DEX

Hyperliquid closed out 2025 with $844 million in revenue, $2.95 trillion in trading volume, and more than 600,000 new users. Perpetuals generated $848.33 million in fees, while Bitcoin led activity at $1.16 trillion. The exchange also reported $3.87 billion in net inflows and expanded HIP-3 listings to global equities.

On December 28, 2025, OKX CEO Star Xu called for decentralized exchanges and trading bots to meet exchange-level security standards after weekend exploits exposed risks. He warned that many bot products store users' private keys on centralized servers, and highlighted OKX's planned smart accounts using TEE and the conceptual OKX Pay. The Flow team said about $3.9M was moved off-network in a recent attack.

In late 2025, crypto breaches escalated as Chainalysis tallied $3.4 billion in losses for the year. During Christmas week, Trust Wallet disclosed a $7 million Chrome-extension breach, while DeBot confirmed a $255,000 theft traced to a server in Japan; OKX's Star Xu cautioned that DEX bots and custodial wallets heighten risk.

AVNT rose more than 22% in the last 24 hours, lifting its weekly advance to 62% after a 19 December structure flip and a $0.32 rebound on Christmas Day. Price is encountering resistance near $0.40, with a potential path toward $0.60 if that level breaks. Network activity and holder growth have strengthened the rally.

On December 27, 2025, Lighter, a Solana-based perpetuals DEX, said on Discord it completed Season 2 points and removed sybil, self-trading, and wash-trading. The communication referenced "S3e," fueling expectations of a Season 3 tied to TGE, with airdrop claim links inactive and 25% of token supply indicated for user distribution.

On December 27, 2025, Lighter said its $LIT token generation event and user airdrop will occur before the end of 2025, with 25% of supply allocated, no vesting, and no claim step. The token will debut on Lighter, while Hyperliquid has launched a pre‑market LIT‑USDC perpetual with up to 3x leverage.

Hong Kong plans to fold crypto assets into the OECD’s Crypto Asset Reporting Framework starting in 2028. A public consultation on CARF runs until early 2026, while the OECD and G20 target a global rollout between 2027 and 2028. Experts say enforcement and coverage beyond centralized exchanges will determine its effectiveness.

On 26 December 2025, Uniswap’s UNIfication proposal passed with about 125 million UNI in favor and 742 against. After a two-day timelock, Uniswap Labs is set to burn 100 million UNI and activated protocol fees on Uniswap v2 and v3, with fee capture tied to Unichain. Market reaction remained cautious despite the structural milestone.

Aave Labs founder and CEO Stani Kulechov denied buying $15 million of AAVE to influence a governance vote that failed. He said the tokens were not used to vote and pledged clearer alignment between Aave Labs products and AAVE holders. The community ballot on bringing brand assets under the DAO saw over 55% "nay" and 41% abstentions.

On December 26, 2025, Solana was cited as the top chain by annual on-chain revenues at $1.3B, while Hyperliquid’s native chain was placed second at $816M. The latest Cryptorank data indicated a reshuffle in network rankings, with Base at $76.4M and Ethereum and BNB Chain logging $524M and $257M respectively.