”) but rather it is a symptom of three structural advantages unique to DEXs: Access: DEXs offer unparalleled...In other words, almost anyone anywhere can use DEXs without having to KYC....Consequently, DEXs get a first-mover advantage on nearly all token listing....of perps DEXs, these venues inherently support a much broader scope of tokens.

Built on a Delegated Proof of Stake (DPoS) model, Elixir is cross-chain and composable, enabling DEXs...It is worth noting that given the inherent lack of liquidity and open interest (OI) on DEXs, Elixir will...While the eventual goal will be to move the entirety of the mechanism onto DEXs once there is sufficient...

This growth of DEXs is also due to increased demand for long tail pairs which are on-chain compared to...The bull market, demand for long tail assets, improved performance has led to increased appetite for DEXs...Its latency advantage positions it to further accelerate the shift towards DEXs.

...execution-parity with other DEXs while circumventing the liquidity bootstrapping phase....While 2024 saw substantial upgrades in many DeFi sub-sectors, DEXs remained relatively unchanged....DEXs had a lackluster 2024. What were the wins for DEX protocols this past year?...Orderbook DEXs Onchain trading has two competing systems: Orderbooks and AMMs.

As one of the largest DEXs in crypto, its opportunity cost far outweighs the downsides of transitioning...While most DEXs are constrained to Ethereum’s base-layer builders and proposers, Angstrom inverts this...Traditional DEXs operate in a vacuum – blind to real-time prices until arbitrageurs update the state.

DEXs can focus on reducing latency and increasing throughput.

History of DEXs and the Evolution of Liquidity Provisioning Before entertaining the future ahead of us...Decentralized Exchanges (DEXs) have experienced a vast evolution....Counterintuitively, the earliest DEXs closely mirrored more of an order-book model....Taken to its logical conclusion, on-chain order-book DEXs would never compete with their centralized...

Since then, we’ve sprinted through eras of traditional finance at breakneck speed: DEXs, perpetuals,...

...execution time under only 20 milliseconds – very competitive with CEXs and much faster than most other DEXs...The goal is to capture trading flow that would otherwise remain on CEXs or other DEXs, offering a seamless...The vast majority (85%+) of trading volume on the chain’s DEXs comes from USDC, USDT, and APT.

, Euler, Kamino, Vesu), and is now emerging in asset management (IPOR Fusion, Tokemak, Arcadia) and DEXs...with substantially powerful and lucrative positioning, occupying a similar role of aggregators for DEXs...

Identity Crisis Recent explosions in Stablecoin adoption and on-chain perpetual decentralized exchanges (DEXs...

This gets even more difficult in dynamic, runtime-dependent applications like DEXs.

Historically, if you asked me which model is more defensible — DEXs or aggregators — my answer would...be undoubtably DEXs....Conversely, given DEXs own the liquidity layer, there are much higher switching costs associated with...Importantly, there are two flavors of intent-based DEXs....Presently, DEXs capture far more value than front-ends.

LVR-aware DEXs etc) as well as closer to the metal (e.g. encrypted mempools, TEEs, etc) — will disproportionately...In other words, solvers can either fill user intents through multiple on-chain DEXs, directly through...DEXs become back-ends: The ultimate winners of this first trend will be whoever owns the end-user as...

Railgun) like 0xAPI to source liquidity from external DEXs, then shield the resulting assets back into...

...exchange (DEX), initially created to capitalize on Terra’s success, positioning itself as one of the top DEXs...Naturally, with both being DEXs, Astroport and Osmosis are often in direct competition....in Astroport’s success, making them more likely to deploy liquidity on Astroport as opposed to other DEXs...

The top two DEXs by TVL on the HyperEVM today are Hyperswap ($57M) and Kittenswap ($32M)....Early DEXs that aligned emissions, governance, and community often captured the most value – regardless...

The following section covers four different embedded sectors: DEXs/derivatives, money markets, Telegram...

...matter to allocators: (i) rewards do not dilute as TVL grows, (ii) PLUME is already liquid on CEXs/DEXs...

Furthermore, we will apply this framework to six unique verticals: Money Markets, DEXs, Stablecoins,...