Cascade Guide: Invite-Only Private Beta Points Program and Referral System Explained
What's Happening
Cascade is a perpetual markets platform for crypto, US stocks, and private assets, operating 24/7 with fiat settlement. Led by Polychain Capital, with participation from Variant and Coinbase Ventures, it has raised a total of $15 million. It currently runs an invite-only private beta. No token has launched yet, but a trading-volume-based points system and referral program are active. No formal season structure or airdrop has been announced.
What You Should Do
- Get an invite code (via referral from an existing user, or earn one yourself for every $100,000 in trading volume).
- Register at cascade.xyz and deposit funds via wire, ACH, or stablecoins.
- Trade perpetuals on crypto, US stocks, and commodities (such as crude oil and Brent) to accumulate points.
- Earn an extra 20% of the points generated by people you invite—and by the people they invite in turn.
Referral codes are granted once per $100,000 in trading volume, at a minimum interval of once every 48 hours. Users who have reached $100,000 in trading volume will see their code displayed in the "Network" section of the dashboard.
Past Seasons & Distribution History
No formal season structure or token distribution has been announced yet. Since the private beta launched in mid-April 2026, trading-based points have been accumulating continuously. Cascade announced surpassing $100 million in trading volume on April 22, 2026, and $1 billion on May 26, 2026. The points cap, snapshot date, and claim deadline all remain unannounced.
Things to Watch Out For
- Since this is invite-only, you cannot participate without a code.
- On July 15, 2026, an exploit targeting the CLS vault resulted in $1.3 million worth of user funds being drained. The funds were later recovered, and on July 28, all accounts were restored to their pre-incident balances—but concerns about the security setup remain.
- No auditor name or audit status has been disclosed.
- Tokenomics, supply, and distribution conditions are all unannounced, so it's unclear whether points will translate into a future airdrop.
- Because it handles perpetuals on US stocks and commodities, its regulatory status could change.
- If you're already trading, referring or being referred is often more efficient than generating your own codes.
Sources
24/7 perpetual markets for crypto and US stocks
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