I’ve been telling you all to do perps, and you still won’t.
In the end, whether it’s making money or just fake money, you can judge for yourselves.
@nadoHQ @DecibelTrade @entropyIO
A comparison of the three major perpetual DEXs: Decibel, Nado, and Entropy
These three are not three branches of the same track: Decibel is Aptos’ official on-chain exchange incubated by Aptos; Nado is Kraken/Ink bringing the Vertex engine to L2; Entropy is the HIP-3 deployment project on Hyperliquid for pre-IPO / stock perps.
1. Background
Decibel: incubated by Aptos Labs. Stablecoin launched first; the governance token DCBL has been delayed for a long time.
Nado: Ink Foundation absorbed the Vertex team. Vertex has accumulated about $135 billion in trading volume on Arbitrum. Off-chain matching in 5–15 ms, on-chain settlement. VRTX holders receive 1% of Ink genesis supply (separate from trading points).
Entropy: HIP-3 deployment project, team from Citadel, Optiver, Millennium, and Polymarket. Launches on 2026-08-24.
2. Fundraising
Decibel: no independent round
Nado: no independent round
Entropy: $14 million Seed (led by Ribbit)
3. Number of participants
Decibel: 700,000 accounts, 132,000 daily active users (testnet jjj endpoint)
Nado: about 72,000 cumulative, about 4,000 daily active users
Entropy: just launched
4. On-chain scale (DefiLlama)
Decibel TVL: $29.8 million, cumulative volume $6.28 billion
Nado TVL: $51.3 million, cumulative volume $80.9 billion
Entropy: just getting started
5. Airdrop mechanism
Decibel: Amps is the main TGE factor; Season 0 pre-deposit + Season 1 mainnet. No date, no token conversion formula. ToS allows DCBL not to be issued.
Nado: points convert to $INK (1 billion tokens), not Nado’s own coin. Three separate pools: Kraken Pro / Nado / Tydro. Season 1 has already distributed **24,941,776** points; Season 2 gives 300,000–950,000 points per week. The online claim that there is a “45%/30% airdrop” has not been confirmed in Ink’s official docs.
Entropy: no official points documentation. The API already has `pointsMultiplier` and invite settings. The community says Early Season 1 may close around 8/29, but that is not from an official blog post.
6. Estimated value per point/unit (scenario analysis)
Decibel Amps
Neutral: FDV $400 million × 20% = airdrop pool **$80 million**; total Amps supply across the network assumed to be 40 million (not disclosed; assumption).
Implied: **about $2.0 per Amp**; range $0.3–$12.
Nado Points → $INK
Currently about **39 million points** (24.94 million from S1 + about 14 weeks × 950,000 from S2). Neutral: Nado pool is **6%** of INK (60 million tokens) × $1.00 FDV = pool **$60 million**.
Implied: about $1.5 per point; range $0.3–$5. This is $INK, not Nado coin. Every week TGE is delayed, up to another 950,000 points are added, and the unit value gets diluted.
Entropy (no publicly disclosed point unit)
Neutral pool estimate about **$37.5 million** (FDV $250 million × 15%).
7. How to choose
If you want relatively more certainty and can accept distribution in the **INK chain token**: Nado. Neutral around $1.5/point, with the fiercest competition.
If you want to bet on the exchange’s own token and can lock DLP: Decibel. Neutral around $2.0/Amp, total network supply unknown, and token issuance may keep being delayed.
If you want low-friction early entry and are betting on an independent new coin: Entropy. No single point unit; if the 8/29 window is true, it’s already very late.
NADO: https://app.nado.xyz/?join=1eojgph
ENTROPY: https://entropy.io/?r=qianlong
In the end, whether it’s making money or just fake money, you can judge for yourselves.
@nadoHQ @DecibelTrade @entropyIO
A comparison of the three major perpetual DEXs: Decibel, Nado, and Entropy
These three are not three branches of the same track: Decibel is Aptos’ official on-chain exchange incubated by Aptos; Nado is Kraken/Ink bringing the Vertex engine to L2; Entropy is the HIP-3 deployment project on Hyperliquid for pre-IPO / stock perps.
1. Background
Decibel: incubated by Aptos Labs. Stablecoin launched first; the governance token DCBL has been delayed for a long time.
Nado: Ink Foundation absorbed the Vertex team. Vertex has accumulated about $135 billion in trading volume on Arbitrum. Off-chain matching in 5–15 ms, on-chain settlement. VRTX holders receive 1% of Ink genesis supply (separate from trading points).
Entropy: HIP-3 deployment project, team from Citadel, Optiver, Millennium, and Polymarket. Launches on 2026-08-24.
2. Fundraising
Decibel: no independent round
Nado: no independent round
Entropy: $14 million Seed (led by Ribbit)
3. Number of participants
Decibel: 700,000 accounts, 132,000 daily active users (testnet jjj endpoint)
Nado: about 72,000 cumulative, about 4,000 daily active users
Entropy: just launched
4. On-chain scale (DefiLlama)
Decibel TVL: $29.8 million, cumulative volume $6.28 billion
Nado TVL: $51.3 million, cumulative volume $80.9 billion
Entropy: just getting started
5. Airdrop mechanism
Decibel: Amps is the main TGE factor; Season 0 pre-deposit + Season 1 mainnet. No date, no token conversion formula. ToS allows DCBL not to be issued.
Nado: points convert to $INK (1 billion tokens), not Nado’s own coin. Three separate pools: Kraken Pro / Nado / Tydro. Season 1 has already distributed **24,941,776** points; Season 2 gives 300,000–950,000 points per week. The online claim that there is a “45%/30% airdrop” has not been confirmed in Ink’s official docs.
Entropy: no official points documentation. The API already has `pointsMultiplier` and invite settings. The community says Early Season 1 may close around 8/29, but that is not from an official blog post.
6. Estimated value per point/unit (scenario analysis)
Decibel Amps
Neutral: FDV $400 million × 20% = airdrop pool **$80 million**; total Amps supply across the network assumed to be 40 million (not disclosed; assumption).
Implied: **about $2.0 per Amp**; range $0.3–$12.
Nado Points → $INK
Currently about **39 million points** (24.94 million from S1 + about 14 weeks × 950,000 from S2). Neutral: Nado pool is **6%** of INK (60 million tokens) × $1.00 FDV = pool **$60 million**.
Implied: about $1.5 per point; range $0.3–$5. This is $INK, not Nado coin. Every week TGE is delayed, up to another 950,000 points are added, and the unit value gets diluted.
Entropy (no publicly disclosed point unit)
Neutral pool estimate about **$37.5 million** (FDV $250 million × 15%).
7. How to choose
If you want relatively more certainty and can accept distribution in the **INK chain token**: Nado. Neutral around $1.5/point, with the fiercest competition.
If you want to bet on the exchange’s own token and can lock DLP: Decibel. Neutral around $2.0/Amp, total network supply unknown, and token issuance may keep being delayed.
If you want low-friction early entry and are betting on an independent new coin: Entropy. No single point unit; if the 8/29 window is true, it’s already very late.
NADO: https://app.nado.xyz/?join=1eojgph
ENTROPY: https://entropy.io/?r=qianlong