Extended & Variational TGEs Are Coming Two of the most anticipated perp DEX airdrops are next in line. Variational, the #2 perp DEX in October with $78B in volume (behind only Hyperliquid’s $229B, per CryptoRank), plans its $VAR TGE for Q4, with 32% of supply going to users fully unlocked. Extended has confirmed $XTEN for November: 1B supply, 30% to points users and 32.9% unlocked at TGE. History says timing matters. All 8 recent perp DEX tokens rallied after TGE, from +65% for GRVT to +2,931% for HYPE. But half of them peaked within 12 days, and half now trade below their TGE price. The median token is 53% off its ATH. AVNT is the cautionary tale: +820% in 12 days, now 66% below its TGE price. Only HYPE, LIT, O and TREAD still trade above launch. 🔗 Sources: CryptoRank, CoinMarketCap, DefiLlama, The Defiant