ICO Watch

P2P Protocol is a non-custodial fiat-to-stablecoin on/off-ramp that matches users to merchants on-chain based on staked USDC, processing trades in under 90 seconds across local payment rails like UPI, PIX, and QRIS without custodying funds or retaining user data; currently live on Base with $4M monthly volume and expected Solana deployment. The $P2P token is staked by Circle Admins and delegators to earn revenue share from transaction fees, backstop insurance pools for dispute resolution, and participate in parameter governance as the protocol expands permissionlessly through community-backed Circles of Trust.

Octra is an upcoming, general-purpose confidential computing L1 that allows computations on data while keeping that data fully private using fully homomorphic encryption (FHE); the $OCT token will serve as a gas token for computations and transactions on the network. As of Dec. 19th, 2025, the Octra public sale has been postponed indefinitely.

USD.AI is a permissionless lending protocol designed to set the interest rate of artificial intelligence by turning GPU hardware into tokenized collateral, enabling AI companies to borrow against real infrastructure while depositors earn yield from GPU-backed loans through USDai (a PYUSD-overcollateralized stablecoin) and sUSDai. The $CHIP token governs the USD.AI DAO, allowing holders to vote on protocol parameters, approve curators, direct treasury allocation, and stake in the insurance module to protect lenders against bad debt. NOTE: Only U.S. accredited investors are allowed to participate.

Huddle puts RTC video chat on crypto rails and is the largest DePIN on Arbitrum, powering communication, capital markets, and compute through four products: Meet, Cloud, House, and HuddlePad. It blends enterprise and consumer use cases to support a multi-faceted revenue model.

CAP is the first stablecoin protocol to outsource yield generation in a programmatically and fully covered manner. Whitelisted wallets can participate in early bidding. The public can participate after the early bidding period. Whitelist will include top Cap points holders and strategic partners.

Flying Tulip is a unified onchain financial system founded by Andre Cronje that allows users to deploy the same collateral across multiple DeFi primitives within a single protocol architecture, including spot trading (AMM + CLOB), lending, perpetual futures, insurance, and a native stablecoin (ftUSD); details about the $FT token remain largely undisclosed, though it is expected to serve as a governance token with protocol revenues potentially supporting ecosystem development and certainly supporting token buybacks according to protocol rules. NOTE: Primary raise contributors receive FT tokens wrapped in an NFT with a "Perpetual PUT" — a standing redemption right that allows them to redeem their original contribution at par at any time, though this right is permanently forfeited if tokens are unlocked for trading.

Zama is a crosschain confidentiality layer that uses fully homomorphic encryption (FHE) to power confidential smart contracts and assets on existing public blockchains, with the $ZAMA token used to pay USD-denominated protocol fees and to secure and govern the network via staking. The raise is starting at a $55M Floor FDV.

Immunefi is building a full-stack security platform for crypto, an AI-powered protection platform that unifies audits, bug bounties, monitoring, and threat detection to stop hacks before they happen; since 2020, it has prevented $25 billion in losses while securing 650+ protocols. The $IMU token aims to align incentives across protocols, security researchers, and community members, intending to power the entire Immunefi ecosystem.

Trove is a perp DEX for collectibles, RWAs, equities, and prediction markets. Users with 250,000 - 10,000,000 Trove points get 10% - 20% more filled on their contributions, than users without Trove points.

Infinex is a crosschain, non-custodial "crypto superapp" that offers CEX-like UX around trading and portfolio management while keeping assets fully onchain under user control; the $INX token will facilitate governance, incentives, and revenue sharing. Registrations begin December 27th. Post sale, a further 2% will be sold via Uniswap CCA.

Ranger Finance is a decentralized finance trading infrastructure platform built on Solana.

Solstice is a yield stablecoin protocol on Solana, anchored by USX, a Solana-native stablecoin with $325m+ TVL, and YieldVault, which offers institutional-grade delta-neutral strategies to users; the $SLX token will be used for governance, enabling holders to vote on protocol parameters including risk budgets, incentive allocations, and ecosystem decisions as the protocol decentralizes over time.

Gensyn is a decentralized compute L2 purpose-built for machine learning, allowing independent computers to jointly train and run AI models without centralized cloud providers; details about the $AI token are scarce for now, but presumably it will be used for to pay for machine learning tasks and beyond.

Rainbow is a popular self-custodial wallet for EVM networks that offers user-friendly mobile and desktop experiences; the $RNBW token will be used for rewards and revenue-sharing via buybacks.

Football.fun (part of the broader Sport.Fun ecosystem) is an onchain fantasy sports platform on Base where users collect, trade, and own shares of real-world football (soccer) players as tokenized assets; the $FUN token will power utilities like buybacks and player rewards across multiple sports.

Aztec is a privacy-first Layer 2 on Ethereum that enables fully encrypted smart contracts and private transactions through zero-knowledge proofs (ZKPs) and client-side proving, ensuring user data remains confidential while retaining network auditability; the $AZTEC token will be used to incentivize the decentralized network of sequencers and provers while enabling protocol governance.​

Monad is a high-performance Layer 1 blockchain that utilizes parallel execution and highly technical optimization to supercharge the Ethereum Virtual Machine (EVM), offering developers full EVM compatibility with substantially higher throughput; the $MON token is used to pay for transaction gas fees and to secure the network via Proof-of-Stake consensus.

MegaETH is a high-performance, EVM-compatible Layer 2 that brands itself as the "first Real-Time Blockchain," capable of processing over 100,000 transactions per second with millisecond latency by decoupling transaction execution from state updates; the $MEGA token is expected to serve as the native gas token for the network and facilitate decentralized governance. For the sale: U.S. accredited investors only.