The Alpha of the "Second Half" of the bull run: Why your investment portfolio must have a top-tier DEX that hasn't issued a coin?

Author: Alex

As the bull market train roars into the "second half", the scenery outside the window has undergone subtle changes.

The revelry of the "first half" belongs to the grand narrative of Bitcoin ETFs, the emotional frenzy of Meme coins, and those assets that are the easiest to understand and the easiest to be FOMO-driven. At this stage, capturing the market's beta and riding the trend can yield substantial returns.

But now, the rules of the game are changing. As the liquidity in the market begins to seek more solid value support, and when the "smart money" starts to shift from chasing hot spots to laying out for the future, a deeper question presents itself to every investor: where exactly is the next stage of excess returns (Alpha) that can traverse cycles hidden?

The answer may be simple: it is hidden in those top-tier protocols that you cannot directly buy with money in the secondary market yet, which have not yet issued tokens. Having such a top-tier DEX protocol in your investment portfolio is the most crucial piece of the puzzle in the battle at the peak of the bull market.

Why is it a "non-issued token" DEX?

The last opportunity before the "value catalysis": Let’s review history. Uniswap was an excellent product before the TGE; after the token issuance, UNI became one of the "holy grail" assets in the entire DeFi world. The airdrop of dYdX created countless wealth myths. History has repeatedly proven that the TGE itself is a thrilling leap for a protocol from "product" to "asset," and it is the strongest catalyst for the market to conduct a "violent revaluation" of its value. Investing in a mature DEX with issued tokens means you are sharing its "linear" business growth. On the other hand, participating in a top-tier DEX that has not issued tokens means you are anticipating its "exponential" value explosion.

The transition of identity from "buyer" to "owner": For a protocol that has already issued tokens, you can only become a "buyer." For a protocol that has not yet issued tokens, you have the opportunity to become its "original shareholder" through genuine contributions (trading, participating in the community). This is a fundamental difference. What you gain is no longer just the profit from price fluctuations, but the most original and clean "equity" that comes from your hands-on involvement in building. Airdrops are not "benefits", but rather a realization of your value as a "co-founder".

The definition of "top-tier": How to choose that "champion horse"?

Of course, not all unlaunched DEXs are worth your valuable time and investment. In the latter half of a bull market, the criteria for selection will become more stringent than ever. It must be:

An architectural "evolver": It must be able to resolve the fundamental contradictions of "security" and "performance" that predecessors like dYdX and Hyperliquid have not perfectly solved.

An economic "revolutionary": It must possess an "ownership" model that is fairer, more sustainable, and more unifying than existing point games.

An "ambitious" entity aiming for the endgame: Its goal must be the stars and the sea – to become the next generation "on-chain financial operating system", rather than just another trading application.

When we use these three most stringent "yardsticks" to measure all the competitors yet to debut in the current arena, the name QuBitDEX stands out remarkably.

Its ZK-native sovereign chain architecture is the ultimate unification of "performance" and "security."

Its commitment to a fair launch with "no VC" is precisely about building the most thorough "ownership economy".

Its grand vision of being the "on-chain Nasdaq" showcases its immense ambition to become an "infrastructure."

In the first half of a bull market, we go with the flow. In the second half of a bull market, we must become strategists.

Take a look at your investment portfolio. Besides those "veterans" that have already brought you returns, have you also reserved a spot for the most exciting "dark horse" for the future?

Go find that top DEX protocol that has not yet issued tokens, which you believe in the most, and then use your contributions to exchange for its future. Because this may be the last and also the most delicious piece of cake in this feast.