Introduction: GRVT Project Introduction
Since Aster and Hyperliquid kicked off, PerpDex has become a hot race, with mainstream exchanges like Backpack, Lighter, EdgeX, and Paradex fiercely competing for market share, among which GRVT has recently stood out with its unique advantages, quickly becoming the top choice for small investors and airdrop players.
GRVT is a hybrid decentralized derivatives exchange focused on high-performance perpetual contract trading, integrating trading, investment, and yield in an on-chain financial system. The core advantage of GRVT lies in its privacy-first design, utilizing ZKsync Validium L2 technology to achieve data privacy protection, ensuring that user trading data remains confidential while maintaining Ethereum-level security. GRVT addresses pain points of traditional DeFi platforms, such as MEV attacks and whale sniping behaviors, cleverly combining CLOB order books with ZK and settlement layers to achieve an optimal balance of privacy protection and security.
GRVT originated in 2022, with the team aiming to build a diversified financial platform that combines traditional finance and decentralized trading. To date, it has completed five rounds of financing totaling $33.3 million and is one of the most well-funded projects in the current non-token PerpDex space.
GRVT Financing Details
October 2022 Pre-Seed Round: $2.1M, led by Folius Ventures and 500 Global.
September 2023 Seed Round: $5M, led by Delphi Ventures and Matrix Partners, with participation from CMS Holdings, Hack VC, ABCDE, and Matter Labs.
March 2024 Strategic A Round: $2.2M, with participation from QCP Capital, Selini Capital, and Pulsar Trading.
January 2025 Strategic B Round: $5M, led by Further Ventures.
September 2025 Series A Round: $19M, co-led by 500 Global, Further Ventures, and ZKsync.
GRVT’s luxurious VC lineup not only validates the feasibility of its technology but also lays the foundation for compliant long-term development. GRVT has also obtained a ClassM compliance license certified by the Bermuda Monetary Authority (BMA), pioneering global regulatory PerpDex.
What are the advantages of GRVT?
In the highly competitive PerpDex arena, GRVT stands out against strong competitors like EdgeX, Lighter, and Backpack due to its unique technological architecture and business strategies. The author has organized GRVT's advantages as follows.
Technical Advantages: Privacy and Performance Balanced
GRVT adopts ZK Validium technology to hide transactions from the public memory pool, effectively preventing MEV attacks and whale hunting, achieving a minimum of 2ms transaction latency and 600,000 TPS throughput while avoiding single-point failure risks. Compared to Hyperliquid’s on-chain transactions, these features provide significant advantages for large traders and institutions.
Negative Fee Rate Advantage: The platform subsidizes transaction fees.
In the face of low fees of 0.02~0.05% from various PerpDex platforms, GRVT innovatively introduces a -0.01% Maker negative fee rate to attract traders to the platform. Placing orders not only incurs no fees but also earns rewards from negative fee rates, essentially allowing the platform to subsidize users' transaction fees to encourage point accumulation.
Institutional-grade features: Institutional Protection for Trading Volume
GRVT has designed professional APIs, risk management tools, and multi-account sub-ledger features for institutional users. Currently, 55 institutions have committed to a monthly trading volume of $4.2 billion, including renowned trading firms like Galaxy, Flow Traders, and IMC. GRVT's recent average daily trading volume reached $1.2 billion, with monthly trading volume exceeding $25 billion, rapidly climbing to the 5th position in the DefiLlama Perps sector.
Project Financing Amount Core Technology Core Differentiation GRVT 33.3M ZK Validium + CLOB Privacy Protection + Regulatory Compliance + Negative Fee Rate EdgeX undisclosed (valuation $1B) StarkEx ZK rollup Multi-chain support + High Liquidity Lighter $68M (valuation $1.5B) Ethereum ZK rollup Rapid Growth + High APY Backpack $17M (valuation $120M) Solana Wallet + Exchange Integration
In addition to the advantages mentioned above, GRVT just launched the second season of points in September, providing significant advantages for early users. Not only can they easily earn points with low-cost trading and holdings, but also it offers GLP strategy returns for users to participate in financial management. Now let's continue to explore GRVT's points season.
GRVT Points New Season Airdrop Linked to Points
The recently opened GRVT points new season S2 represents a significant upgrade to its points model, unifying the points system to allow users to earn GRVT Points through various channels, including trading volume, OI, TVL, and invitations. Each week, GRVT allocates a fixed amount of points to the reward pool, which increases based on the total trading volume for that week; for example, $2 billion in trading volume earns 100,000 points, and $4 billion in trading volume earns 125,000 points. These points will be directly linked to the amount of airdrop in the future.
According to official tokenomics, GRVT's airdrop allocation is as high as 22% of total token supply. This mechanism effectively rewards early users' trading activities, liquidity provision, and asset holdings, bringing rapid growth to the ecosystem's TVL.
Join GRVT ➡️
https://grvt.io/exchange/sign-up?ref=H3SEN2K
GRVT Detailed Points Distribution
Trading Volume (40% Weight)
GRVT calculates based on users' weekly trading volume, accumulating trading volume based on nominal value of positions, and manual UI trading has 1.5~2 times the multiplier compared to API trading, depending on different volume levels.
Taker order multipliers are greater than Maker orders, but Maker orders in GRVT have a negative fee rate. Newly listed tokens also have trading volume bonuses, making them the best way for small investors to accumulate points.
Open Interest (OI) Holding (15% Weight)
GRVT calculates based on the time-weighted value of users' positions. Weekly snapshots of users' average positions are taken, and based on the user's OI share of the platform's total OI, they can share 15% of the weekly points reward pool. Currently, the platform's total OI is about $65 million. The current OI activity enjoys a 3x bonus, making it the most recommended way to accumulate points passively.
TVL (15% Weight)
GRVT calculates the average weekly snapshot value of users' assets in their funding and trading accounts, using the same method as for holdings. Based on the user's TVL share of the platform's total TVL, they can share 15% of the weekly points reward pool. Currently, the platform's TVL is about $47 million. This method allows simultaneous scoring with trading volume and OI.
Liquidity Provision (5% Weight)
Users placing buy and sell limit orders on GRVT increase market depth. Altcoins have a higher weight compared to mainstream coins, making it suitable for market-making traders and institutions.
Liquidation Rewards (5% Weight)
If liquidation occurs during GRVT contract trading, there will also be additional points rewards, similar to Lighter, to encourage users to trade actively, but it is not recommended to attempt trades with excessively high costs.
Invitation Rewards (20% Weight)
Directly, the total scores from the trading volume, OI, and TVL of the referrer, the inviter can receive 20% of the score rewards, encouraging users to refer high-quality active users.
All GRVT points will be settled on Sundays and distributed every Tuesday. Compared to previous seasons, this season emphasizes consistency and offers different point accumulation paths suitable for both small and large fund users, achieving a balanced points system. The next chapters will introduce how to efficiently earn GRVT Points.
GRVT Trading Volume Points Accumulation Low Cost for Small Investors
GRVT points allocate 40% of weight to trading volume, and there is currently the advantage of negative Maker fees, which allows for extremely low-cost volume accumulation and even the opportunity to profit through limit orders. The cost of burning trading volume is the most suitable way for small investors to accumulate points. Currently, the cost of earning points is about $8 for each point, and the following explains how to efficiently trade volume for point accumulation.
1. Register for GRVT
https://grvt.io/exchange/sign-up?ref=H3SEN2K
First, you need to register for a GRVT account, or you can look for other X bloggers with point bonus referral links to receive a 2~30% points bonus.
2. Points Accumulation Methods
Through the negative fee rate of the Maker limit order, GRVT provides a fee of -0.01%, meaning that for every 10,000 in trading volume, you can earn $1, and the platform subsidizes your transaction fees.
It is recommended to enter by placing limit orders to accumulate trading volume, then immediately close with market orders to avoid price-induced fluctuations. GRVT does not count short-term holdings, so after the order is filled, you can close immediately. About 35,000 trading volume can earn 1 point.
3. API Volume Accumulation
If you don't have time to monitor the market and are worried about excessive manual wear, you can use API for automatic volume accumulation. GRVT also supports professional-grade interfaces, allowing users to engage in algorithmic trading. Although automatic trading has a lower point weight, it also incurs less wear than manual trading.
API volume accumulation can refer to the GitHub code shared by Your Quant Guy:
4. Cross-Platform Hedging
While opening a Maker order on GRVT, you can also hedge on other PerpDex like Lighter and ParaDex, which offer 0 fee trading, and you can take advantage of price differences and fee arbitrage between different platforms to reduce overall point accumulation costs.
GRVT allows users to earn points through trading volume and exchange for future airdrop expectations. The earlier you enter, the lower the cost to earn points. Without being overly aggressive, you can gain early bonuses. Currently, the cost per point is about $8~10. For example, with a trading volume of 1 million, the cost is $290, earning 28 points, with estimates that this will increase over time.
When accumulating points through trading volume, risk control is crucial. Small investors can leverage to amplify trading volume. The liquidity of PerpDex is not as high as CEX, leading to frequent slippage and spikes in prices. Careful stop-loss settings are necessary to avoid liquidation risks.
GRVT Holding Lying Points High-Cost Financial Management
GRVT's OI and TVL point accumulation is suitable for users with more funds. As long as you open and maintain a position, you can share the weekly points reward pool according to the OI and TVL proportions. OI and TVL each account for 15% point weight, and the actual operation and point calculation are as follows.
Open Positions for BTC & ETH Hedging
You need to prepare two accounts A and B for hedging. Assuming a demonstration with $10,000, accounts A and B will each allocate $5,000 to open positions with 10x leverage:
Account A: BTC 25000U Long + ETH 25000U Short
Account B: BTC 25000U Short + ETH 25000U Long
With BTC and ETH hedging each other, accounts A and B hedge against each other without being affected by market fluctuations. As long as BTC and ETH do not deviate too much, a single account will have a position of $50,000, totaling a holding of $100,000, and points will be distributed every Tuesday.
The holding method only requires one transaction fee to open the position. Maintaining the position allows continuous point accumulation, while putting funds in the account can also share TVL points. However, it is recommended to keep leverage within 10 times to avoid the risk of sharp market fluctuations. Daily observation of ETH and BTC deviations is advisable to adjust positions.
OI & TVL Points Calculation
Using the $10,000 to open a $100,000 position as an estimate, the calculation table is as follows, with weekly ROI exceeding 9%.
100,000U Position Platform Total OI = 100000U OI = 65MU TVL = 10000U TVL = 47M OI Proportion ≈ 0.154% Allocated Points 15% = 22500 (150K/Week) TVL Proportion ≈ 0.0213% Allocated Points 15% = 22500 (150K/Week) OI Score 34.65 + TVL Score 4.79 = 39.44 Points Point Value 986U (25U/Point)
GRVT Points Valuation Potential High Returns
GRVT's comparison analysis with peers in the PerpDex space estimates a conservative valuation of $25~35, based on a 20% airdrop allocation and an expected FDV of $500M. Early participants can achieve returns multiple times their investment. Below is an analysis of GRVT's advantages and competitive comparison.
GRVT Valuation & Airdrop Advantages
GRVT gains valuation advantages through technological innovation and financing background. Leading ZK privacy protection technology, pioneering global regulatory compliance, and unique appeal of negative fee rates, along with $33M in medium-to-large scale financing and top VC endorsements, also has support from the Ethereum Foundation.
GRVT allocated 20% of its airdrop to the Genesis Airdrop, which is greater than competitors. It also introduced innovations of 15% TVL and OI, making early participation an efficient way to earn points in a low-competition environment.
GRVT Competitive Analysis
Currently, projects that have not issued tokens in the PerpDex space are undergoing competitive analysis with GRVT. Based on FDV, TVL, and financing amounts, valuations and historical airdrop returns for token issuance projects on Dex are analyzed. It is estimated that early participation in GRVT can yield over 100% ROI, but due to reduced risk in bear markets, it is advised to allocate funds properly.
Expected Valuation for Non-Token Projects
Current Project TVL Expected FDV Expected FDV/TVL Financing Amount EdgeX 480M 800M ~1.2B 2~2.5x 8.47M Lighter 1.2B 1.5B ~2.4B 1.25~2x 68M Backpack 280M 300M ~500M 1.1~1.8x 37M GRVT 47M 300M ~600M 6~10x 33M
Token Issuance Project Points & Airdrop Returns
Project Airdrop Proportion and Points Conversion Method: Early users' average returns are Hyperliquid 31% 1:1 + Multiplicative Rewards 6~8x, Dydx V45% Tiered Conversion 2~2.5x, Drift 10% 1:1 + Multiplicative Rewards 2~3x, GRVT 20% 1:1 + Weighted Multiplicative 2x and above.
Conclusion: Seize the opportunity to accumulate points early and adjust strategies to control costs.
GRVT, as a PerpDex project with high financing, technological innovation, and regulatory compliance, demonstrates its unique advantages in the competitive PerpDex landscape. In the past two months, it has launched new point activities, and with the promotion in the Chinese region, both TVL and OI have gradually increased, while the GLP treasury strategy further validates the product's revenue strategy.
In the world of DeFi interactive points accumulation, timing is often more important than strategy.
This article consolidates various point accumulation channels. The author suggests participating early to seize the early bonus of point accumulation after fully understanding the risks, using reasonable holding strategies and trading volume consumption to control costs and grasp the excellent opportunity for early participation in GRVT!
This report is for informational sharing purposes only and does not constitute any form of investment advice or decision basis. The data, analysis, and views cited in this report are based on the author's research and public sources, which may contain uncertainties or may change at any time. Readers should make investment judgments prudently based on their own circumstances and risk tolerance. For further guidance, it is recommended to seek professional advisory opinions.
