Extended, a crypto derivatives exchange built by former Revolut executives, says it is preparing for a token launch as it works on a regulated push into Europe after processing nearly $190 billion in perpetual-futures volume.
The exchange said in an Aug. 21 update on X that its planned European structure is now shaping preparations for a token generation event (also known as TGE).
Over the past 1.5 years, Extended has grown into a proven crypto native trading venue with strong adoption, deep liquidity and a rapidly expanding product offering.
We launched a novel implementation of RFQ markets, enabling endless markets…— Extended (@extendedapp) August 21, 2026
Extended didn't provide a launch date, ticker or token allocation. But it said it is working on the legal structure surrounding the token, setting up corporate entities needed for the launch and developing its tokenomics.
"Full tokenomics will be shared ahead of TGE," the team added.
A token launch built around Europe
Extended tied the TGE preparations to a broader attempt to create a regulated European business.
The exchange said the setup is intended to open two channels that its existing crypto-native operation can't currently provide.
- This includes direct access to EU retail customers and distribution through CFD brokers, fintech companies and other consumer platforms.
The team also said it has already partnered with what it described as "one of the largest CFD brokers," without naming the company, and has built a network of more than 500 affiliates without paid marketing.
The European structure will also support future products including spot trading, according to the company. Extended currently focuses primarily on perpetual futures and says it has expanded to more than 280 markets, including more than 100 tied to real-world assets.
Nearly $190 billion before a token
The TGE would come after Extended has already built considerably more trading activity than many tokenless exchanges manage before launching an asset.
DefiLlama's data shows the exchange generated over $190 billion in cumulative perpetual-futures volume, including roughly $6.5 billion over the previous 30 days.
Protocols on Starknet by TVL. Source: DefiLlama
Protocols on Starknet by TVL. Source: DefiLlama
- Built on Starknet, Extended is also the network's largest protocol by total value locked, with nearly $125 million in TVL, putting it well ahead of other projects on the chain.
Extended (formerly known as X10) was built by a group of former Revolut employees led by Ruslan Fakhrutdinov, Revolut's former head of crypto operations.
- Its own documentation says Fakhrutdinov is joined by a CTO Dmitrii Krasovskikh, who previously helped architect four crypto exchanges, including Revolut's crypto exchange.
The company emerged from stealth in April 2024 with $6.5 million from Tioga Capital, Semantic Ventures, Cherry Ventures, StarkWare, Cyber Fund and angel investors including Lido co-founder Konstantin Lomashuk.
- Another $12.5 million arrived this July in a strategic round led by eToro, with Jump Crypto also participating, bringing Extended's publicly disclosed funding across the two rounds to at least $19 million.
- The deal also included plans to integrate Extended's perpetual-futures technology with Zengo, the self-custody wallet acquired by eToro earlier this year.
Community reaction
The update didn't exactly calm traders. Replies were packed with complaints that Extended was once again kicking the TGE down the road, with some users saying they were tired of farming points without a launch date and others simply asking, "When TGE?"
The frustration isn't coming out of nowhere. Extended has been running its points program since April 2025, and by early 2026 multiple reports were citing earlier comments from CEO Ruslan Fakhrutdinov that pointed to a TGE in the first half of 2026.
Millions of points just got wiped
The TGE confirmation also puts new attention on Extended's long-running points program.
Earlier this month, Extended removed more than 5 million points from over 4,000 accounts after a review identified activity including wash trading, self-referral abuse and Sybil operations.
The purge left roughly 64.6 million points outstanding as of Aug. 10. The removed points were returned to the program rather than permanently destroyed, leaving its overall distribution cap at 70 million points, according to Extended's announcement.