# Сопутствующие статьи по теме PerpDex

Новостной центр HTX предлагает последние статьи и углубленный анализ по "PerpDex", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

Funds Are Still in the Market, But Interest in Altcoins Has Faded

The article analyzes the structural shifts in the crypto market in 2025, arguing it was not a typical bull or bear cycle but a period of institutional repositioning. Key themes include: - **Policy and Regulation**: Clearer frameworks emerged (e.g., GENIUS Act, ETF approvals), reducing uncertainty and defining compliance boundaries, but without triggering a broad market boom. - **Capital Flow**: Significant capital entered through low-risk channels like stablecoins (e.g., USDe growth), ETFs (favoring BTC/ETH), RWA (e.g., treasury bonds), and DAT strategies, but this liquidity did not spread to most altcoins. - **Market Stratification**: While Bitcoin and Ethereum saw institutional support, ~85% of new tokens underperformed, with median FDV down over 70%. The market split: institutional capital focused on compliant assets, while speculative activity concentrated in niches. - **Key Sectors**: - *Real-yield assets* (e.g., DeFi protocols with fee mechanisms) gained traction as they offered returns without relying solely on narrative hype. - *AI/Robotics x Crypto* cooled in price but remained relevant long-term for infrastructure potential. - *Prediction markets and Perp DEXs* grew by serving native demand for leverage and event speculation, though they face efficiency challenges. Conclusion: 2025 marked a transition where narrative-driven rallies became shorter and more selective, while institutional capital prioritized assets with clear utility, compliance, and yield. The market is structured for continued divergence between mainstream and altcoins in 2026.

比推01/20 05:41

Funds Are Still in the Market, But Interest in Altcoins Has Faded

比推01/20 05:41

From "On-Chain Applications" to "Financial Infrastructure": The Generational Evolution and Transformation of Perp DEX

Title: From "On-Chain Applications" to "Financial Infrastructure": The Generational Evolution of Perp DEX The 2025 period was a "great filtering era" for the derivatives sector. Surviving Perp DEX platforms have moved beyond being mere "low-cost versions" of CEXs by solving the core cost in finance: trust. With the adoption of full-chain abstraction, users in 2026 can perform seamless cross-chain transactions while retaining asset sovereignty, as funds are secured in smart contracts rather than held by intermediaries. On-chain derivatives now consistently account for over 25% of total trading volume, marking a fundamental shift in user behavior. Over 90% of Perp DEXs failed due to product homogeneity, reliance on subsidized "rented liquidity," and soaring customer acquisition costs. Merely forking existing code or offering token incentives proved unsustainable. Four successful models have emerged: 1. **Hyperliquid**: Achieved near-CEX performance by building its own L1 blockchain optimized for low-latency order books, attracting quantitative capital. 2. **Aster**: Leveraged the Binance ecosystem to offer enhanced capital efficiency, allowing users to earn yield on collateral (e.g., staking rewards) while trading. 3. **Lighter**: Built an app-specific ZK-Rollup to provide a verifiable, mathematically-proven trading infrastructure with anti-MEV properties, appealing to institutions. 4. **Decibel**: Unified high performance and full-chain composability on Aptos, achieving sub-20ms latency and enabling cross-chain margin accounts for seamless trading from wallets like MetaMask. Future evolution will focus on: * **Intent-centric trading**: Users express a desired outcome, and solvers find the optimal execution path. * **AI Agents**: The rise of AI-driven trading strategies will require DEXs to provide high computational power and low latency. * **Advanced Pricing Models**: Dynamic risk engines will use real-time volatility data to automatically adjust parameters, increasing system robustness beyond traditional CEXs. The key to survival is providing unparalleled execution efficiency that capital and trading strategies cannot refuse.

marsbit01/15 04:34

From "On-Chain Applications" to "Financial Infrastructure": The Generational Evolution and Transformation of Perp DEX

marsbit01/15 04:34

Stablecoins Control 60% of Revenue but Face 'Liquidation' from Interest Rate Cuts

The article analyzes the revenue structure of the crypto industry, highlighting that stablecoin issuers, particularly Tether and Circle, dominate with over 60% of the total revenue, though their share is expected to weaken due to declining interest rates. Decentralized perpetual exchanges (perp DEXs) like Hyperliquid emerged as a significant revenue driver, accounting for 7-8% of total revenue in 2025, surpassing older DeFi sectors. Three key revenue sources are identified: spread income (from stablecoins), trade execution (from perp DEXs), and distribution channels (from token launch platforms). The industry generated $16 billion in revenue in 2025, with 58% retained by protocols after paying suppliers. Notably, value transfer to token holders via rewards, buybacks, and burns increased, reaching over 18% of protocol revenue at its peak, signaling a shift toward token-based economic ownership. The trend is expected to accelerate in 2026 as protocols prioritize incentivizing holders.

比推01/14 14:21

Stablecoins Control 60% of Revenue but Face 'Liquidation' from Interest Rate Cuts

比推01/14 14:21

2025 Epic Showdown: Has DEX Finally Overtaken CEX?

In 2025, decentralized exchanges (DEXs) experienced unprecedented growth, with trading volume nearly quadrupling compared to previous years. This surge was particularly driven by the rise of perpetual decentralized exchanges (Perp DEXs), which saw a 176% increase in annual trading volume—exceeding the cumulative total of the previous four years. Key players like Hyperliquid, Lighter, and Aster led this expansion, while established platforms like dYdX and GMX saw slower growth. The year began with Solana-based DEXs outperforming Ethereum in Q4 2024, fueled by meme coin and AI-related trading. However, Ethereum regained momentum in Q1 2025 following its Pectra upgrade and renewed investor confidence. Binance’s collaboration with PancakeSwap in Q2 significantly boosted BSC-based DEX volume, while Q3 saw intensified competition among Perp DEXs and the successful launch of Jupiter Lend, which attracted over $1 billion in deposits within days. Despite a market shake-up in Q4 due to the "10·11" liquidation event, Perp DEXs demonstrated resilience, with Aster and Lighter recovering faster than Hyperliquid. In spot trading, Uniswap maintained dominance in TVL, while Solana-based DEXs collectively reached trading volumes comparable to Uniswap. The article concludes that DEXs are not outright replacing centralized exchanges (CEXs) but are evolving alongside them. Both are integrating each other’s strengths—DEXs improving in efficiency and user experience, and CEXs adopting self-custody and on-chain transparency—suggesting a future of coexistence rather than displacement.

marsbit01/14 10:14

2025 Epic Showdown: Has DEX Finally Overtaken CEX?

marsbit01/14 10:14

Who Controls the Revenue Lifeblood of the Crypto Industry?

The article analyzes the revenue dynamics of the crypto industry, which generated over $16 billion in revenue in 2025—double that of 2024. The largest revenue drivers are stablecoin issuers like Tether and Circle, which account for 60% of total industry revenue. However, decentralized perpetual exchanges (perp DEXs) such as Hyperliquid, EdgeX, Lighter, and Axiom emerged as a significant new sector, collectively contributing 7-8% of total revenue—more than established DeFi sectors like lending and staking combined. Three key factors drive crypto revenue: spread income (e.g., interest from stablecoin reserves), transaction execution (e.g., perp DEXs enabling high-frequency trading), and distribution channels (e.g., token launch platforms like pump.fun). The article notes that perp DEXs, with their frictionless trading and liquidity advantages, are the only sector potentially challenging stablecoin issuers' dominance. Additionally, the industry is shifting toward value transfer to token holders via mechanisms like buybacks, burns, and fee sharing. In 2025, $33.6 billion (58% of total fees) was returned to token holders, reinforcing tokens as economic ownership claims rather than mere governance tools. This trend is expected to accelerate in 2026, especially as falling interest rates reduce the appeal of spread-based revenue.

marsbit01/14 09:52

Who Controls the Revenue Lifeblood of the Crypto Industry?

marsbit01/14 09:52

The Truth About the Crypto Money Printer: Want to Make Money in 2026? Keep an Eye on These Three Directions

The article "Crypto’s Revenue Recipe" analyzes the revenue generation landscape in the crypto industry, highlighting key trends and drivers based on data from 2025. Total crypto protocol revenue doubled to over $16 billion in 2025, with stablecoin issuers like Tether and Circle dominating, accounting for 60% of total revenue. However, perpetual DEXs (e.g., Hyperliquid, EdgeX) emerged significantly, contributing 7-8% of industry revenue. Three core drivers are identified for 2026: 1. **Carry**: Revenue from holding and transferring assets (e.g., stablecoin interest earnings), though vulnerable to Fed rate cuts. 2. **Execution**: Perpetual DEXs gain traction by enabling low-friction, high-frequency trading and liquidity provision, challenging stablecoin dominance. 3. **Distribution**: Token launch platforms (e.g., pump.fun) leverage frictionless asset creation and distribution to capture incremental revenue. The article emphasizes the shift towards value transfer to token holders, with 19% of protocol revenue distributed via staking, dividends, buybacks, or burns in 2025—a sign of growing "economic ownership" rather than mere governance. Projects like Hyperliquid and pump.fun are cited for prioritizing holder rewards. In 2026, value distribution is expected to become standard for protocols aiming for fundamental-based token valuation.

比推01/13 18:54

The Truth About the Crypto Money Printer: Want to Make Money in 2026? Keep an Eye on These Three Directions

比推01/13 18:54

From a $270 Billion Peak to a Flash Crash: DeFi Ventures into the Deep Waters of Financial Infrastructure

DeFi in 2025 experienced a dramatic rollercoaster, with Total Value Locked (TVL) surging to a historic peak of $277.6 billion before a sharp "10/11 Flash Crash" wiped out gains, ending the year with only a 3.86% increase to $189.35 billion. Despite volatility, key sectors evolved significantly: - **Staking** matured, with Ethereum securing over 30% of its supply, while Lido’s dominance declined to 24%. Restaking protocols like EigenCloud (TVL peak: $22B) and Ether.fi grew rapidly. - **Lending** hit a record $1.25T TVL, with Aave leading (>50% share). Shift from CDP (e.g., Maker) to money market protocols accelerated. - **DEXs** gained traction, capturing 21.71% of spot trades vs. CEXs at peak. Uniswap remained dominant, while Solana DEXs like HumidiFi challenged with low-fee models. - **Perp DEXs** like Hyperliquid ($3.55T volume) saw explosive growth, though competition intensified from Aster and Lighter. - **RWA** expanded, with tokenized assets exceeding $20B. BlackRock’s BUIDL fund grew to $1.75B, and tokenized commodities surged. - **Stablecoins** faced regulatory shifts (e.g., MiCA, GENIUS Act), with USDT and USDC leading. Yield-bearing stablecoins like Ethena’s USDe rose but later crashed, exposing systemic risks. The year highlighted DeFi’s growth into global financial infrastructure, alongside vulnerabilities in leverage and governance.

marsbit01/06 03:16

From a $270 Billion Peak to a Flash Crash: DeFi Ventures into the Deep Waters of Financial Infrastructure

marsbit01/06 03:16

Hotcoin Research | Review of Top Perp DEXs: Cold Reflection Amid Data Frenzy and 2026 Outlook

The article provides a comprehensive analysis of the Perpetual Decentralized Exchange (Perp DEX) landscape, focusing on its evolution, key players, and outlook for 2026. In 2025, the Perp DEX market saw explosive growth, with monthly trading volumes exceeding $1 trillion. The year began with Hyperliquid dominating over 70% of the market share, but its position was challenged by new entrants like Aster, Lighter, and EdgeX, reducing its share to around 17% by year-end. Key metrics such as trading volume and open interest (OI) revealed a more nuanced picture: while newcomers like Lighter (with a zero-fee model) and Aster (backed by Binance) captured significant volume, Hyperliquid maintained a dominant 49% share of the total OI, indicating stronger capital depth and real user engagement. The report details five major protocols: 1. **Hyperliquid**: A community-driven project on a dedicated L1 chain, it leads in OI and protocol revenue, with a strong tokenomics model focused on buybacks and burns. 2. **Aster**: Gained rapid traction but faced a trust crisis after allegations of wash trading and data manipulation, causing its token price to plummet. 3. **Lighter**: A technically advanced, VC-backed platform on a ZK-Rollup. Its aggressive zero-fee strategy drove high volume but raised sustainability concerns and exposed stability risks during market stress. 4. **EdgeX**: Incubated by Amber Group, it offers a professional, hybrid architecture with excellent liquidity and low fees, though it has not yet launched a token. 5. **Paradex**: Backed by Paradigm, it is developing a full-featured derivatives platform on Starknet, planning to offer perps, options, and spot trading. The analysis highlights significant opportunities for Perp DEXs, including large market penetration potential, technological advancements, growing user adoption, and capital inflow from institutions. However, it also warns of risks like wash trading, technical failures, tokenomics instability, market volatility, and increasing regulatory scrutiny. Looking ahead to 2026, the market is expected to mature, with a focus on quality growth over volume, product diversification (e.g., options, RWAs), and increased regulatory clarity. The landscape will likely feature intensified competition between established players, new entrants, and potentially traditional CEXs entering the DeFi derivatives space.

marsbit01/05 07:16

Hotcoin Research | Review of Top Perp DEXs: Cold Reflection Amid Data Frenzy and 2026 Outlook

marsbit01/05 07:16

HYPE steadies as LIT’s post-airdrop sell-off deepens: What happens next?

The article discusses the competitive landscape of perpetual decentralized exchanges (Perp DEXes), focusing on Hyperliquid (HYPE) and its rival Lighter (LIT). Despite Lighter being seen as a major threat, Messari analyst Sam downplays its impact, predicting HYPE will outperform LIT in the mid-term as Lighter's trading volume declines post-airdrop farming. Hyperliquid saw a 60% drop in volume and a 65% revenue shortfall in H2 2025 due to competition and lower trading activity, affecting its token buybacks. Meanwhile, LIT's token debuted at $3.3 but fell 21% in its first week. HYPE showed a slight rebound, with potential for further gains if it breaks key resistance levels. The piece concludes that Lighter's traction has waned after its airdrop, while HYPE's recovery remains uncertain.

ambcrypto12/30 15:49

HYPE steadies as LIT’s post-airdrop sell-off deepens: What happens next?

ambcrypto12/30 15:49

2026 Crypto Narratives to Watch: Who Will Be the Next Star?

Crypto Narratives to Watch in 2026: Key Trends and Opportunities The crypto industry continues to evolve through narratives and trends. Identifying these early is crucial for success. Key narratives expected to shape 2026 include: - **GambleFi**: Prediction and information markets like Polymarket and Kalshi are becoming essential tools for real-world decision-making, offering economically-backed insights. - **Launchpads**: Community-led fundraising and ICOs are making a strong comeback, with over $341M raised recently. Platforms like Legion, MetaDao, and Coinlist are leading this shift toward investor-friendly and protocol-economy focused sales. - **Privacy**: With institutional capital demanding confidentiality, privacy is no longer optional. Over $500M has been invested in privacy-focused dApps and chains in 2025. Selective disclosure—proving legitimacy without exposing data—will be critical. - **Crypto Neo-Banks**: Wallets are evolving into full financial interfaces integrating custody, payments, yield, reporting, and compliance. Projects like Revolut and Avici are pioneering this shift. - **DePIN**: After a 2025 slump, decentralized physical infrastructure networks like Helium, Hivemapper, and Render are gaining real traction with measurable usage and revenue, attracting continued VC interest. - **Perp DEXs**: Platforms like Hyperliquid and dYdX are proving that decentralized perpetual exchanges can compete with CEXs in volume and fees. The winners will offer capital efficiency, low slippage, and innovative risk management. - **AI**: AI is moving beyond trading bots to become core infrastructure—writing smart contracts, managing risk, and optimizing liquidity. Key skills include vibecoding, prompt engineering, and AI-augmented research. Additional narratives to monitor include x402 (onchain simplification), bot tokenization, stablecoins, and real-world assets (RWA). 2026 promises to be a dynamic year for crypto innovation and value creation.

marsbit12/30 04:56

2026 Crypto Narratives to Watch: Who Will Be the Next Star?

marsbit12/30 04:56

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