Core Insights - YZi Labs, previously known as Binance Labs, has made a $10 million seed investment in Genius Terminal, a professional trading terminal aimed at private, high-velocity on-chain operations [1] - Changpeng Zhao (CZ), co-founder of YZi Labs, has been appointed as an advisor to Genius, emphasizing alignment with YZi Labs' vision to support infrastructure that competes with centralized exchanges (CEXs) [2] - The investment is seen as a strategic alignment, with Genius aiming to create an "on-chain" version of Binance, focusing on privacy features that enhance the user experience compared to decentralized exchanges (DEXs) [2] Company Insights - Ella Zhang, head of YZi Labs, and Alex Odagiu, investment partner at YZi Labs, have expressed strong support for Genius, highlighting its mission to unify liquidity and provide a private, high-velocity execution experience [3] - Odagiu noted that as the decentralized economy evolves, there is a shift towards sophisticated execution layers akin to traditional financial terminals, positioning Genius as a potential "command center" for institutional and power users [4] Industry Insights - The DEX-CEX volume ratio is projected to favor decentralized exchanges by 2026, indicating a significant market shift [4] - Data from CoinGecko shows that the DEX-CEX ratio has increased from 6% in November 2021 to 21.2% by the reporting time, with decentralized exchanges reaching a peak market share of 37.4% in June 2025 [5]

Core Insights - Solana's network activity has sharply declined, with trading volume on decentralized exchanges (DEXs) dropping by approximately 95% [1][2] - Despite the downturn, institutional investment and infrastructure development within the Solana ecosystem continue [4][7] Network Activity - The total value of Solana spot DEX trading volume has decreased from $38.4 billion in January to $1.7 billion, marking a 95% decline [2] - Active addresses interacting with Solana-based DEXs fell to around 2.85 million during the week of Dec. 8–14, the lowest level in a year [2][3] - Active addresses peaked at approximately 24 million in January, indicating a significant drop in participation [3] Revenue Impact - Solana application revenue has plummeted by 96%, decreasing from $40.6 million to under $1.4 million [3] Investment and Development - Continued investment and infrastructure development are evident, as Coinbase announced plans to integrate Solana-based tokens into its platform at the Solana Breakpoint 2025 conference [4] - This integration allows users to trade Solana-based tokens through Coinbase's standard interface, streamlining the trading process [5] Price Action - Solana's price remains under pressure, trading at around $132, down nearly 4% over the past week [8] - Technical indicators suggest downside risk, with the price trading within an ascending parallel channel since Nov. 21, which typically indicates corrective movements rather than a sustainable uptrend [8]

Decentralized Finance (DeFi) Innovation - Orbs introduces decentralized stop-loss & take-profit (dSLTP) protocols for DEXs [1] - The report highlights the arrival of advanced order automation on-chain [1]

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DEX Volume & Market Share - Monthly DEX volume has surpassed $500 billion [1] - DEXs' share of trading volume compared to CEXs has been increasing since 2023 [1] - The DEX to CEX trading volume ratio was approximately 25% and has been steadily growing [1] Perpetual DEX (PerpDEX) Growth - In 2022, PerpDEXs accounted for only 5% of the market [1] - PerpDEXs now control over 30% of the market [1] - Hyperliquid's strong performance has significantly contributed to the growth of the derivatives market [1] CEX Response & On-Chain Competition - Major centralized exchanges are launching their own on-chain perpetual platforms [2] - Examples include Binance (@Aster DEX), Coinbase (@avantisfi), and Kraken (@rails xyz) [2] - New on-chain native platforms like @reya xyz and @Lighter xyz are rapidly scaling and attracting trading demand [2] - On-chain trading is becoming the primary battleground for the entire market [2]

Market Performance - Hyperliquid generated over $117 million in October fees [1] - All fees generated by Hyperliquid in October were returned to HYPE holders via buybacks [1] Competitive Landscape - Hyperliquid's profit-sharing model sets it apart from rivals like Aster and dYdX [1]

Market Share & Competition - Hyperliquid's market share in perpetual DEXs has decreased from over 70% to just over 30% [1] - New entrants like Lighter and Aster are rapidly gaining market share [1] - Users are switching platforms for better fees, incentives, and trading speed [1] Industry Trends - Market fragmentation may indicate healthy competition or the beginning of a liquidity war in onchain futures [1]

Product Features - Wallet集成了链上交易功能 [1] - 支持数百万种代币交易 [1] - 聚合了超过500家DEX的价格信息 [1] - 提供高级的DYOR（Do Your Own Research）工具 [1] - 提供智能资金和影响者信号 [1]

Ethereum Ecosystem Development - Ethereum Foundation launches institutional portal to guide enterprise adoption [1] - Ethereum is advancing privacy tech with building blocks like ZK, FHE, and TEEs [1] - The portal highlights Layer 2 ecosystem and diverse Rollups [1] DeFi and Financial Innovation - The portal showcases RWAs (Real World Assets) and stablecoins [1] - The portal showcases DEXs (Decentralized Exchanges) and DeFi (Decentralized Finance) [1] - The portal highlights staking and restaking networks [1]