Is there an N1 airdrop?
None has been announced. N1 has no token, and its site, docs and blog don't mention an airdrop. What it runs is N1 Points. The launch post says the points "will unlock future rewards across the N1 network" and doesn't say what those rewards are.
Season 1 started on 11 August 2026. It hands out a fixed 1,987,000,000 points: 75 million a week for 26 weeks, plus 37 million for two earlier weeks. N1 says it isn't planning to continue the program beyond the second quarter of 2027 and that it may end sooner. The docs add that the Season 1 rules are "still being finalized".
What N1 is
N1 calls itself "a Layer 1 blockchain built for trading". Its live product is N1 Exchange, a perpetual futures exchange with 40 markets margined in USDC when we checked on 7 October 2026. One of them, TCGX, tracks an index of trading cards.
The project used to be called Layer N and was renamed in December 2024. It announced the acquisition of 01 Exchange in July 2026 and launched N1 Exchange on 11 August. Sign-up is still by invitation: the app calls itself "N1 Private Mainnet".
How N1 points work
Points are distributed weekly, and N1 publishes no formula. The launch post says they reward traders who bring liquidity and activity. A status called Momentum rises with consistent weekly activity and increases your share of each week's pool. There is no public leaderboard, so balances are private.
Referrals unlock after $1,000 of trading volume. The referrer gets 10% of the fees their referred traders pay, and the referred trader gets 5% off fees. The referrer's share of points is 10% in the launch post and 5% in the docs. Points earned earlier on 01 will be converted when the program ends, at a rate N1 will set then.
N1 airdrop step-by-step guide
- Check that you can use it. You must be 18 or older. The app blocks the United States, Canada, the United Kingdom, China, Russia, Venezuela and sanctioned countries, and the terms prohibit using a VPN to get around the block.
- Get an invite code or a referral link. The sign-up screen sends people without one to N1's Discord.
- Open app.n1.xyz, choose Sign Up, enter the code, and sign in with email, Google or a Solana wallet.
- Deposit USDC. From Solana it goes through N1's Proton bridge. From other chains the app routes it through Unifold.
Warning Your funds sit on a network that N1 says runs "with a curated operator" today, and its validators can halt withdrawals.
- Place a perpetuals trade. At the entry tier, makers pay 0.01% and takers 0.035%.
Warning This is real money with leverage of up to 50x on BTC and ETH. N1's own security page says: "Perpetual futures are leveraged, and leverage magnifies losses."
- Check your points each week on the Rewards page.
Join N1Opens app.n1.xyz
N1 costs and fees
Trading costs 0.01% for makers and 0.035% for takers at the entry tier, and the rates fall with volume. Perpetuals also carry funding payments and a liquidation fee. Withdrawing to an outside wallet costs 1 USDC. The docs give no minimum deposit; the bridge's own settings showed 1 USDC when we checked.
N1 risks and eligibility
- Points have no stated payoff, and N1 says the eligibility rules, boosts and dates may still change.
- The terms of service are dated October 2025 and don't mention points at all. No rule on wash trading or multiple accounts is published.
- The only public audit is Zellic's review of the bridge from March 2025, which found no critical or high severity issues. Nothing is published for the exchange itself.
- Newer markets such as TCGX can be paused or limited to closing trades. The docs say a pause doesn't guarantee an immediate exit.
- Sign-up has no identity check, but the terms allow the operator to run one and to end your access.
Who is behind N1?
The terms name Null Studios Inc., a Delaware corporation, as the operator. The co-founders named at launch are Dima Romanov, David Cao and Sheheryar Parvaz. N1, then called Layer N, announced a $5 million seed round in September 2023, co-led by Founders Fund and dao5 with Kraken Ventures among the others. N1 also lists IMC, Amber and GSR as backers and has published no later round.
Sources
- Day One For The N1 Exchange N1 blog,
- N1 Points N1 docs
- Referrals N1 docs
- Perpetual Trading Fees N1 docs,
- Deposits and Withdrawals N1 docs
- Discovery Markets N1 docs
- Is N1 Exchange Legit and Safe? Security and Trust N1
- About N1: From Layer N to N1 and N1 Exchange N1
- N1 is acquiring 01 N1 blog,
- Layer N raises $5M from Peter Thiel's Founders Fund N1 blog,
- Null Studios Terms of Service Null Studios Inc.,
- N1 app: sign-up screen and markets N1,
- N1 Bridge Solana Application Security Assessment Zellic,
This guide explains how the program works. It isn't financial advice, and no airdrop is guaranteed. Check N1's official channels before you connect a wallet or deposit funds.
