DEX

Lighter, an Ethereum-based decentralized perpetual exchange valued at $1.5 billion, introduced spot market trading starting with ETH on Thursday. The platform processed $292.5 billion in trading volume during November, becoming the highest-volume perpetuals protocol that month. Lighter plans to add additional spot markets in the coming days.

Monad's blockchain processes 2.2 million daily transactions and holds $277.5 million in DeFi total value locked since its mainnet launch. Data show 75% of assets bridged to the network have moved to other chains, according to WormholeScan. The MON token has declined 28% over the past week despite generating $100,000 in fees during its first seven days.

Aave's governance community is considering shutting down protocol deployments on three blockchain networks that have underperformed financially. The Aave Chan Initiative proposed in late November to deprecate instances on zkSync, Metis, and Soneium, citing revenues insufficient to justify operational costs and risk exposure. The proposal includes establishing a $2 million annual revenue minimum for future chain deployments.

Aave V3 deployed on Mantle Network on December 2, bringing lending infrastructure to the Layer-2 platform. A governance proposal shows the DAO is considering shutting down deployments on zkSync, Metis, and Soneium, which generate between $3,000 and $50,000 in annual revenue. The proposal also sets a $2 million revenue threshold for future chain expansions.

U.S. prediction market platform Kalshi announced plans to tokenize thousands of event contracts on Solana, aiming to attract crypto-native traders and deepen liquidity. The move intensifies competition with Polymarket as both platforms recorded record volumes in November, with Kalshi reaching $5.8 billion and Polymarket surpassing $3.7 billion.

Prediction market platform Kalshi plans to tokenize thousands of event contracts on Solana, bridging its traditional off-chain order book with on-chain liquidity, according to a December 2, 2025 statement to CNBC. The integration enables crypto-native traders to buy and sell tokenized versions of betting contracts while leveraging blockchain infrastructure. Bettors will be able to trade tokenized wagers on Solana, with contracts functioning identically to regular platform offerings but with added blockchain-native benefits.

Yearn Finance has recovered approximately $2.4 million following a Sunday exploit that drained roughly $9 million from its yETH pools. An attacker exploited an unchecked arithmetic vulnerability to mint an excessive quantity of yETH tokens, enabling liquidity extraction from the protocol's Curve-based stableswap pools. Recovery efforts remain ongoing, with collaboration from security firms SEAL 911 and ChainSecurity.

Decentralized exchange SushiSwap announced a leadership transition on December 1, with Synthesis founder Alex McCurry purchasing over 10 million SUSHI tokens worth approximately $3.34 million and assuming operational control. Outgoing CEO Jared Grey, who led the protocol for three years through regulatory scrutiny and governance disputes, will transition to an advisory role. The platform described the change as part of positioning for expansion, citing profitability goals and product development plans.

Yearn Finance suffered a security breach that drained approximately $9 million from its yETH infrastructure. Attackers exploited a vulnerability in the yETH token contract, enabling unlimited token minting without collateral and draining liquidity from a staked Ethereum derivatives pool. The protocol confirmed the yUSND pool and Nerite's vaults remained unaffected.

Decentralized exchanges recorded $419.76 billion in trading volume during October 2025, data show. DEXs captured 21.2% of total spot trading as of November 2025, up from 6.0% in January 2021. The milestone occurred despite broader market corrections affecting the cryptocurrency sector.