Not only does it enable sequencing and orderflow control for its own native DEX, it also offers it for...Jupiter/Raydium come to mind as the native DEX on Solana, Uniswap for Ethereum, and so on....The liquidity is deeper, the tickers are familiar, and the brand gravity is immense.

...before analyzing the core value drivers, let’s first unpack the current state of the perps and spot DEX...Consequently, any perps DEX can spin up perps for any asset across any chain....As long as an oracle exists, any perps DEX can support any asset....Said differently, in the perps DEX world, product is what matters.

Ecosystem Updates DEX volume on Sui has consolidated from the highs of the previous quarter, but we can...In addition to MetaStables, Aftermath launched a Perp DEX on testnet....For example, a popular trading pair on a DEX can independently adjust fees according to its needs.

Thala’s most successful product to date is its DEX, Thalaswap....Concentrated liquidity pools would make Thala a fairly complete DEX offering....The DEX on its own is not super differentiated, but it does not need to be....Mirage is the marriage between a CDP-stablecoin protocol and a perps DEX....But Mirage also has a perpetuals DEX.

...time and resources tackling MEV at the protocol and dApp level, most users don’t truly understand the gravity...CEX-DEX Arbitrage Paladin doesn’t stop at on-chain opportunities....It extends its reach to CEX-DEX arbitrage through a clever permissionless bulletin board system.

For example, the DEX to CEX spot volume ratio has grown to 20% this year, thanks to popular applications...Private DeFi have boasted a combined $300M in monthly volume throughout 2024, or 0.04% of the total DEX...Over the next 5-10 years, we estimate the total DEX monthly volume could hit $5.4T, with privacy protocols...

...recently, the ratio between decentralized and centralized exchange volume has reached historic highs, with DEX...The growth of memecoins on Solana has helped Raydium capture a large market share in the spot DEX market...success of Hyperliquid and Raydium demonstrates the massive untapped demand for institutional-grade DEX...

Even today, in a much less frothy market, Pump assets are still driving ~40% of monthly DEX transactions...Pump-related assets accounted for over 40% of all Solana DEX volume at their height....Even now, they consistently make up about 25% of total DEX volume, a staggering figure for a single launch...In short, Pump didn’t just launch a DEX.

Let’s roll back the clock to Nov. 2023: Solana’s DeFi TVL held steady at ~$400M, daily DEX trading volumes...A quick hop back to the present: TVL has grown to $12B (30x), daily DEX trading volumes have touched...dominant in Total Value Locked (TVL), Solana has outpaced Ethereum in activity-based metrics, including DEX...

What were the wins for DEX protocols this past year?...This enables CEX-DEX arbitrage on any volatility within the 12-second block....building a DEX like assembling LEGO blocks....Fluid DEX For the first time since Curve’s stableswap, another DEX could challenge Uniswap’s dominance...AVNU is Starknet’s leading DEX aggregator.

...throughput chains are meaningfully better in execution and user experience, and start to seep into DEX...Shadow Exchange, a DEX on Sonic, has the 4th highest 30-day revenue.

In my last alpha feed, I covered the two early DEX contenders on Hyperliquid’s L1, the HyperEVM.

...if Celestia is powering >99% of the rollup’s data, it captures none of the cultural or financial gravity...

Users can stake WEMIX for a 5.3% APR or interact with their DEX, PNIX, where tokens like CROW and DRACO...Its blockchain arm, built around the WEMIX platform, spans a blockchain, DEX, NFT marketplace, and a...

The TVL on Fuel Ignition has dropped below $10mn with DEX trading volumes consistently below $1mn per...A DEX scans these pending orders (predicates) to create a limit orderbook....Let’s say the DEX wants to enable application-specific sequencing (ASS)....The predicate creation process adds another constraint: the need to sign off on transactions with the DEX...

...collateral within the Elixir ecosystem, accepted by nearly all of Elixir’s decentralized exchange (DEX...

...from the Bermuda Monetary Authority (BMA) in December 2024, GRVT stands as the world’s first licensed DEX...The goal: increasing the market share of institutional DEX trading volume.

...to help developers understand what kinds of actions users do the most on a certain product (like a DEX...

This time though, I’m diving into Kittenswap — a ve(3,3) DEX with HL- style tokenomics and multiple points-farming...making $KITTEN a compelling bet once it TGE’s – especially since Hyperliquid remains neutral in the DEX...As mentioned, the HyperEVM is still in its infancy (just over $900 million in total TVL & weekly DEX...

Additionally, DEX-only launches present a significant obstacle for teams targeting institutional buy...They opted for a DEX-only launch on Arbitrum and Solana with 100% unlocks for the community, investors...Their multi-chain, DEX-only strategy has shown promising results, with their FDV expanding from $35M...