# Пов'язані статті щодо DEX

Центр новин HTX надає останні статті та поглиблений аналіз на тему "DEX", що охоплює ринкові тренди, оновлення проєктів, технологічні розробки та регуляторну політику в криптоіндустрії.

21Shares Report: HYPE's P/S Ratio Only Half That of CME, Bull Market Target Price $70

21Shares Research Report: HYPE's P/S Ratio Half of CME's, Bullish Target $70 A recent report from 21Shares highlights Hyperliquid's evolution from a crypto derivatives DEX into a 24/7 "everything exchange" for perpetual contracts across various asset classes. The platform gained prominence during a February geopolitical incident when it provided real-time price discovery for WTI crude oil while traditional markets like CME were closed. Non-digital assets now account for approximately 35% of its volume, with traditional commodities and indices featuring among its top-traded assets. Hyperliquid's business model is rapidly diversifying, significantly reducing its dependence on crypto market cycles. Its cumulative trading volume and revenue are approaching levels comparable to CME Group's crypto derivatives segment. A key feature is its Assistance Fund, which directs 97%-99% of protocol fees to automated HYPE token buybacks, creating a deflationary mechanism with an implied buyback yield significantly higher than CME's traditional share repurchase program. Despite strong fundamentals, HYPE currently trades at a Price-to-Revenue (P/R) ratio of ~10x, roughly half of CME's ~17x. The report outlines valuation scenarios: a bullish case targets $62-$70 based on annualized revenue reaching $12-$15B and applying CME's P/R multiple. A bear case considers $15-$19 if growth slows. Key risks include platform centralization during crises, regulatory uncertainty for on-chain commodities, dependence on geopolitical volatility for non-crypto volume, and the need for sustained high trading volume to offset token unlocks. The analysis concludes that HYPE is increasingly being valued as a legitimate exchange business rather than a speculative crypto asset.

marsbit19 год тому

21Shares Report: HYPE's P/S Ratio Only Half That of CME, Bull Market Target Price $70

marsbit19 год тому

KalqiX Just Made Self-Custody a Mass Market Feature for Mainstream & Traditional Traders

For years, self-custody in Web3 has been hampered by trade-offs, forcing users to choose between security/convenience and performance. KalqiX aims to change this with its new Central Limit Orderbook (CLOB) DEX. It combines CEX-level speed and execution quality with true self-custody. The key innovation is processing and matching orders off-chain for performance, while using on-chain zero-knowledge proofs for secure, trustless settlement. This eliminates the need for users to surrender asset control, protecting them from custodial risks like those seen in the FTX collapse. KalqiX's launch represents a potential breakthrough, offering a long-missing solution that could make self-custody a viable, mainstream standard for all traders.

TheNewsCrypto2 дні тому 18:21

KalqiX Just Made Self-Custody a Mass Market Feature for Mainstream & Traditional Traders

TheNewsCrypto2 дні тому 18:21

Why is HYPE Still Surging? Has it Peaked?

The article analyzes the reasons behind the recent sharp rise of the HYPE token. It attributes the price surge to several key developments that are causing the market to re-evaluate Hyperliquid, transitioning its perception from just a high-performance perpetual DEX to a broader on-chain trading system. Major catalysts include the launch of HYPE ETFs by 21Shares (THYP) and Bitwise (BHYP), which are opening new compliant capital channels. Bitwise's plan to allocate 10% of BHYP's management fee revenue to buy and stake HYPE is seen as a potential source of sustained buying pressure. The return of USDC to the platform, facilitated by Coinbase and Circle, is projected to generate a new, stable revenue stream for Hyperliquid from reserve yields, estimated to potentially fund daily HYPE buybacks worth over $400,000. Furthermore, Hyperliquid is expanding into new areas like prediction markets with HIP-4 (which requires significant HYPE staking) and Real-World Assets (RWA), where its Open Interest has hit a record $2.6 billion. A potential U.S. SEC exemption for tokenized stock trading could further boost its RWA business. While these fundamentals strengthen HYPE's long-term value proposition, the article notes that short-term price action is currently influenced by a large-scale showdown between whale long and short positions exceeding $60 million, making near-term direction uncertain.

Odaily星球日报05/20 01:31

Why is HYPE Still Surging? Has it Peaked?

Odaily星球日报05/20 01:31

Hyperliquid Policy Center Responds To ICE, CME’s Regulatory Pressure Push

Hyperliquid's policy center has responded to a regulatory push by major traditional exchanges CME and ICE, who are lobbying the CFTC to require the decentralized exchange to register. The exchanges expressed concerns that Hyperliquid's anonymous trading model and growing volume could allow market manipulation and affect price discovery in key industries like oil. Their primary demand is for Hyperliquid to register with the CFTC, which would mandate customer identification and trade surveillance. The Hyperliquid Policy Center, led by CEO Jake Chervinsky, publicly countered these claims as "unfounded." It argued that Hyperliquid's fully on-chain, real-time transaction record offers greater transparency than traditional venues, creating an "anti-manipulation shield" and providing clear data for regulators. The policy center also highlighted benefits like 24/7 trading, which reduces price gaps seen in traditional markets. While acknowledging that U.S. law isn't yet tailored for on-chain derivatives, the group pledged to continue engaging with policymakers. Some reports suggest CME's lobbying may be self-interested, coinciding with its own plans to expand 24/7 crypto trading products.

bitcoinist05/15 22:02

Hyperliquid Policy Center Responds To ICE, CME’s Regulatory Pressure Push

bitcoinist05/15 22:02

Zero Funding Rate? The New Contract Design of HyperEVM That Foreigners Are Talking About

Jez, a prominent crypto trader, announced his new protocol PaperTrade on HyperEVM, sparking significant discussion. PaperTrade is a perpetual DEX with zero fees, no slippage, and no funding rates. The protocol's mechanism draws from the historical "bucket shop" model, where trades are settled directly against a public LP pool based on Hyperliquid's order book prices, without ever interacting with Hyperliquid's matching system. It combines perpetual contracts with P2P lending and DeFi Ponzi elements. User losses go into the LP pool, while a portion of user profits is taken as protocol fees. Crucially, the LP pool is seeded solely by user losses, not external deposits. If a user's profit exceeds the pool's balance, the profit enters an on-chain queue, to be paid out sequentially by subsequent user losses. The protocol mints its PAPER token based on user losses, with a minting rate that decays as the LP pool grows. Staking PAPER yields dividends from protocol fees and excess pool funds above a $5M cap. A key uncertainty is its deployment on HyperEVM. Since PaperTrade essentially uses Hyperliquid as a free oracle, its logic could be replicated on any high-performance chain with an external price feed, potentially offering better performance or incentives. The launch also serves as a stress test for HyperEVM's network capabilities.

marsbit05/14 03:15

Zero Funding Rate? The New Contract Design of HyperEVM That Foreigners Are Talking About

marsbit05/14 03:15

Hyperliquid Outperformed Bitcoin By 71% In The Worst Crypto Quarter Since 2018 — Report Reveals Why

In Q1 2026, the worst crypto quarter since 2018, decentralized exchange Hyperliquid outperformed Bitcoin by 71.5 percentage points, generating $215M in gross revenue. While overall market metrics declined, a key structural shift occurred: volume from its HIP-3 feature for real-world asset (RWA) perpetual derivatives surged 175% within the quarter, reaching $68.5B in March. A pivotal moment came on February 28 when, following geopolitical strikes, Hyperliquid's 24/7 oil perpetuals became the de facto global price discovery venue while traditional commodity exchanges were closed. The quarter also saw the landmark licensing of the S&P 500 for perpetual contracts on the platform. Despite excluding U.S. users, Hyperliquid's HYPE token returned +44.8%, supported by substantial buybacks, while the core team voluntarily left approximately $849M in unclaimed tokens. The report concludes Hyperliquid is transitioning from a DeFi narrative to a broader financial infrastructure story.

bitcoinist05/08 14:06

Hyperliquid Outperformed Bitcoin By 71% In The Worst Crypto Quarter Since 2018 — Report Reveals Why

bitcoinist05/08 14:06

Weekly Token Unlocks: SUI Unlocks $42 Million Worth of Tokens

This week's major token unlocks feature SUI, EigenLayer, and Jupiter, with a total value exceeding $42 million. SUI leads with an unlock valued at approximately $42 million. EigenLayer, a protocol introducing restaking on Ethereum, will unlock 36.85 million tokens worth roughly $6.67 million. It allows users to restake their ETH to extend economic security to other applications. Jupiter, a leading DEX aggregator on Solana, will unlock 53.35 million tokens valued at about $9.23 million. The platform offers various products including DCA, limit orders, and perpetual trading. Release schedules for the token unlocks are provided.

marsbit04/25 14:12

Weekly Token Unlocks: SUI Unlocks $42 Million Worth of Tokens

marsbit04/25 14:12

Solana Q1 Report: Revenue Plunges 68% Year-on-Year, Developers Decrease by 30%

Solana Q1 2026 Report: Key Metrics Show Significant Decline Amid Market Reset Solana experienced a substantial downturn in Q1 2026, with key performance indicators reflecting a broader market cooling. Total network revenue (REV) fell to $89.9 million, down 68% year-over-year (YoY) and 1.4% quarter-over-quarter (QoQ). This decline was driven by reduced speculative activity, which had previously fueled the network during the 2024/2025 bull market. Key revenue components saw mixed results: base fees dropped 8.7% QoQ, Jito tips (MEV) fell 19.7%, priority fees rose 23%, and vote fees declined 44.5%. The annualized real yield for stakers was just 0.17%, down 67% YoY. Network GDP, generated by top applications, fell 7% QoQ to $451 million. Pump Fun emerged as a standout, generating $103 million (up 3% QoQ), surpassing Solana's L1 revenue. However, daily active addresses averaged 2.4 million, down 4.8% YoY. Stablecoin supply on Solana reached $15.9 billion, down 2.7% QoQ but up 18% YoY. USDC and USDT remained dominant. DEX volumes averaged $3.2 billion daily, with private DEXs now accounting for 60% of all volume. The network's net dilution rate was 4.38%, while the cost to produce $1 of REV was $8.10, up 93% YoY. The number of new tokens created on launchpads grew 42% QoQ to 3 million, with Pump Fun dominating 85% of this market. Despite the downturn, Solana's core strengths remain: its position as a hub for retail trading apps, potential in perpetual markets, and growing use in stablecoin-based fintech applications, particularly in Latin America. However, developer activity declined 32% YoY, slightly worse than Ethereum's 29% drop. The network must now focus on attracting traditional finance, competing in perpetual markets, and sustaining developer ecosystem growth to drive the next expansion cycle.

marsbit04/20 10:42

Solana Q1 Report: Revenue Plunges 68% Year-on-Year, Developers Decrease by 30%

marsbit04/20 10:42

The V5 That Never Came: Uniswap Stuck in an Innovation Dilemma

ChainCatcher author Gu Yu analyzes Uniswap's perceived slowdown in innovation. Despite its history of rapid iteration—from V1 in 2018 to V4 in 2023—the protocol has not announced a new version since. V4 introduced Hooks, a programmable plugin system allowing custom functions like dynamic fees and MEV protection, but its mainnet launch was delayed to January 2025 due to security audits. V4’s TVL peaked at $1.2 billion but has since fallen to $650 million, only 40% of V3’s TVL. Uniswap expanded to new blockchains and API partnerships but faced challenges with newer initiatives: its appchain, Unichain, saw TVL drop from $900 million to $36 million, and its token auction product (CCA) entered a crowded market. High-profile departures and a 74% drop in UNI token price over the past year reflect operational and growth struggles. A proposal to enable fee mechanisms and burn tokens briefly boosted UNI’s price, but Uniswap’s annualized revenue remains behind competitors like PancakeSwap and Aave. The article concludes that Uniswap’s situation mirrors broader DeFi stagnation but notes its strong security record and leading position in decentralized trading. The future of V5 and its role in driving the next DeFi wave remain uncertain.

marsbit04/11 04:13

The V5 That Never Came: Uniswap Stuck in an Innovation Dilemma

marsbit04/11 04:13

a16z Partner: Perpetual Contracts Are Rewriting Global Trading Rules

Perpetual contracts ("perps"), a crypto-native innovation, are transforming global trading behavior and market structure. These non-expiring futures contracts have seen explosive on-chain growth in 2025, with decentralized exchange (DEX) volume surging 346% year-over-year to $6.7 trillion. Perps now extend beyond crypto to traditional assets like stocks, commodities, and even private company valuations. Key drivers include structural advantages over options for directional leverage: 24/7 trading, no expirations or rollovers, simpler risk exposure, and capital efficiency. Real-World Asset (RWA) perps have gained significant traction, at times comprising 44% of volume on leading DEXs like Hyperliquid. The ecosystem is expanding rapidly with new exchanges, front-ends, market creators, and liquidity providers. While challenges remain around liquidity, oracle reliability, and regulation, perps are evolving from a niche crypto instrument into a dominant global trading primitive. The open question is whether value will accumulate at the exchange layer or within applications built atop perpetual trading infrastructure.

marsbit04/10 08:15

a16z Partner: Perpetual Contracts Are Rewriting Global Trading Rules

marsbit04/10 08:15

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