Paradex and Backpack both airdropped 25% of supply
Paradex's pool is worth $9.5M today. Backpack's is worth $242M
Same percentage, 25x apart
Hyperliquid gave 31%. That pool is worth $29B today
The percentage is the single least informative number in a tokenomics announcement
What each drop is worth now:
▪️ Hyperliquid, Nov 2024: 310M HYPE to ~94,000 wallets. At $93.66 that's $29B, roughly $309k per wallet average
▪️ Aster: 53.5% on paper, but only 704M tokens unlocked at TGE. At $0.71 that day-one pool is $500M, the rest vesting over 80 months
▪️ Backpack, Mar 2026: 250M BP, now $242M at $0.9668. BP is at an all-time high today, up 109% in a week
▪️ Paradex, Mar 2026: 250M DIME, now $9.5M at $0.038. Down from $0.060 four days ago
▪️ Variational, Q4 2026: 32%, fully unlocked at TGE, FDV not set
> Aster's 53.5% headline came with the tightest day-one float of the five
> Paradex matched Backpack's 25% and paid 25x less, because DIME's entire FDV is $38M
Insider allocations, same five:
▪️ Hyperliquid: 23.8% core contributors, no VC bucket, nothing raised externally
▪️ Backpack: 0% tokens to team or investors, who hold equity instead
▪️ Aster: 5% team, one-year lock
▪️ Paradex: 25.1% core contributors plus 13.4% to Paradigm shareholders
▪️ Variational: 50% team and investors, on $50M raised
No project here published an official points-to-token rate, so per-point value can't be calculated from public data, only pool totals can. And these span two years of very different markets