Decentralized Exchange (DEX) Overview - The report focuses on Decentralized Exchanges (DEXs), specifically Part 1 of a series [1] - TokenTerminal provides a sector overview of DEXs [1] Featured DEX Protocols - The report highlights several DEX protocols including EkuboProtocol, VelodromeFi, DragonSwap, and ShadowOnSonic [1]

Hyperliquid Founder Clarifies: No Cooperation with Market MakersIn the podcast, Jeff responded to the rumors, emphasizing that the project has never made any special arrangements with market makers. At the time, most decentralized exchanges typically raised funds while having market makers invest and commit liquidity, but he argued that this model merely created a short-term illusion without generating lasting value. The only exception, he noted, is the HLP liquidity pool, which is open to all users who can ...

Risk Assessment - DEXs 上交易的资产可能由于流动性和交易量而面临更高的市场风险 [1] - 用户在使用 State Pricing 时必须进行自己的风险评估，以确定 feeds 是否满足其要求，并相应地调整协议参数 [2]

Market Trends - The crypto market experienced a comeback in Q2 2025, led by Bitcoin [1] - Altcoins are trailing behind Bitcoin's performance [1] - Trading volumes indicate a shift in trader preference from centralized exchanges (CEXs) to decentralized exchanges (DEXs) [1]