A one-sentence summary of pre-coin PEP DEXs: 1. Paradex is about to have its TGE, currently offering 1x odds on OTC tokens. 2. Variational will definitely become the leader among pre-coin PEP DEXs. 3. Liquid is a very early-stage project, having raised $20 million, with very low token costs. 4. Edgex's TGE has been delayed, and it's expected to decline starting from the third-largest player. 5. GRVT has been consistently manipulative, and its data has consistently been poor. 6. Backpack doesn't count as a PEP DEX. 7. I don't know much about Extended, but it seems average. 8. Apex is a complete failure, somewhat speechless. 9. Ostium has raised $30 million, focusing on RWA for differentiation. 10. Pacifica was formerly FTX. CMO's involvement: 11. Standx team has a strong background and a high TVL. 12. Reya is about to have its TGE, with good investor background. 13. Based is about to have its TGE, with a huge early-stage cost advantage. 14. astros.ag Sui ecosystem project's favored child. 15. Decibel's parent company, Aptos, has a limited circulating market capitalization; does it really want to fly? 16. Nado Kraken's favored child, airdropping INK tokens. 17. Avantisfi is unknown and I don't know much about it. 18. trade.xyz Hype ecosystem, will become the leader in the crypto-stock DEX market.