This time I looked at a new PerpDEX project on Base and want to discuss whether it’s worth paying attention to from a data perspective.

**Basic Project Information**

The project is a DEX focused on perpetual contracts, with a total token supply of 1 billion. The initial circulating supply accounts for 15.5%, including 4.5% airdrops, 6% allocated through CEX listings, and an additional 1% for alpha airdrops, 2% for the treasury, and 2% for the ecosystem fund. This distribution structure appears fairly standard.

Regarding the team background, it is mainly operated by an overseas team, but based on promotional efforts, they likely hired a local agency for operations, especially for marketing in Africa and Chinese communities. However, the official has not conducted institutional financing nor held an ICO or IDO, which makes it relatively safer.

**Market Performance and Risks**

From the data, the current pool price is 0.12, corresponding to a fully diluted valuation of 120 million and a circulating market cap of 18.6 million. Looking purely at comparable data within the PerpDEX track on Base, this project’s on-chain performance is quite average and not in the top tier. According to on-chain statistics, the project’s total revenue is only 2.77 million, but there is an overhang of more than 6.6 million in airdrop sell pressure (including 4.5% community airdrops and 1% alpha investor airdrops).

This suggests that shortly after opening, the project is likely to face significant selling pressure. Unless the airdrops contain a lot of wash trading or market manipulation, a price decline is highly probable. From an investment return perspective, jumping in now to push the price up is not very cost-effective. I personally prefer to wait and observe the price trend for a while before making a decision.

In summary, as always—do your homework before taking action.