Crypto projects that already have a working product — real users, real trading, a live network — but no token yet. Some have announced one; others haven’t, but everything about them points that way. Early users of such projects have often received free tokens (an “airdrop”) when the token launched.
Token announced10not trading yet
Likely to launch one13no announcement yet
Run a points program18of the 23 projects
Money deposited$1.9Bin the projects DefiLlama tracks
Launched in 20266left the list (see below)
Every project checked 26 Oct 2026 against its own announcements and news reports. Re-checked every week.
Beware of fake airdrops. Before and after every token launch, scam sites appear that ask you to “connect your wallet to claim”. Use only the official link of each project below, and never type your seed phrase anywhere. See Self-custody basics.
The project itself has said a token is coming. None of these tokens trade yet; dates often slip.
PolymarketPOLY
Prediction market · Polygon
The largest crypto prediction market: people bet on elections, sports, prices and news.
When: No date. The team said the token comes after its US relaunch.
Backed by ICE (NYSE owner)
Huge user base
Traded, last 30 days
$5.8B
Money deposited
$351M
Why it’s here
In October 2025 its marketing chief said “there will be a token, there will be an airdrop”, and in April 2026 the company again named a POLY token. CEO Shayne Coplan talked about it at TOKEN2049 on 7 October 2026 but gave no date. Polymarket’s help pages warn that any “claim your token” site today is a scam.
A savings protocol that pays interest on deposited stablecoins, like a decentralized bank.
When: Q4 2026 (no exact day yet).
Points program
$3M+ seed (Sep 2026)
Money deposited
$67.9M
Why it’s here
infiniFi published its token split on 14 October 2026: 45% ecosystem (the community airdrop comes from here), 20% team, 20% investors, 15% foundation. Eligibility rules and the snapshot date are not out yet.
A trading app for perpetual futures (bets on prices with leverage), with no trading fees.
When: Q4 2026, after being pushed back from Q3.
Points program
Dragonfly, Coinbase Ventures, Bain Capital Crypto
Usage
$26.8B trading volume in 30 days (June 2026)
Why it’s here
On 24 September 2026 Variational announced the VAR launch for Q4 2026: 32% of all tokens go to points holders and are fully unlocked at launch, 18% to an ecosystem reserve, 50% to the team and investors (locked for one year, then released over at least three years).
Kraken’s own blockchain. Nado, its main trading app, gives points that are expected to turn into INK.
When: Expected Q2–Q3 2026; that window passed with no launch and no new date.
Backed by Kraken
Kraken Drops airdrop
Nado points
Usage
Nado: $7.3B trading volume in 30 days (June 2026)
Why it’s here
The Ink Foundation announced INK in mid-2025: 1 billion tokens maximum, airdropped through Kraken’s “Kraken Drops” program and used for liquidity and incentives, not for governance. Kraken’s separate “Ink Points” for Kraken Pro traders are not a token.
Circle’s blockchain for stablecoins and financial markets (Circle issues USDC). Fees are paid in USDC.
When: Mainnet went live on 16 September 2026. No date for the token to start trading.
Built by Circle
BlackRock, Visa, DTCC among validators
Why it’s here
Circle’s CEO said in April 2026 it was exploring a token; in May Circle published plans for an ARC token for governance, staking and incentives, and reports describe a $222 million presale to investors. Circle has said there is no public token sale planned for now.
A prediction market on BNB Chain where your bet money also earns interest while you wait.
When: Teased “Soon” on 6 October 2026; the founder said “weeks, not months”. No official date.
Points program
Pre-market trading started
Money deposited
$9.1M
Why it’s here
predict.fun posted a “Soon” teaser with a “P” coin on 6 October 2026. It has not announced the token name, date, airdrop rules or snapshot. Pre-market prices on other platforms are only bets, not the real token.
A perpetual futures exchange that keeps traders’ positions private.
When: Token is on the roadmap; no date.
Points program
$5M seed (Dragonfly, Electric Capital)
Usage
$10B traded and 55,000 traders in its first year
Why it’s here
In its one-year report Hibachi published a roadmap that includes a token launch. Points from its rewards campaign are expected to convert into the token.
A perpetual futures exchange with its own yield-paying stablecoin, DUSD.
When: The team hinted at a launch “within the year” (May 2026).
Points program
Money deposited
$10.4M
Usage
$24.2B trading volume in 30 days (June 2026)
Why it’s here
StandX said in May 2026 that its token could launch within the year. Users earn points expected to turn into an airdrop. Token numbers (supply, split) are not final. Its DUSD stablecoin is a different thing from the future token.
The best-known marketplace for NFTs, now also for trading tokens.
When: Was set for 30 March 2026, then postponed with no new date.
50% of tokens promised to the community
Rewards program ended
Why it’s here
The OpenSea Foundation announced SEA in 2025, with half the tokens for the community and half of platform revenue to buy SEA back. In March 2026 it postponed the launch, citing weak markets. Nothing newer has been announced.
The most widely used crypto wallet, with over 100 million users.
When: Announced in 2025, but on 30 September 2026 the founder said there are “no immediate plans”.
Rewards points program
Consensys split
Why it’s here
Consensys founder Joe Lubin said in September 2025 that “the MetaMask token is coming”. A year later he said several options are being weighed and there is no timeline. MetaMask is being split off from Consensys into its own company by the end of 2026. Many fake “MASK airdrop” sites exist.
No announcement — our reading of the signals: a points program, venture funding, a reserved ticker, rivals that launched tokens, and prediction-market odds. A guess, not a promise.
Base
Layer 2 blockchain · Ethereum L2
Coinbase’s blockchain, one of the most used networks for apps and stablecoins.
Built by Coinbase
Team “exploring” a token
Why it’s here
In September 2025 Base’s creator Jesse Pollak said the team is exploring a network token, with no timing or design. Since then Coinbase has launched tokenized stocks on Base (August 2026) but no token. Prediction markets see 2027 as more likely than 2026.
A perpetual futures exchange built by former Revolut employees.
Points program
$6.5M raised
Money deposited
$108M
Usage
$9.0B trading volume in 30 days (June 2026)
Why it’s here
Extended gives out points every week. Its founder has described how a token would work (fees and buybacks), and fan sites quote a 30% airdrop, but we found no official announcement. Prediction markets give a high chance of a token by the end of 2026.
The biggest perpetual futures exchange on Solana, co-founded by FTX’s former COO.
Weekly points
Self-funded (no VCs)
Money deposited
$23.8M
Usage
$107B traded since launch
Why it’s here
Pacifica hands out 500,000 points every Thursday and the team has talked about a future token, but there is no official token announcement or date. Being self-funded means no investors waiting to sell.
Lets people reuse staked crypto to secure other networks and earn extra rewards (a rival to EigenLayer, which has a token).
Points program
$29M Series A (Pantera, Coinbase Ventures)
Paradigm seed
Money deposited
$308M
Why it’s here
Symbiotic launched in 2024, holds hundreds of millions of dollars and gives points to depositors. Its main competitor EigenLayer launched a token. No Symbiotic token has been announced.
Brings real Bitcoin, Ether and Solana onto Hyperliquid so they can be traded there.
Bought the “UNIT” ticker for ~$350K
Hyperliquid ecosystem
Money deposited
$945M
Why it’s here
In January 2025 the team paid about $350,000 in Hyperliquid’s ticker auction for “UNIT”, which many read as a sign of a future token. No token or airdrop has been announced.
A consumer blockchain from the team behind Pudgy Penguins, focused on games and apps.
XP rewards program
Pudgy Penguins team (PENGU)
Money deposited
$11.7M
Why it’s here
Abstract has run an XP program since January 2025, a typical step before an airdrop. It has not announced a token or a foundation. Prediction markets give roughly a one-in-three chance of a token before 2027.
A spot and perpetuals exchange built around Ethena’s USDe dollar.
Points (Season Zero)
15% pledged to ENA holders
Money deposited
$1.2M
Usage
$370M trading volume in 30 days (June 2026)
Why it’s here
A 2024 Ethena governance proposal pledged 15% of “any potential” Ethereal token to the Ethena community. The exchange is live in mainnet alpha; no token or date has been announced.
Trains AI models over many computers on the internet, owned by the people who contribute computing power.
$7.6M (USV, CoinFund)
Investors got rights to a future token
Why it’s here
Pluralis investors received a “warrant” for a future token, and its investors describe a token paying contributors from the model’s future revenue. It runs open training runs; no token has been announced.
24% of tokens to points holders, 1% to Mad Lads NFT holders. Backpack
PParadexPerpetuals exchange
DIME
5 Mar 2026
$0.0383
25% airdropped to XP holders, fully unlocked. FalconX
RRainbowWallet
RNBW
5 Feb 2026
$0.0163
Fell about 65% below its sale price on the first day. The Defiant
How we pick the projects
A working product. Live on mainnet, with real users and money or trading volume. No promises, testnets only or whitepapers.
No token trading. When a token starts trading, the project leaves the list and moves to “Recently launched”.
“Announced” means the project said it. Not a rumour, not an airdrop blog: the team, its foundation or its CEO.
Checked every week against the project’s own channels and news reports. Each card lists its sources.
What the signals mean
Points program. Users earn points for using the app. In most past cases points later turned into tokens — but the project decides if and how.
Venture funding. Investors who back a crypto app usually expect a token one day.
Prediction-market odds. Traders on Polymarket bet on whether a token launches by a date. Useful, but often thinly traded.
Using an app only to farm a possible airdrop costs fees and carries the app’s risks. Read about the psychology of chasing rewards before you start.
Our own list, from each project’s announcements and news reports (sources under each card). Money deposited and Polymarket’s trading volume: DefiLlama, updated when the page is built; “Usage” lines are dated figures from the sources. Prices: DefiLlama. Projects can change plans at any time. Not financial advice.