In PerpDEXs, the main ways to earn a significant amount of points are either by being early or by having a large portfolio size. Pair that with an efficient strategy, and that’s all you need.

What are 01 and N1 ?

N1 is a Layer 1 blockchain built for finance, especially trading and other high-frequency transactions. Its main value proposition is speed: 100,000+ transactions per second, sub-millisecond latency, and congestion-free execution.

This makes it well-suited for trading applications where speed matters.

01 is a PerpDEX built on top of N1, with the ambition of giving traders more options through products such as vaults that can long/short assets against others. It is built by traders, for traders.

Team

01 was initially built by the N1 team. The project started in 2022 on Solana with the ambition of becoming the Nasdaq of on-chain trading.

However, the team later realized that the infrastructure was not optimal for efficient trading, so they started building N1 and handed the development of 01 to Cited and a small team of five people.

Here is a short introduction from Cited :

I started crypto in 2016, was one of the earliest employees at an on-ramp, created partnerships with leading exchanges, counterparties, wallets, and spearheaded the creation of our OTC desk. After becoming a partner there and as the company grew to 300+ employees, I just missed startups too much and transitioned to running validators, discovering trading when hedging validator rewards. Was shitposting for a while as well and that’s where a lot of people might know me. Happy to be back building something again.

The project is mostly self-funded, although there are a few angel investors as well as an Echo community round of around $500k.

Trading Fees

01 has a tiered trading fee system where fees depend on your 30-day trading volume.

Base fees for new users are :

• Maker orders (limit) : 0.01%

• Taker orders (market) : 0.035%

You can get a 5% reduction on all fees by signing up through this referral link

Roadmap

Recently, the team shared a roadmap with no strict order of execution. Right now, the priority remains delivering a trading venue with all the essential features and tight spreads.

Later on, the focus will shift toward scaling through different acquisition channels such as :

• A mobile app

• Real-world assets

• More gamified trading features like clans and trader competitions

Points program

The points program launched at the beginning of February, with a maximum supply of 10M points ending at the end of August.

The program is divided into three phases, each with different weekly distributions :

Private Mainnet :

• 375k points distributed every week

• Total: 3.75M points over 10 weeks

Public Mainnet Alpha :

• 296,875 points distributed weekly over 8 weeks

• Total: 2.375M points

Public Mainnet Beta :

• 156,250 points distributed weekly over 12 weeks

• Total: 1.875M points

I made a spreadsheet calculation model for the 10M total points supply. It’s very useful for estimating at what FDV your farming becomes profitable.

Example :

Let’s say you started farming with $100. A few weeks later, you accumulated 200 points, but it cost you $50.

200 ÷ 50 = $0.25 cost per point

According to the spreadsheet, a $0.25 cost per point would break even at a $25M FDV assuming a 10% airdrop allocation and 10M total points supply

My Final Thoughts

Right now, I’m farming 01 because I think the risk/reward is attractive, with decent upside potential and a relatively innovative roadmap.

For farming, I mostly generate volume through pair trading on ETH/BTC since they are the most liquid pairs and offer the highest leverage.

Pros

• Relatively easy to earn points

• You farm N1 exposure at the same time

• Decent team with limited investor dilution

Cons

• Fees are relatively high compared to other perps

• Uncertainty regarding the airdrop (no information besides points)

• Competition is growing quickly

As always, thank you for reading !

Follow me on medium

Follow me on Twitter

Start earning points with a 5% fee reduction : https://01.xyz/ref/Maus

01 X : https://x.com/01Exchange

01 Discord : https://discord.gg/dr2NgsqkKH

N1 X : https://x.com/N1Chain

Roadmap : https://01.xyz/roadmap

Additional Sources :

N1 CEO interview : https://x.com/G0mj0/status/2016853675679817953?s=20

N1 blog : https://www.n1.xyz/blog

Read exclusive articles on publish0x, and if you want to support me for free, you can sign in with this link

Disclaimer: This is not financial advice, you need to do your own research !

In this article, I explain why Extended is building one of the best trading platforms, how users can directly benefit from it, and what the team has planned for the token.

The Extended Roadmap

Let’s start with what Extended brings to the table.

Work on Unified Margin began shortly after the tokenization of vault shares (XVS) went fully live at the start of the year. The goal is to deliver it in Q1, alongside a lending and borrowing market.

What Is Unified Margin ?

Unified margin treats all assets in an account as a single collateral pool.

There is no separation between positions (spot, equities, commodities, crypto). Everything is calculated together.

This system is integrated with a lending/borrowing market :

Borrowing :

• Deposited assets are assigned a collateral value

• Based on total collateral, traders can borrow funds to open positions

Lending :

• Unused balances are automatically lent

• Assets earn interest while idle

This significantly improves capital efficiency, allowing traders to earn yield on unused balances.

Initially, unified margin will support collateral such as wBTC, wETH, and wUSDE.

A major upcoming integration is equities, enabled through a large trading platform. This will go far beyond a few stocks.

This allows users to hedge crypto, equities, and commodities (e.g. copper, crude oil) within a single unified margin account.

Additionally, a spot market is planned for Q2, before the TGE, further expanding unified margin functionality.

The Extended Flywheel for Traders

What makes Extended stand out is its flywheel model, which redistributes a portion of platform revenue back to traders through multiple mechanisms, including extra yield on top of vault base yield.

A key differentiator :

• Up to 90% of vault deposits can be used for trading

• No other perp DEX offers this at Extended’s scale

Imagine trading stocks, crypto, and commodities in one account :

• Low fees (0% maker / 0.025% taker)

• No KYC

• Daily yield deposited into your account (while currently earning points)

This is expected to go live by end of Q1.

Extra Yield Explained

Extra yield is paid on top of base vault yield.

The more you trade, the higher your trading league, and the more extra yield you receive.

Current league thresholds (subject to weekly updates) :

• King: ~4000 points

• Queen: ~2,500 points

• Rook: ~800 points

• Knight: ~80 points

Thresholds are percentage-based, meaning requirements can change depending on user distribution.

You can start earning points with a 5% points bonus and 10% fee discount on your first $50M trading volume : https://app.extended.exchange/join/LONG
If you don’t have a code : LONG

This supports my work at no cost and provides benefits in return so thank you.

Why Post-TGE Incentives Matter + The Token

Most users on perp DEXs farm points-based incentives. This is sustainable only if user retention remains after the TGE. Otherwise, projects fade, as many already have.

With Extended, the post-TGE plan is clear.

Buybacks start at TGE, funded by the treasury that has accumulated revenues since launch.

Operating Costs (~50% of Revenue)

• Team

• Settlement costs

• Maker rebates (gradually reduced)

• Extra yield for vault depositors

• Affiliate rewards

The remaining ~50% of revenue is confirmed by RF (CEO) to be used for native token buybacks.

This matters because :

• Extended has a clear fee model

• Traders know exactly what they pay

• Real revenue is transparent and measurable

Unlike “zero-fee” protocols with unclear economics, Extended generates strong, visible revenues, enabling sustainable buybacks.

Right now, the cumulative revenue is about $15M. Around half goes to operational costs, and the rest is allocated to the treasury for future buybacks.

Additionally, investors will be incentivized to hold the native token to receive a higher percentage of the extra yield mentioned earlier.

“This is quite preliminary but we envision to keep % of net fees funding extra yield (in addition to interest payments from cross-asset collateral) but size of the extra yield will depend on staking of the native token.” -Ruslan Fakhrutdinov (Extended founder)

As we approach the TGE, more information will be released, allowing investors to better understand the incentives for holding the native token. It is clear the team wants to make this a priority.

Unlike most other perpetuals platforms, Extended has not raised much capital : only $6.5M at the start of the project, with advantageous terms (valuation), according to RF.

It is also worth noting that Extended has refused multiple additional funding rounds at a +$300M FDV because the product is already profitable, so there is no need to give up more equity.

This allows a larger percentage of the tokenomics to be allocated to the community and product development. It is a clear signal that Extended is choosing the community over venture capital.

It has also been confirmed that at least 50% of the total supply is allocated to the community, including a 30% airdrop at TGE. Team and investor allocations are subject to vesting, more information will be shared as we get closer to TGE, and I will keep you updated on Twitter.

Regarding points, we are still in the first season. More details will be shared in the coming days.

Points are becoming harder to earn, it won’t get easier so start now.

As always, thank you for reading !

Follow me on medium

Follow me on Twitter

Extended (10% reduction fees for 50M first volume) + 5% Points boost :

https://app.extended.exchange/join/ASTROBOY13

Website : https://extended.exchange/

Extended Twitter (X) : https://x.com/extendedapp

Extended Discord : https://discord.gg/bNX9FdtGaG

Docs : https://docs.extended.exchange/

Disclaimer: This is not financial advice, you need to do your own research !

What Is Variational ?

Unlike other perp DEXs like Hyperliquid or Extended that use an order book, Variational uses a Request for Quote (RFQ) model, notably used by large over-the-counter (OTC) venues. This system consists of takers (traders) requesting quotes and makers (market makers) responding with bids and/or offers.

In the case of Variational, the only market maker allowed is the Omni Liquidity Provider (OLP).

This model have various advantages :

• Zero Fees : Since all market making on Omni is done by OLP instead of external market makers, Omni doesn’t need fees to generate revenue.

• Complete control over revenues : A portion of the fees are directly red irected to users via various incentives.

• Listing Variety : All OLP requires for a new listing is a reliable price feed, a quoting strategy, and a hedging mechanism. This manifests as around 500 tradable tokens on Omni !

The team And Partners

Variational was co-founded by Lucas Schuermann and Edward Yu, they have great experience in trading, having work with Genesis after their hedge fund (Qu Capital) was bought by Digital Currency Group (DCG) in 2019.

They later left in 2021 to create their own proprietary trading firm after raising $10M. After two years, they decided to leverage their experience in trading and OTC exchanges to found the Variational protocol in 2023.

Other team members include many crypto veterans in algorithmic trading, with past experience at major firms such as Google and Goldman Sachs.

In June 2025, they raised an additional $1.5M in a strategic round.

Important Metrics

As mentioned in my previous article about perp DEXs, before farming a project I always analyze whether the opportunity cost is worth it. Let’s go through the key metrics one by one.

Trading Volume

It is important to note that at this time of year, volumes are down across nearly all perp DEXs.

Currently, the 24h trading volume is around $850M, placing Variational in the top 6 alongside major names such as Extended, Hyperliquid, and Lighter. Keep in mind that volume can be manipulated through wash trading, so it should not be used as a standalone indicator. For example, Aster ranks third, but farming its airdrop is not attractive.

Open Interest

Open interest represents the total value of active long and short contracts. It is a good indicator of project health, as it implies traders are holding positions for longer periods. Like any metric, it can be manipulated, so it should be evaluated alongside others.

Currently, open interest is around $1.26B, placing Variational in the top 6 perp DEXs. One week earlier, when I started writing this article before the Lighter TGE, it stood at $441M.

TVL

The current TVL is around $132M. While this may seem low compared to projects like Lighter or Extended, it is important to note that the OLP vault has not yet been opened.

For comparison, roughly half of the TVL on Lighter and Extended is stored in their vaults. Based on this, it would be reasonable to expect a TVL of around $260M for Variational once the vault opens. Depending on yield attractiveness, this could attract significant capital.

For a project still officially in private beta, this is already a strong TVL.

Roadmap

What users currently interact with is Omni, where retail traders can trade more than 480 tokens with a zero-fee model and up to 50x leverage on all pairs.

The team also plans to launch Variational Pro, designed for advanced and institutional traders of OTC derivatives. This dual-product approach allows Variational to target both retail traders (via Omni) and institutional entities (via Pro).

At the moment, the OLP vault is not open for public deposits. The team plans to launch it soon, allowing users to earn a share of Omni’s revenues. This is expected to be highly attractive, as Omni generates significant revenue due to the absence of external market makers.

On the trading side, the team plans to expand beyond crypto into other markets such as stocks, and to support additional collateral types beyond USDC, enabling broader cross-margin functionality.

There are many additional smaller features detailed in the documentation.

The Token ($VAR) and Points Program

There is limited information available about the token at this stage. The points season is expected to end no later than Q3 2026 and could conclude earlier depending on roadmap progress.

We know that approximately 50% of the token supply will be allocated to the community through multiple incentive mechanisms, rather than a single airdrop. Additionally, the team plans to buy back tokens using at least 30% of protocol revenues.

The points program launched three weeks ago, including a retroactive distribution of 3M points for users who traded before its launch. Going forward, 150,000 points will be distributed every Friday at 00:00 UTC, with snapshots taken every Thursday at 00:00 UTC.

Start now with the best boosted code you can have, allowing you to have a 15% points boost and silver rank :

https://omni.variational.io/?ref=OMNIPANDA

I don’t have an affiliate code, so I gave you the one I use, which is the best one to start earning those precious points on Variational. If you want to support my work, a simple like is enough.

For an estimate of point valuation, there is a strong analysis published by Points Goblin :

My Personal Opinion and Strategy

Following the Lighter TGE, there has been a rapid rotation toward newer perp DEXs such as Variational and Extended. This should not discourage farming these projects as long as the cost per point remains low.

I personally faded Lighter in June when its TVL reached around $170M, assuming it was too late. That assessment was incorrect, as TVL later exceeded $1B

Market conditions are currently pessimistic, with many participants sidelined. If hype returns, earning points will become significantly harder, while existing points are likely to increase in value.

This is why I am currently trading on Variational, mainly farming funding via the FundingView app.

Based on gathered information, points appear to be weighted more heavily toward :

• Holding positions for multiple days

• Trading low open-interest pairs

• Trading newly listed pairs

For additional insights, the following X accounts are worth following:

• Points Goblin

• Cllmax

Docs : https://docs.variational.io/

Discord : https://discord.gg/variational

Twitter (X) : https://x.com/variational_io

As always, thank you for reading !

Follow me on medium

Follow me on Twitter to get updates, alpha and much more !

Disclaimer: This is not financial advice, you need to do your own research !

(Spoiler: he’s clearly not a beginner in crypto )

A few days later, I wrote an article introducing the ongoing airdrop campaign. Since then, a lot of things have evolved (and definitely not in a bad way).

So in this article, I’m going to recap all the information I’ve gathered and explain why I’m now convinced that Extended will soon be recognized as one of the best PerpDexes in the space.

The Team

One of the things that impresses me most is how engaged the team is with the community. If you follow Ruslan on X, you’ll notice that he answers almost all questions and even addresses FUD about Extended, from explaining complex mechanisms to thanking community members who create content.

Furthermore, the Discord team is also very dedicated, they help quickly and respond with professionalism and respect. That kind of reactivity is a strong signal of commitment and reliability to the community.

The Roadmap

Many projects show off fancy roadmaps with shiny titles but no precise target dates, one of the major red flags when researching any project.

With Extended, I noticed from the start that it was different. They’ve implemented everything they promised, on schedule and with clear communication.

Right now, the plan is straightforward :

• Tokenization of vault deposits, allowing users to earn yield (~26% APR) on vaults while using those deposits as collateral for trading.

• After that, the team will focus on unified margin, starting with major tokens such as wBTC, wstETH, USDE, etc.

• A lending market is also coming, enabling users to borrow and lend assets, earning yield not only with USDC but also with other tokens.

All of this is expected before the end of the year !

And that’s not all, a spot market is coming in Q1 2026 !

These are the main objectives for Extended, but along the way, the team also plans to add smaller features such as :

• Trailing stop orders

• Isolated margin

• Improved liquidity

• New trading pairs

• And much more.

The Metrics

When analyzing any project, you need metrics to measure adoption and growth signs of a healthy platform.

For a PerpDex like Extended, the key metrics are :

• Volume

• Open Interest (OI)

• Total Value Locked (TVL)

• Active users

Looking at these, the numbers don’t lie Extended is growing fast as more and more traders discover and talk about it.

Regarding the drop in Open Interest (total active long and short contracts), it was caused by the mass liquidation event on October 10. Every major perpetual exchange saw the same sharp decline during that crash.

I’ve also noticed more large crypto accounts talking about Extended lately likely boosted by the new affiliate program, which rewards referrers and users through bonus points that meet certain criteria. It’s a win–win system for everyone :

Feel free to use my referral link to support my work for free and earn a 5% bonus on your points !

As for active users, growth has been remarkable :

• From 3,400 users at the end of September to 6,400 today !

And I’m certain this is just the beginning. Traders are realizing that on other PerpDexes like Lighter, earning points is becoming increasingly difficult, and that difficulty will only grow over time.

It’s truly a race against time, so it’s best to start now before it becomes too hard to catch up.

I also made an article on farming strategy on Extended if you need any help.

For people not familiar with trading and the User Interface of Extended I have an article you as well !

Airdrop

To be clear : the airdrop is 100% confirmed by the team.
The more points you earn, the bigger your airdrop will be.

Here are some alphas dropped during a podcast :

• 30% of the total supply is dedicated to the TGE airdrop, almost like Hyperliquid !

• The Token Generation Event is planned for the first half of 2026.

• There will be two seasons, with a small break in between.
  We’re currently 24 weeks into the first season. No official end date has been announced yet, but I think it’s coming soon.

The team has a clear idea of how many points they plan to distribute and will update us at the right time.

Currently, 1.2 million points are distributed weekly, this may decrease in the second season.
That’s why it’s important to start early, as points are getting harder to earn every day.

At the time of writing, around 30 million points have already been distributed. Interestingly, the community has even created an OTC desk, with one transaction valuing 1 point at $3.

Final Thoughts

Ruslan (the CEO) often repeats that the project is community-oriented and from everything I’ve seen as both a community member and tester, that statement is absolutely true.

I’m confident that the Extended team truly values its community and has what it takes to become one of the top PerpDex platforms in the coming months.

As always, thank you for reading !

Follow me on medium

Follow me on Twitter

Extended (10% reduction fees for 50M first volume) + 5% Points boost :

https://app.extended.exchange/join/ASTROBOY13

Website : https://extended.exchange/

Extended Twitter (X) : https://x.com/extendedapp

Extended Discord : https://discord.gg/bNX9FdtGaG

Docs : https://docs.extended.exchange/

Disclaimer: This is not financial advice, you need to do your own research !