The launch is real; access is still gated
Reya confirmed the v2 orderbook live on 28 September. The initial private-beta group comprises selected Season 1 traders and institutional market makers. Other users can join the waitlist; Golden Tickets are planned after the first market-rollout phase.
An announcement that trading is live does not mean every wallet can trade. The immediate step is to check admission in the official application, rather than interpret a waitlist entry as a funded trading account.
Season 1 and Season 2 are separate allocations
The season announcement designates Season 1 for snapshot at launch and adds a Season 2 pool of at least 3% of token supply. It recognizes genuine trading, open interest and eligible liquidity activity, with anti-sybil checks. A fixed end date and conversion ratio have not been supplied.
This is a new measurement period rather than a reset of the earlier season. When comparing balances, match the displayed season before interpreting a difference as missing points.
Use the account’s actual fee tier
The production fee schedule lists tier 0 at 0.03% for both makers and takers; a separate tier 102 has zero maker fees. A $10,000 fill at the tier-0 rate costs $3 before funding or price movement.
Those entries are account tiers, so a zero-maker entry is not evidence that every participant receives it. Admission to beta and Season 2 eligibility should be checked separately from the fee tier actually assigned to the account.