bond, both of whom have extensive global market experience.

Core Dynamics and Roadmap:

Mainnet and TGE : On August 22nd, Fogo announced the official establishment of the Fogo Foundation, possibly hinting at an upcoming TGE. Officials teased the mainnet on social media on September 18th, but actual mainnet details and launch date remain undisclosed.
Financing : The project has raised $13 million in funding, led by The Echonomist, with participation from 4 CMS Holdings and Big Brain Collective.
Project News : In July 2025, Fogo announced the official launch of its public beta network, which can achieve a block time of 40 milliseconds.

21. edgeX: High-performance, order-book-based Perp DEX (unspecified)

edgeX is a decentralized exchange for perpetual contracts built on a ZK architecture, aiming to combine the power and performance of CeFi with the security and transparency of DeFi. The project was incubated by Amber Group, whose team members, many of whom are experts in high-frequency trading, hail from top institutions such as Goldman Sachs and Jump Trading.

edgeX is not just a perpetual contract DEX, but more like a "full-stack financial platform on the chain." In addition to the perpetual contract DEX, it also has two other product lines: eStrategy (treasury) and edgeX Chain. To achieve high performance and security, edgeX's architecture is divided into four layers:

Settlement layer: All transactions are settled on-chain, based on Ethereum L2, to ensure fund security.
Matching engine layer: can process 200,000 orders per second with a latency of less than 10 milliseconds, close to the traditional high-frequency trading experience.
Hybrid liquidity layer : can access liquidity from multiple blockchains simultaneously, while users still maintain self-custody.
Unified UI : Integrates the complexity of multiple chains and multiple protocols into one interface, making transactions simpler.

Core Dynamics and Roadmap:

Mainnet and TGE : The community currently speculates that TGE will be conducted in Q4, but the official has not released any announcement regarding the mainnet or TGE.
User Activity : The edgeX Points program is designed to encourage genuine user engagement with edgeX products and reward loyal users. Points are awarded based on a variety of performance metrics, including trading volume, referral volume, open positions, and frequency of feature usage. Referrers receive one point for every five points accumulated by their referrals.
Financing : Amber Group and SNZ provided approximately US$10 million in liquidity funds.
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: Cryptocurrency trading and consumption platform (unspecified)

Based is a crypto trading and spending 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 spending with the Based Visa card. Furthermore, Based plans to support USDe and USDtb payments on its debit card and integrate savings functionality. Based is the largest builder code platform in the Hyperliquid ecosystem, accounting for approximately 7% of current perpetual contract trading volume.

Core Dynamics and Roadmap:

Mainnet and TGE : At present, the official has not clearly mentioned the content of TGE and mainnet. The project has attracted much attention due to the recent popularity brought by Aster.

Financing Background : On September 8th, Ethena Labs announced a multi-million dollar strategic investment and partnership with Based, a key player in the Hyperliquid ecosystem. This collaboration will promote the use of USDe, USDtb, and other unreleased Ethena products on Hyperliquid.
Project Activities : On September 24th, Based introduced the "Boosted Airdrop" mechanism, a game-theory-based system designed to heavily reward recipients for loyalty and project alignment. This mechanism allows every eligible user to receive a base token allocation. Users can choose their boost level. The higher the boost level, the longer they commit to waiting to claim their tokens, the longer the lockup period, and the greater the reward.
Recent developments : On September 25, Based announced that its first Launchpad project, $UPHL, had concluded, with the public sale oversubscribed 110 times and a total of $73 million raised.

23. StandX: Yield-oriented Perp DEX (unspecified)

StandX is a decentralized exchange (DEX) co-founded by early Binance members and former Goldman Sachs employees. Its hallmark is "yield-generating perpetual contracts," which simply means earning income on the margin deposited during trading. StandX's first product is a yield-generating stablecoin, DUSD, designed to offer competitive returns. The project's revenue primarily comes from staking rewards and futures market funding fees, which are automatically distributed to user wallets. DUSD is fully collateralized by market-neutral assets, eliminating the risk of price fluctuations and ensuring stability without leverage. Furthermore, the project offers custody and reserve funds to enhance user trust.

For example, users who exchange USDT for DUSD automatically receive an annualized return for holding DUSD, currently at approximately 5.96% APY. As of September 24, the value locked in DUSD (TVL) has exceeded $80 million.

Core Dynamics and Roadmap:

Mainnet and TGE : At present, the official has not clearly mentioned the content of TGE and mainnet. The project has attracted much attention due to the recent popularity brought by Aster.
User Activities : The platform's $DUSD pre-deposit campaign is now live and will run until October 31, 2025. Participating users can deposit funds in advance to earn points and additional annualized returns, with more incentives to come.

24. Sentient: Open-source AI development platform (unspecified)

Sentient t is a decentralized protocol building a network called GRID, with the goal of establishing the world's first open, community-built AGI (artificial general intelligence) system. It aims to change the current closed and fragmented landscape of AI technology, making it more open and collaborative, ultimately benefiting all of humanity.

Sentient believes that AGI will not emerge as a single "brain," but rather as a collection of specialized intelligent modules working together. GRID is designed to address this issue, connecting different AI modules (called artifacts). These artifacts can be models, agents, data sources, or tools, contributed by community members. Users can access these modules through an interface called Sentient Chat, combining them to accomplish complex tasks.

The network's native token, $SENT, serves two primary purposes: first, it encourages developers to integrate their artifacts into GRID and earn rewards; second, it allows community members to stake tokens to support high-quality content and participants, thereby earning returns. The rewards mechanism primarily targets four groups: artifact contributors, network representatives, stakers, and ordinary users. The issuance cadence and distribution of all tokens are governed by a DAO to maintain the health and sustainability of the system.

Core Dynamics and Roadmap:

Mainnet and TGE : The official has not disclosed specific TGE information yet. The community speculates that it may be launched in Q4 2025 or Q1 2026.
Funding details : Sentient raised $85 million in a seed round in July 2024, co-led by Peter Thiel's Founders Fund, Pantera Capital, and Framework Ventures. One of Sentient's core contributors is Polygon co-founder Sandeep Nailwal, and EigenLayer founder and CEO Sreeram Kannan serves as an advisor.