The derivatives trading track has been extremely hot in the past two years, and perpetual contract DEXes have become highly sought after. But do you know? There are still 18 perpetual DEXes on the market that haven't had a TGE yet.

Some of these projects have already secured funding and have a complete product architecture; they just haven't launched their tokens yet. Others are in the testnet phase, working quietly on development, with not many users yet. What does this mean? It means that if they manage to launch later, early participants might have quite a few opportunities.

Of course, not all projects that haven't gone live are worth paying attention to. The key factors are team strength, trading depth, and risk management—these hard indicators. After all, derivatives trading has high barriers and risks. Without solid foundational support, launching is just a shot in the dark.

Interested friends can keep an eye on the developments in this track. You might find opportunities before the next wave of ecosystem explosion.