Phoenix
C Tier
LATEST UPDATE · OCTOBER 27, 2026
No token, no points, no denial. Frontier Traders Season 1 runs Sep 22 to Nov 11, 2026 12:00 UTC (season page says Nov 7). Atlas (Ellipsis' chain) testnet live, mainnet 'later this year', no incentive program.The numbers
Expected FDV
$100m
$30m – $300m
Airdrop pool
$10m
Unknown, 10% assumed
Team score
8/10
founders, exits, backers, flags
Token window
None; Frontier Traders comp to Nov 11
$10m$100m$1b$10b
How we got the FDV: Ellipsis Labs' valuation and Paradigm pedigree; 1,586 days on DefiLlama with no token.
Free retro exposure. Route Solana perp flow through it and forget about it.
The highest-pedigree tokenless venue on Solana: $44M from Paradigm, Haun and Electric, ex-HFT founders from MIT and Berkeley. No token, no points, no denial. The only incentive is the Solana Foundation's Frontier Traders competition (through Nov 7).
Cut it if: the team publicly rules out a token.
What is Phoenix?
Perpetuals venue from Ellipsis Labs (Eugene Chen, MIT, and Jarry Xiao, Berkeley, both ex-HFT), builders of the Phoenix spot order book that handled $75b of organic volume. Backed by Paradigm, Haun Ventures and Electric Capital with Anatoly Yakovenko involved. Four years in with no token and no points, which is the shape early Hyperliquid had.
Airdrop parameters
POINTS / CLAIM END
No program
ALLOCATION
Nothing announced
METHOD
No points; the team has said it runs none. Cash: referrals 20% / 10% of fees; Frontier Traders Season 1 (Solana Foundation) pays $10k PnL + $10k volume weekly to the top 10 and crates at $10k / $50k / $250k / $1M of taker volume
TGE
None
ACCESS
Not available in the US. Open signup (invite codes no longer required); Privy email or Phantom/Solflare/Backpack. USDC, or SOL at an 80% haircut; cross-chain deposits via Relay.
CHAIN
Solana
How to farm
01
Register a Frontier Traders profile first (non-US)
Only volume after registration counts. frontiertraders.com, then phoenix.trade with a referral code and USDC.
02
Trade perps you would trade anyway
0.5 bp maker / 3.5 bps taker. SOL, BTC, ETH, equities and commodities. Consistency over size.
03
Hit the crate milestones before Nov 11
Taker-volume crates at $10k, $50k, $250k, $1M; weekly top-10 boards; KYC within 30 days of a win.
04
Unlock your referral code at $10k volume
20% direct / 10% second-tier of fees in USDC.