Tag:

DEX

Valantis DEX acquires stHYPE as Hyperliquid staking heats up

by admin August 20, 2025

Valantis has taken a decisive step in the liquid staking market with its acquisition of stHYPE, the second-largest staking protocol on Hyperliquid’s HyperEVM.

Summary

Valantis acquired stHYPE, the second-largest liquid staking token on Hyperliquid.
The deal integrates stHYPE with Valantis’ DEX, targeting deeper liquidity and modular yield features.
Competition with kHYPE sets the stage for an expanding liquid staking market.

Announced on Aug. 19, the deal unifies stHYPE under the Valantis ecosystem. It sets the stage for expanded yield opportunities, deeper liquidity, and a stronger roadmap for Hyperliquid’s (HYPE) decentralized finance environment.

Integration and roadmap

Following the acquisition, Valantis takes complete control of stHYPE’s development, operations, and communication. The shift begins with a foundation phase where stHYPE is migrated to CoreWriter, a system designed to enhance security and transparency by enabling improved monitoring of off-chain infrastructure.

Community incentives will also expand through integrator rewards, ensuring stHYPE continues to be widely adopted across Hyperliquid’s protocols. In the second phase, stHYPE will be transformed into a modular liquid staking token that can support multiple staking addresses and allow new permissionless interactions between DeFi and staking applications.

This modular base is expected to connect staking with trading, lending, and HyperCore’s derivatives markets, giving liquidity providers more ways to participate from a single HYPE deposit.

Hyperliquid staking landscape

stHYPE enters this new chapter at a time of growing competition within Hyperliquid. kHYPE, which commands over a billion dollars in total value locked, has surpassed it as the dominant LST.

Through the acquisition of stHYPE, Valantis hopes to close that gap by transforming its DEX into a hub for liquidity that vertically integrates trading and staking. The strategy also expands the scope of STEX pools, which already support efficient swaps and lending market integrations without waiting through staking withdrawal queues.

Hyperliquid’s liquid staking market appears to be changing, with protocols now competing not only on staking yields but also on depth of liquidity, DeFi integration, and the range of services provided. Valantis sees the merger with stHYPE as an opportunity to gain a stronger presence in a market that continues to attract new participants and innovations.

Source link

August 20, 2025 0 comments

NFT Gaming

Ripple Rolls Out Permissioned DEX on XRP Ledger, SBI CEO Shares Hot Take

by admin June 26, 2025

Here’s how Permissioned DEX on XRPL works
Next step for XRPL

Yoshitaka Kitao, CEO of the SBI Group, has published a tweet, in which he highlighted a major new step for the XRP Ledger — the rollout of a Permissioned DEX (decentralized exchange) on the XRPL.

Here’s how Permissioned DEX on XRPL works

This is a pivotal move for real-world financial apps running on the XRPL. According to the latest press release published by Ripple, the Permissioned DEX allows regulated financial institutions “to trade or move value on the XRPL Decentralized Exchange (DEX) without compromising on compliance, scalability, or decentralization.” This launch took place earlier this year after Ripple shared an outline of its vision for unlocking DeFi access for financial institutions on the XRP Ledger.

A permissioned DEX offers a fixed set of rules for only approved participants to match their offers with a specific group, called a Permissioned Domain. Particularly, this type of DEX allows app creators to make permissioned order books for permissionless coins, such as XRP, stablecoins or wrapped cryptocurrencies, and they will only be granted access via allowlisted accounts.

The XRP Ledger can run multiple permissioned DEXes, and each one would be “uniquely associated with a permissioned domain, which acts as an allow-list for accessing that DEX,” the press release says. Trades on such a permissioned DEX can only work against other trades offered in the same permissioned DEX. Each of those platforms on the XRPL can have order books for an unlimited number of crypto pairs.

Next step for XRPL

Ripple believes the launch of this permissioned DEX is the next step for the XRPL since it solves the hurdle of adding compliance to the DEX without breaching its concept of decentralization, cost efficiencies or user control. As mentioned above, the new permissioned DEX enables only authorized participants to take part in trading on this platform.

Thanks to the launch of this new platform, financial institutions can begin to use the XRPL DEX right away, enjoying every aspect of compliance it offers. This allows for a new level of institutional-grade trading activity to begin here, which will be regulated, easy to scale, charging low fees on trades.

The following use cases can be explored on the new XRPL-powered DEX: stablecoin/fiat FX swaps, contractor/payroll payouts, cross-border B2B payments and corporate treasury.

Source link

June 26, 2025 0 comments

Crypto Trends

Solana DEX Jupiter Suspends DAO Voting for 2025

by admin June 20, 2025

Kash Dhanda, chief operating officer of the Solana-based Jupiter decentralized exchange (DEX), said the protocol will pause governance voting.

In a lengthy Thursday announcement, Dhanda said Jupiter “stands at the edge of an inflection point” and “the window to define the future of DeFi is open, but it won’t stay open for long.”

Dhanda highlighted the need to “be laser-focused on growth,” and said Jupiter was suspending the decentralized autonomous organization (DAO) structure, which he said “isn’t working as intended.”

Dhanda said that DAO votes will be paused until 2026, when it will return “with a fresh approach that unifies, rather than divides.” He claimed that the DAO is “stuck in a negative feedback loop,” slowing execution and creating division in the community.

Suspending DAO voting “will let us all focus on execution, speed, and growth while we rethink how the DAO could best operate.”

Source: Jupiter

Related: Crypto lobby group says SEC should back off regulating most DAOs

DAO paused to prioritize execution

Dhanda said the suspension of DAO voting will not affect active staking rewards, and all previously funded work groups will remain operational. However, no new proposals will be accepted, and the community reserve will remain untouched until voting resumes. The development team will fund community growth with its own operational treasury.

DAO voting will resume next year after Jupiter’s team defines a new process through community engagement. The objective is to find a more productive approach. Dhanda added:

“To repeat: this is not an end to governance, but rather a pause.“

Related: Research DAO claims paralyzed rats recover after spinal cord fix

Follows growing DAO governance backlash

The choice follows Yuga Labs pushing to overhaul the ApeCoin ecosystem with a proposal to shut down the ApeCoin DAO earlier this month. Rather than a pause, this proposal aimed to replace it with a new entity called ApeCo, with the firm’s CEO, Greg Solano, claiming that the DAO has become dysfunctional.

Solano, much like Dhanda, lamented that the DAO slowed development and “devolved into sluggish, noisy and often unserious governance theater.” He concluded that “too many resources have gone to vanity proposals and low-impact initiatives.”

Magazine: Are DAOs overhyped and unworkable? Lessons from the front lines

Source link

June 20, 2025 0 comments

Crypto Trends

Bybit Unveils Solana-Powered DEX Byreal with CEX-Grade Speed, Mainnet Coming Q3

by admin June 17, 2025

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Crypto exchange Bybit has announced the development of its first decentralized exchange, Byreal, built on the Solana blockchain. The platform is expected to enter testnet on June 30, with a mainnet launch planned for the third quarter of 2025.

This marks a significant step for Bybit as it expands into decentralized finance (DeFi) infrastructure, aligning with broader market trends favoring transparency and decentralization.

Hybrid Trading Model and New Features

Bybit CEO Ben Zhou shared the update via social media, describing the new platform as a “hybrid model” that combines centralized exchange liquidity with “decentralized transparency.”

The announcement comes at a time when decentralized exchanges (DEXs) are steadily increasing their share of global spot trading volume, indicating a shift in user preference towards non-custodial solutions.

According to Zhou, Byreal incorporates features such as Request For Quote (RFQ) and Concentrated Liquidity Market Maker (CLMM) routing.

These mechanisms are designed to provide users with reduced slippage and more transparent trade execution, often associated with higher-frequency trading strategies on centralized platforms.

Bybit believes that such a setup allows for a more balanced and efficient market-making process within a decentralized framework. In addition to standard trading functions, Byreal will also support unique DeFi offerings, including a curated token launchpad and yield-generating vaults.

The platform plans to offer access to assets such as bbSOL, a liquid staking derivative on Solana. This broader suite of services positions Byreal to compete not just with DEXs like Raydium or Orca but also with token launch and yield platforms built on Ethereum and BNB Chain.

Lily Liu, president of the Solana Foundation, commented on the collaboration, emphasizing the potential for synergy between centralized and decentralized exchanges.

She stated that the combination of liquidity from centralized exchanges and the global accessibility of DEXs contributes to the broader vision of an open financial market on the internet.

Cex / Dex can work in harmony, and amplify one another.

The asset diversity and global availability of a dex, plus the liquidity of a cex.

Building internet capital markets means having asset and product venue diversity, all on the shared rails.

We are excited to collaborate!… https://t.co/1Q75QWxsdw

— Lily Liu (@calilyliu) June 15, 2025

Rising DEX Market Share and Solana’s Role

Bybit’s move comes during a noticeable uptick in DEX activity. In May 2025, DEXs accounted for over 20% of the global spot trading volume, according to data from DefiLlama. PancakeSwap currently leads the market with $132 billion in monthly volume, and the total trading volume across DEXs stands at $405.88 billion.

Decentralized Exchange monthly volume. | Source: DeFillama

The growing popularity of these platforms signals increasing confidence in decentralized protocols for executing trades without intermediaries.

The Solana network has played a significant role in this trend. As of June, Solana-based DEXs hold roughly $77.43 billion in monthly volume, with majority concentrated on Raydium.

SOL price is moving upwards on the 2-hour chart. Source: SOL/USDT on TradingView.com

Featured image created with DALL-E, Chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Source link

June 17, 2025 0 comments

NFT Gaming

Zhao dark pool DEX could sink HyperLiquid, says top trader

by admin June 8, 2025

A brewing battle in the decentralized exchange world may be taking shape, as prominent trader James Wynn warns that Binance founder Changpeng Zhao’s proposed dark pool perpetuals DEX could upend HyperLiquid’s edge.

Wynn, who has criticized HyperLiquid’s referral program and compensation model, argues that Zhao’s superior resources, execution history, and focus on solving MEV-related transparency issues could reshape the landscape for on-chain derivatives trading.

The comments follow Wynn’s criticism of HyperLiquid’s referral program despite generating substantial volume for the platform.

Wynn revealed he earned only $34,000 through HyperLiquid referrals despite driving significant user signups and trading volume. He also called their compensation structure “extremely poor” compared to other platforms.

I was not paid a single cent by HyperLiquid.

I reached out on two occasions hoping to get some kind of partnership deal for all of the attention I was bringing them, and although they seemed thankful they don’t offer such deals to anyone. Which kinda makes sense considering…

— James Wynn (@JamesWynnReal) June 8, 2025

The trader disclosed he reached out twice seeking partnership deals but was declined, as HyperLiquid reportedly avoids such arrangements with individual promoters.

Zhao proposes dark pool architecture

Zhao’s recent social media post showed his vision for an on-chain dark pool perpetuals exchange that would address fundamental transparency issues that affect current DEX structures.

The Binance founder highlighted how real-time order visibility creates front-running opportunities and MEV attacks that increase costs for large traders.

Given recent events, I think now might be a good time for someone to launch a dark pool perp DEX.

I have always been puzzled with the fact that everyone can see your orders in real-time on a DEX. The problem is worse on a perp DEX where there are liquidations.

Even with a CEX…

— CZ 🔶 BNB (@cz_binance) June 1, 2025

“I have always been puzzled with the fact that everyone can see your orders in real-time on a DEX,” Zhao wrote. He noted that even centralized exchange order books, still reveal trading intentions that can be exploited.

Zhao’s proposed solution involves either hiding order books entirely or concealing smart contract deposits until execution completion. He suggested zero-knowledge proofs or similar encryption technologies could allow this functionality while at the same time maintaining on-chain settlement benefits.

Wynn’s critique extends beyond compensation issues to overall competitive concerns about HyperLiquid’s long-term viability. He emphasized Zhao’s proven ability to build industry-leading products and pointed to Binance’s dominance in centralized exchange markets as evidence of execution capability.

“CZ has the money, network, teams to build something like no other,” Wynn stated.

HyperLiquid currently operates as a decentralized perpetuals exchange with full on-chain order books, making all trading activity transparent and potentially vulnerable to the MEV exploitation that Zhao’s dark pool concept would address.

Source link

June 8, 2025 0 comments

NFT Gaming

Binance Founder CZ Proposes DEX to Prevent Front-Running

by admin June 2, 2025

In brief

Binance founder CZ proposed a new type of decentralized exchange that hides trades and liquidation points to protect users from front-running and manipulation.
Analysts say the idea could enable institutional-grade DeFi, but would require a trustless, non-custodial design using atomic swaps and zero-knowledge encryption.
CZ invited developers to contact him via ReachMe.io, a paid messaging app he introduced in March to filter high-volume inbound requests.

Binance founder Changpeng “CZ” Zhao proposed a new kind of decentralized exchange on Sunday, one that hides trades, positions, and deposits from the public, to protect traders from so-called front-running and liquidation attacks.

“Given recent events, I think now might be a good time for someone to launch a dark pool perp DEX,” Zhao wrote on X. “I have always been puzzled with the fact that everyone can see your orders in real-time on a DEX. The problem is worse on a perp DEX where there are liquidations.”

Perp DEXs are decentralized exchanges that offer perpetual futures contracts, enabling users to place highly leveraged bets on asset prices without expiration.

“If others can see your liquidation point, they could try to push the market to liquidate you,” he wrote. “Even if you got a billion dollars, others can gang up on you.”

Zhao noted that while CEXs hide user identities, DEXs expose wallet-linked orders and liquidation points, enabling front-running and maximal extractable value (MEV) attacks, where bots detect and exploit pending transactions for profit.

“This results in increased slippage, worse prices, and higher costs for you,” he wrote.

To mitigate these risks, Zhao proposed a “dark pool-style” approach that conceals trades and smart contract activity.

Zhao suggested the use of zero-knowledge proofs (ZK) or similar encryption to hide activity until later stages of settlement.

“CZ is really onto something here. Such a solution must be trustless, non-custodial, cross-chain, and secure,” Kadan Stadelmann, CTO of Komodo Platform, told Decrypt. “The non-custody feature, for example, promotes privacy.”

Zhao’s post has revived a long-running debate in DeFi over whether transparency is always beneficial, particularly for institutional players.

Annu Shekhawat, Global Ecosystem Lead at Avail, said CZ’s post “makes a compelling case for the next frontier in DeFi infrastructure.”

“Today’s DEXs expose too much: real-time order visibility, wallet-linked order books, and predictable liquidation points,” Shekhawat told Decrypt. “That’s great for MEV bots however, terrible for serious traders.”

Stadelmann said building the kind of DEX Zhao envisioned would require full decentralization, cross-chain interoperability, and trustless execution, pointing to “atomic swaps” that use “Hash Time Lock Contracts.”

These are smart contract mechanisms that enable two parties to trade assets across blockchains only if one party provides a specific code within a specified time limit; otherwise, the transaction is automatically canceled, and both parties recover their funds.

Shekhawat said the first to build such a platform could set the benchmark for private DeFi, noting it would “unlock a whole new design space for institutional-grade DeFi.”

Zhao, who stepped down as Binance CEO in 2023, invited developers to contact him via ReachMe.io, a paid messaging platform he introduced in March.

He introduced the feature to manage overwhelming message volume, gradually raising the price to filter out spam.

Edited by Sebastian Sinclair

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.

Source link

June 2, 2025 0 comments

GameFi Guides

Sui Ecosystem Rocked by $200M ‘Oracle Manipulation Attack’ on Its Largest DEX

by admin May 22, 2025

In brief

Attackers exploited vulnerabilities in Cetus Protocol’s smart contracts using spoof tokens to manipulate price calculations and drain liquidity pools on Sui’s largest decentralized exchange.
Popular Sui tokens including Lofi, Sudeng, and Squirtle plummeted 76-97% within an hour, while the Cetus token itself dropped 53% as 46 Sui tokens posted double-digit losses.
The attacker has $164 million in a Sui wallet and already bridged $61.5 million in USDC to Ethereum, with Cetus pausing contracts and investigations ongoing while Sui’s native token surprisingly rose 2.2%.

The Sui ecosystem has been rocked to its core by an exploit on the network’s largest decentralized exchange Cetus which has seen $200 million stolen from liquidity pools.

Notable Sui meme coins like Lofi (LOFI), Sudeng (HIPPO), and Squirtle (SQUIRT) tanked 76%, 80%, and 97% in just an hour. And the popular Cetus token dropped 53% over the same time frame. According to DEX Screener, 46 Sui tokens have made double digit losses over the past 24 hours.

“The attacker exploited vulnerabilities in Cetus Protocol’s smart contracts by deploying spoof tokens to manipulate price curves and reserve calculations,” Deddy Lavid, CEO and co-founder of security firm Cyvers, told Decrypt. “This allowed them to extract real assets from multiple liquidity pools, including the SUI/USDC pool. The stolen funds are being converted into USDC and bridged to other chains.”

PeckShield estimates that approximately $200 million worth of assets were stolen due to this exploit. The attacker currently has $164 million sitting in a Sui wallet and has bridged $61.5 million worth of USDC onto Ethereum.

A SUI spokesperson declined to comment on the exploit when reached by Decrypt, instead referring to what the team had already shared publicly on X.

In response, Cetus paused its smart contracts to prevent any further losses. The exchange issued a statement on social media stating that an “incident” had been detected and that its team was investigating it.

🚨Alert Announcement 🚨

There was an incident detected on our protocol and our smart contract has been paused temporarily for safety. The team is investigating the incident at the moment. A further investigation statement will be made soon. We are grateful for your patience.

— Cetus🐳 (@CetusProtocol) May 22, 2025

Leaked Discord messages suggest that the Cetus team believe the exploit came as a result of a “bug” in its oracle. Users on social media seemed skeptical of this, but Cyvers told Decrypt the aforementioned exploit is called an “oracle manipulation attack.”

This is because the attackers were able to manipulate the oracle to misrepresent the price via the deployed spoof tokens.

The attacker has been moving funds using the USDC stablecoin. Circle has caught flak from industry experts, like on-chain sleuth ZachXBT, for its slow reaction in freezing funds related to hacks—taking more than five hours to block funds connected to the Bybit hack in February.

(And for what it’s worth, USDT issuer Tether has had similar complaints for its fund freeing process leaving a window for attackers to avoid the punishment.)

“We’ve repeatedly urged stablecoin issuers to act on our real-time alerts, yet many still choose to wait for post-mortem investigations,” Lavid said. “The pattern is clear: Action comes days too late, if it comes at all. In this threat environment, delay is indistinguishable from inaction.”

This situation is still developing with former Binance CEO Changpeng “CZ” Zhao claiming that his team are doing what they can to help Sui.

“Not a pleasant situation,” he wrote on X, formerly Twitter. “Hope everyone stay SAFU!”

Surprisingly, Sui’s price hasn’t been too badly affected by news of the exploit. The token has actually risen 2.2% over the past 24 hours, according to CoinGecko.

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.

Source link

May 22, 2025 0 comments

GameFi Guides

Sui Ecosystem Rocked by $200M ‘Oracle Manipulation Attack’ on Its Largest DEX

by admin May 22, 2025

In brief

Attackers exploited vulnerabilities in Cetus Protocol’s smart contracts using spoof tokens to manipulate price calculations and drain liquidity pools on Sui’s largest decentralized exchange.
Popular Sui tokens including Lofi, Sudeng, and Squirtle plummeted 76-97% within an hour, while the Cetus token itself dropped 53% as 46 Sui tokens posted double-digit losses.
The attacker has $164 million in a Sui wallet and already bridged $61.5 million in USDC to Ethereum, with Cetus pausing contracts and investigations ongoing while Sui’s native token surprisingly rose 2.2%.

The Sui ecosystem has been rocked to its core by an exploit on the network’s largest decentralized exchange Cetus which has seen $200 million stolen from liquidity pools.

A SUI spokesperson declined to comment on the exploit when reached by Decrypt, instead referring to what the team had already shared publicly on X.

🚨Alert Announcement 🚨

— Cetus🐳 (@CetusProtocol) May 22, 2025

This is because the attackers were able to manipulate the oracle to misrepresent the price via the deployed spoof tokens.

(And for what it’s worth, USDT issuer Tether has had similar complaints for its fund freeing process leaving a window for attackers to avoid the punishment.)

This situation is still developing with former Binance CEO Changpeng “CZ” Zhao claiming that his team are doing what they can to help Sui.

“Not a pleasant situation,” he wrote on X, formerly Twitter. “Hope everyone stay SAFU!”

Surprisingly, Sui’s price hasn’t been too badly affected by news of the exploit. The token has actually risen 2.2% over the past 24 hours, according to CoinGecko.

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.

Source link

May 22, 2025 0 comments

Crypto Trends

Binance Wallet Grabs 95% DEX Market Share

by admin May 20, 2025

$5,100,000,000 in 24 hours: Binance Wallet hits new dominance milestone
Airdrops, prelisting trading, rewards: Key pillars of Binance Wallet’s success

Binance Wallet, a self-custody Binance wallet with KYC, has taken the DEX market by storm. Yesterday, it set a new record, having reached $5 billion in trading volume. Three weeks ago, this metric was below $200 millon. As of today, Binance’s unit surpassed all of its rivals, including MetaMask.

$5,100,000,000 in 24 hours: Binance Wallet hits new dominance milestone

Binance Wallet, a noncustodial cryptocurrency wallet by Binance, routinely sets new trading volume ATHs. During the May 19, 2025 session, it handled about $5.1 billion in 24 hours. The closest competitor, OKX, barely exceeded $120 million across wallets, DEXes and API combined, as on-chain researcher @LZ_web3 displayed on Dune.

Image by lz_web3 via Dune

As a result, Binance Wallet accomplished 95% dominance in the segment of decentralized crypto wallets with built-in exchange features.

To put the numbers in the context, it should be stressed that ConsenSys’s MetaMask, the most popular on-chain wallet, only processed $9 million in swaps, which is 555x lower than that of Binance Wallet.

The leader established its dominance quickly. On May 1, 2025, it processed less than $200 million. As such, in just three weeks, Binance Wallet increased its volume by 25x.

Binance Wallet is also responsible for one of three active cryptocurrency wallets in the DEX segment, another dashboard says.

Airdrops, prelisting trading, rewards: Key pillars of Binance Wallet’s success

As covered by U.Today previously, such impressive growth is far from being 100% organic. Binance Wallet users can access Binance Alpha, a massive program of prelisting trading of early-stage tokens with amazing volatility.