DEX

Memecoin POPCAT fell 43% on Wednesday after a trader executed a manipulation scheme on Hyperliquid, a decentralized exchange. An unknown actor withdrew $3 million USDC from OKX, distributed funds across 19 wallets, and built long positions worth $20 million to $30 million on POPCAT. The trader then abruptly removed a $30 million buy wall, triggering mass liquidations totaling approximately $63 million.

Uniswap founder Hayden Adams introduced the UNIfication governance proposal, featuring protocol fee implementation, an $842 million token burn, and a buyback mechanism. UNI surged over 63% within one week, reaching $10 before settling near $8.57. The proposal allocates 0.3% of trading volume between liquidity providers (0.25%) and a buyback pool (0.05%), with projected annual buybacks of approximately $450 million.

Dromos Labs launched Aero, a unified liquidity hub connecting Aerodrome on Base with Velodrome on Optimism, with plans to expand to Ethereum mainnet and Circle's Arc blockchain. The company also released MetaDEX 03, an operating system designed to enhance cross-chain functionality and boost liquidity provider revenue through dual AER and REV engines. Aero is scheduled to launch in Q2 2026, merging AERO and VERO tokens into a single asset with an initial distribution of 94.5% to AERO holders and 5.5% to VELO holders.

Uniswap's native token rose 40% following the announcement of protocol fee switching plans for token buybacks and burns. The proposal includes burning 100 million UNI from the treasury, with co-founder Hayden Adams citing regulatory constraints under the previous SEC administration as the reason for earlier delays.

Lighter, a Layer-2 decentralized exchange, has closed a $68 million funding round at a $1.5 billion valuation. Founders Fund and Ribbit Capital led the investment, with participation from Haun Ventures and Robinhood. The already-profitable platform plans to launch spot trading and pursue global expansion.

Binance will support the Stacks network upgrade scheduled for block height 923,222 on November 11 at approximately 19:00 UTC+2. STX deposits and withdrawals will be suspended starting at 18:00 UTC+2, while trading remains active. Separately, Hex Trust has integrated STX and sBTC into its custody platform, enabling institutional access to Bitcoin-layer DeFi products.

Uniswap activated its protocol fee switch on November 9, 2025, targeting fraudulent pools on the Base chain. The governance decision affects nearly $208.07 billion in volume, with analysis showing approximately half attributed to fraudulent activity. UNI price surged over 35% within 24 hours following the announcement.

Solana has generated $2.85 billion in total protocol revenue, with monthly averages of $240 million and peaks above $600 million, according to a 21Shares report. The ORE protocol recently exceeded $1 million in daily revenue. Solana leads all blockchains with 10,733 active developers, data show.

Hyperliquid has launched a borrowing and lending module on its Hypercore testnet, enabling users to borrow, supply, and withdraw assets directly onchain. The BorrowLendingProtocol (BLP) currently supports USDC and PURR during testing. The development follows Hyperliquid's October performance of $303 billion in trading volume, leading perpetual decentralized exchanges.

Total Value Locked in decentralized finance protocols fell to $131.58 billion from $172.65 billion on October 7, a 24% decline representing over $42 billion in outflows. The withdrawal wave began after Stream Finance disclosed a $93 million loss on November 4, triggering depegging events across multiple yield-bearing stablecoins including Elixir's deUSD and Stable Labs' USDX. The broader stablecoin market contracted by $2.5 billion during the first week of November.