@Sakura please summarize this article, thanks uwu.
TLDR:
A quick overview of the current landscape of pre-token PERP DEXes, highlighting key players and their statuses. 
Key Points:
- @paradex is nearing its Token Generation Event (TGE) with points trading at ~1x payout odds.
- @variational_io is expected to lead the pre-token PERP DEX market.
- @liquidtrading is in early stages, having raised $20M, with affordable points.
- @edgeX_exchange has delayed its TGE but continues to generate fees.
- @OstiumLabs raised $30M, focusing on differentiation in the market.
In-depth summary:
The article provides a concise summary of various pre-token PERP decentralized exchanges (DEXes) and their current statuses as of January 2026. It highlights that @paradex is on the verge of its Token Generation Event (TGE), with points currently trading at approximately 1x payout odds. Meanwhile, @variational_io is positioned to become a leading player in this space, indicating strong potential for growth and adoption.
Other notable mentions include @liquidtrading, which is still in its early phases but has successfully raised $20 million, making its points relatively inexpensive. @edgeX_exchange has experienced a delay in its TGE but continues to generate fees, suggesting ongoing interest and activity despite the setback. Additionally, @OstiumLabs has raised $30 million, focusing on differentiating itself in the competitive landscape of PERP DEXes.
The article also touches on several other projects, including @Backpack, which is not considered a true PERP DEX, and @OfficialApeXdex, which is criticized as lacking substance. Overall, the piece paints a picture of a rapidly evolving market with various players vying for attention and investment.
ELI5:
This article talks about different new trading platforms (DEXes) that let people trade cryptocurrencies before they officially launch. Some are doing really well and getting ready to launch their tokens, while others are still figuring things out. It’s like a race to see who can get their trading platform up and running first! 
Writers main point:
The main point of the article is to provide a snapshot of the current state of pre-token PERP DEXes, highlighting which ones are promising and which ones may not be worth the investment.