Project Research Dossier: AFX - pre-TGE perps L1, is the points thesis real?

Checked 27 Sep 2026. Primary sources only. No position.

QUESTION: does AFX's live mainnet points program point to a credible pre-TGE token? BOTTOM LINE: the product is live and specific; the token side is undisclosed (no supply, FDV or conversion rate). Points are an option on a product you'd use anyway - not an allocation thesis.

BUILDS

• Perp DEX on its own L1: matching and settlement on-chain on AFX; Arbitrum is only the USDC rail.
• Mark price is a three-component median; the oracle aggregates Binance/Bybit/OKX spot.
• Tiered risk limits; liquidation = cancel, market close, LP Vault takeover, then ADL.
• Crypto perps plus tokenized equities (AAPL, SNDK, SK Hynix), SPCX, WTI.

TOKENOMICS

• No token yet. Docs: the points-to-token rate and claim process "will be announced before TGE".
• Supply, FDV, allocations, vesting, cliffs: nothing published. That is the state, not a research gap.
• Points: a fixed number released weekly; your share is relative to everyone else that week. Tracks: trading, LP Vault, Guild League.

DILUTION: relative weekly scoring means later cohorts dilute your share - the opposite of a fixed airdrop.

TEAM / VERIFICATION

• Self-funded, unnamed "native crypto participants... since 2018". No names, no track record.
• Audit: bridge contract audited by Zellic; docs warn it is not a full-platform audit. No public L1 audit.
• Docs are specific on order lifecycle, mark price and liquidation.

RISKS: token terms unquantifiable; relative scoring dilutes claims; narrow audit scope; anonymous team; own-L1 settlement risk; stock and SpaceX perps carry regulatory exposure; anti-sybil DQ is retroactive.

CONSTRAINTS: pre-TGE yes; no active ICO/TGE; no public raise found.

RATING: watch only, no position.

SOURCES: docs.afx.xyz (About, Core contributors, deposit, points, audits); app.afx.xyz/trade

DISCLOSURE: no position, no allocation, no referral link, no project incentive. Written for a Republic/Legion quest; I get quest points if accepted. NFA.