DEX

Follow the latest news on decentralised exchanges including Uniswap, Hyperliquid, dYdX, PancakeSwap, SushiSwap and more, with updates on AMMs, liquidity pools, perpetual trading, cross-chain swaps, DEX aggregators and DeFi infrastructure shaping global crypto markets.

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Collins J. Okoth

Lighter withdrawal issues continue; no team update as of December 30, 2025

Users of Perpetual trading platform Lighter report failed withdrawals showing the error "Too many L2 Withdrawals." On-chain explorer data points to a lag between the Prover and Sequencer, with the last committed block #137759880 finalized prior to the December 30, 2025 update. The team has not issued a formal statement, while LIT trades at $2.84.

Lighter's LIT tokenomics allocate 50% to users and 50% to insiders

On December 30, 2025, Lighter unveiled tokenomics for its Lighter Infrastructure Token (LIT), assigning 50% of supply to ecosystem incentives and 50% to team and investors. The project says insider allocations include a one-year cliff and three years' linear vesting, and confirmed a 25% airdrop tied to two points seasons in 2025.

Onchain perpetuals hit $1T monthly volume in 2025, says David Duong of Coinbase

In a December 29, 2025 post on X, Coinbase researcher David Duong said onchain perpetual futures trading surpassed $1 trillion in monthly volume as leverage demand grew amid a muted altcoin season. Decentralized venues such as Aster and Hyperliquid gained share, and Duong highlighted equity perpetuals as a likely next growth segment for onchain derivatives.

Hristina Vasileva

Lighter Launches LIT Token as Perpetual DEX Volume Hits $4.7B and Supply Tightens

On December 30, 2025, perpetual futures DEX Lighter launched trading for its native Lighter Infrastructure Token (LIT) after months of building activity. The token's early price discovery saw levels around $2.80, while the platform reported about $1.4B in value locked and $4.7B in daily trading volume. LIT will distribute 25% of its total supply to point farmers based on two 2025 farming seasons, fully unlocked for trading.

Lighter unveils LIT token with 50% supply for ecosystem and trading launches around $2.34

Ethereum-based perpetuals DEX Lighter has introduced its native Lighter Infrastructure Token, allocating 50% of the total supply to ecosystem incentives and 50% to the team and investors. The LIT token's ecosystem share will fund airdrops, future programs and partnerships, while the team and investor allocations are locked for one year with three-year vesting, and the LIT-USDC market opened trading at about $2.34.

On-chain perpetual futures hit $1 trillion monthly in 2025; DEXs lead

On-chain perpetual futures trading in 2025 exceeded $1 trillion in monthly volume, according to Coinbase's David Duong. DeFiLlama reports roughly $972 billion over the past 30 days, with Hyperliquid, Lighter, and Aster among the leading DEX venues. Hyperliquid Labs also scheduled a 1.2 million HYPE distribution for January 6.

Cointelegraph by Nate Kostar

Onchain perpetual futures surge in 2025 as DEX monthly volume tops $1 trillion

Crypto derivatives activity climbed in 2025 as traders shifted to onchain perpetual futures, according to Coinbase researcher David Duong. He said decentralized exchanges were processing over $1 trillion in monthly perp volume by late in the year, with leverage and the lack of an altcoin season drawing participants to perps rather than spot.

Collins J. Okoth

Hyperliquid ends 2025 with $844M revenue, 600k+ users and $2.95T trading volume

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.

Hannah Collymore

OKX CEO Star Xu urges exchange-level security for DEX bots after Flow's $3.9M exploit

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.

Crypto hacks hit $3.4B in 2025 as OKX CEO warns on DEX bots and wallets

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.