edgex has also ended, and Lighter has been listed on spot trading. I think the next core DEX will be @variational_io.

The first one has a strong investment background, with Bain Capital Crypto, Coinbase Ventures, and Dragonfly backing it. In fact, you can see that many DEXs have the shadow of CEXs behind them; everyone wants a piece of the DEX pie and wants to compete with @HyperliquidX.

So, what gives them the right to grab a share of the hype?
Your DEX must have innovation! Light’s zero-fee is an advantage, and edgex’s deep order book is also an advantage.
But var has an even better innovation: it’s also zero-fee, but with a large spread, though the project team has been working to reduce the spread and increase liquidity depth. Secondly, it has a loss compensation mechanism—every trade with a loss greater than 1U has a chance to get a refund, and you can arbitrage funding rates between var and light, and also enjoy the chance at a refund.

This has attracted a large group of airdrop hunters to use var, but it’s still in the internal testing stage and requires an invitation code. The airdrop hunters keep draining the pool, so the project team has changed the rules: now you can only get a refund three times a day, and the refund probability has been reduced. They’re definitely working on things. On the surface, this lowers the odds for small retail users, but in reality, it’s a way to discourage airdrop hunters and let real users benefit from the mechanism.

Invitation codes are available for those who need them.

Finally, this month, var might launch a points system, retroactively tracking previous trading volume. There’s not much time left. When light first started, it was 1 point for 1Wu trading volume and nobody cared; now it’s over 100,000W trading volume for 1 point, and the competition is fierce.
So why not come to this new platform and grab the first bite of fresh meat?
Seize the opportunity—TGE might happen as early as Q1 or Q2 next year.