N1
A Tier
LATEST UPDATE · OCTOBER 27, 2026
Season 1 live since Aug 11, 2026: 75M points a week, 1.987B total, program ends by Q2 2027 (blog). 2,877 wallets at week five (Sep 29); ~$1.7m a day of volume (DefiLlama, Oct 27). Invite-only; mobile apps live Sep 9. Founders named in N1's seed post (Sep 13, 2023): Dima Romanov (CEO), David Cao, Sheheryar Parvaz (CTO). Grok: Tier A at #5, team 7.The numbers
Expected FDV
$100m
$40m – $250m
Airdrop pool
$10m
Unknown; 10% assumed
Team score
7/10
founders, exits, backers, flags
Wallets earning
2,877 wallets after five weeks (official, Sep 29, 2026); DefiLlama shows ~$1.7m a day of perp volume and $1.3m open interest (Oct 27)
fewer is better for you
Token window
None; 'N1 Points will unlock future rewards across the N1 network' (blog, Aug 11); the CEO said 'no concrete plan' for a token in 2023
points live 3 months
$10m$100m$1b$10b
How we got the FDV: Founders Fund, dao5, Kraken Ventures, IMC and GSR on the cap table; a trading L1 with its own exchange but under $2m a day of volume today. Comps: Paradex ~$48m, dYdX ~$105m (CoinGecko, Oct 27). Assumption, no token language.
A fixed, dated points pool, 2,877 wallets as of Sep 29 and a named Founders Fund-backed team. The cleanest early farm on the board; get a code and trade steadily.
Season 1 pays 75M points every week for 26 weeks plus 37M retroactive, 1.987B in total, and the team says it will not run the program past Q2 2027, so there is a hard end and your share is simple arithmetic. Only 2,877 wallets had earned anything by week five, and the whole venue does under $2m a day, so a steady account is visible. Balances are private; Momentum rewards showing up every week. Founders Dima Romanov, David Cao and Sheheryar Parvaz are named in N1's own seed post; the $5m seed was co-led by Founders Fund and dao5 with Kraken Ventures and Amber, and the site lists IMC and GSR. N1 bought 01 Exchange in July and launched its own exchange Aug 11.
Cut it if: the docs' 'still being finalized' turns into a reset of the pool, or wallets per week pass 20k with no token language.
Who's farming it: @0xkekov (Oct 16) lists N1 among perp DEXs with no token. @0xcoconutz (Sep 23): farming 1M points costs roughly $100–300 in fees. Farmers in the Sep 29 replies report 400k+ points in a week with Prime codes.
What is N1?
A Layer 1 built for trading (formerly Layer N, founded 2023 by Dima Romanov, David Cao and Sheheryar Parvaz) with its own onchain perp exchange at app.n1.xyz: order book plus RFQ markets, majors, XMR, equity perps and TCGX, a trading-card index perp. Season 1 of N1 Points started Aug 11, 2026 with weekly distributions (Tuesdays 18:00 UTC) that you claim to reveal; the formula is unpublished and the docs say the rules are 'still being finalized'; 01 Exchange points convert at program end at a rate not yet set. Backed by Founders Fund, dao5, Kraken Ventures, Amber, IMC and GSR.
Airdrop parameters
POINTS / CLAIM END
26 weekly distributions from Aug 11, 2026; 'not beyond Q2 2027, may conclude earlier'
ALLOCATION
Nothing announced; 'future rewards across the N1 network'
METHOD
Fixed weekly pool of 75M points for 26 weeks (1.987B total incl. 37M retroactive), split by eligible trading with Momentum and Level boosts; formula unpublished; private balances; weekly claim
TGE
None; program ends by Q2 2027
ACCESS
Invite-gated: codes come from the Discord or N1 referral links (live again per the Aug 11 blog). Web plus iOS and Android apps. Terms (Null Studios Inc., Delaware) bar sanctioned countries, ban VPNs and say KYC 'may' be required; the US, UK and Canada are not named, but the app warns it is 'restricted in some jurisdictions'. Deposit from Solana (Proton bridge) or other chains via Unifold; 1 USDC withdrawal fee. Fees 1 bp maker / 3.5 bps taker at tier 1, 0 / 2.5 above $25m of 14-day maker volume; tiers matched from other venues. Referrals: 10% of referees' fees plus 5% of their points, after $1k of your own volume.
CHAIN
N1
How to farm
01
Get an invite code
N1-XXXX codes circulate in the N1 Discord and through referral links (5% fee discount, 10% points boost). Don't pay for one.
02
Deposit and trade the liquid books
Majors and the new listings (XMR Oct 24). Points come from eligible trading during each weekly period; Momentum rewards showing up every week.
03
Claim every Tuesday
Rewards → N1 Points in the app. Distributions are issued Tuesdays 18:00 UTC and must be claimed to reveal the amount.
04
Refer for USDC, not points
10% of referees' fees paid in USDC after $1k of your own volume.
05
Watch the rules page
The docs say eligibility, boosts and dates 'may change'. If the total pool changes, re-read this page.