Market Overview - The total market cap of cryptocurrencies has decreased by 1.8% to $3.75 trillion, indicating a negative sentiment in the crypto market [1] - The Crypto Fear and Greed Index has dropped to 28, reflecting a state of "fear" and marking the most pessimistic reading since April [3] Hyperliquid (HYPE) Performance - Hyperliquid's token, HYPE, has increased by 9.26%, making it the only cryptocurrency in the top 11 to show gains amidst a broader market decline [1][6] - HYPE has experienced significant growth, rising over 20% in the last three months and nearly 600% in the past year, with a current market cap of $12.2 billion [5] - The price of HYPE surged from a low of $40.376 to $44.114, demonstrating resilience in a challenging market environment [6] Technical Analysis - HYPE's price behavior suggests a potential end to a major correction, despite being down close to 10% in the last 30 days [7] - The Relative Strength Index (RSI) is being monitored, with readings below 30 indicating oversold conditions, which may signal a buying opportunity for traders [7]

Core Insights - Decentralised exchanges (DEXs) for perpetual trading, such as Hyperliquid and Aster, are experiencing significant growth, with a trading volume of $1.8 trillion this quarter, surpassing the entire trading volume recorded in 2024 [1][3] Industry Overview - The surge in trading volume is attributed to improved infrastructure and effective tokenomics, leading to a user experience comparable to centralised exchanges like Binance [3] - Perpetual DEXs allow traders to speculate on cryptocurrency price movements without expiry dates and leverage up to 1,000 times their capital [2] Competitive Landscape - Hyperliquid has been a dominant player in the sector, accumulating over $2.7 trillion in trading volume since its launch, and distributing HYPE tokens worth $13.6 billion to over 90,000 users [5] - Aster, backed by YZi Labs and promoted by Binance co-founder Changpeng Zhao, has recently overtaken Hyperliquid in daily trading volume and its native token has surged 2,000% in the last week [6][7] - EdgeX, launched in 2014, remains one of the largest revenue-generating DeFi protocols with a trading volume of $161 billion [8]

Core Insights - The competition among decentralized exchanges (DEXs) is intensifying, with Binance Chain-based Aster surpassing Hyperliquid in 24-hour perpetual trading volume, reaching $21.6 billion compared to Hyperliquid's $10.7 billion [1] - Aster's trading volume positions it eighth among DEXs with $583 million, while Hyperliquid ranks seventh with $609 million [2] - Aster's native token has increased by 41.4% in the last 24 hours, achieving a market cap of $3.9 billion, making it the 47th largest cryptocurrency [2] - Hyperliquid's HYPE token has decreased by 6.2% but maintains a market cap of $12.1 billion, ranking as the 20th largest cryptocurrency [3] Market Dynamics - Interest in Aster has been bolstered by Binance co-founder Changpeng Zhao's endorsement, indicating a positive outlook for the DEX [4] - The recent surge in trading volumes and DEX activity is attributed to technical upgrades, incentive programs, and integration with the Binance ecosystem, suggesting a sustainable trend [4] - A significant increase in interest in BSC-based DEXs has led to substantial rallies for several altcoins [5] - Binance Chain validators are proposing to reduce transaction fees from 0.1 gwei to 0.05 gwei and accelerate block intervals, which could enhance BSC's competitive position [5][6] Future Outlook - Predictions for Aster indicate an 87% chance of ranking among the top 40 coins on CoinMarketCap this month, although over 60% of forecasts expect it to remain below $4 through November [3] - Despite Binance Chain's efforts to attract interest away from Hyperliquid, the latter remains a significant player in the market based on longer-term data [6]

Core Insights - Orderly Network has launched "Orderly One," a platform enabling users to create their own perpetual decentralized exchanges (DEXs) quickly and without coding [1] - The service targets decentralized autonomous organizations (DAOs), funds, and trading communities, allowing them to generate revenue through crypto trading independently of centralized entities [1] Industry Overview - Perpetual DEXs are crucial in the crypto trading landscape, merging perpetual futures markets with decentralized, permissionless environments [2] - Unlike traditional spot DEXs, perpetual DEXs allow users to trade with leverage and short assets, functionalities that were primarily available on centralized exchanges like Binance [3] - These platforms ensure full self-custody of funds for traders, mitigating risks associated with exchange hacks or insolvency, and operate on smart contracts to provide a trustless alternative to centralized platforms [3] Decentralization Impact - The capability for DAOs and trading communities to establish their own perpetual DEXs enhances decentralization, as it decentralizes not only the trading protocol but also the user experience and governance [4]

Decentralized Exchange (DEX) Market Overview - Quarterly trading volume on blockchain-based exchanges reached an all-time high of $1.1 trillion [1] - Traders are increasingly interested in buying and selling both native and tokenized assets onchain (链上) [1] Top DEX Platforms - Uniswap, PancakeSwap, and RaydiumProtocol are the top 3 DEXs by all-time volume [1]

Core Insights - Bubblemaps has raised concerns about a potential record-breaking Sybil attack involving 100 wallets that claimed $170 million worth of MYX tokens during a recent airdrop [1][3] - The suspicious activity appears coordinated, with identical funding and claiming patterns across the addresses [2] - MYX Finance has defended its distribution process, emphasizing fairness and openness in its campaign rewards [4][5] Airdrop Details - The analysis revealed that all 100 wallets were funded through OKX on April 19, each receiving similar amounts of BNB, and showed no prior activity before the airdrop [3] - The wallets became eligible and claimed tokens simultaneously on May 7, raising suspicions about the randomness of the claims [3] Financial Impact - At one point, the value of the suspected Sybil allocation exceeded $200 million before the token prices eased [4] - MYX's fully diluted valuation surged to $17 billion within 48 hours of its launch, drawing significant attention [3] MYX Finance's Response - MYX Finance stated that it has always prioritized fairness and openness, and that its incentive programs are based on trading volume and liquidity contributions [5][6] - The project acknowledged user requests for address changes but did not impose prohibitions on such requests [5] Ongoing Concerns - Bubblemaps criticized MYX's defense as vague, arguing that it only deepened suspicion regarding the fairness of the airdrop [6][7] - The analytics firm questioned the credibility of MYX's response, highlighting the significant allocation to the 100 Sybil addresses [7]

Core Insights - MYX Finance's native token (MYX) experienced significant volatility, with over $40 million liquidated in a single day as its price surged from $0.10 to $16 over the past 60 days [1][2] - The token's price movement included a targeted short squeeze that escalated its value from $4 to $8, raising concerns about market manipulation [1][2] - MYX Finance, a decentralized exchange, has a total value locked (TVL) of $55 million and open interest of $5 million, which is significantly lower compared to competitors like HyperLiquid [2] - Despite its lower TVL, MYX has a fully diluted market value of $17.7 billion, closely rivaling HyperLiquid's market cap of $17.5 billion [3] - Over 80% of MYX's supply is currently locked, with only 197 million tokens in circulation, indicating potential for price manipulation due to the limited supply [3] - MYX has rapidly ascended to become the 36th largest cryptocurrency by market cap [3]

今年4月份，一个地址开启了它的ETH投资之旅。该地址通过2个地址从ChangeNOW和Kucoin提出12.5 万USDC转进Hyperliquid开始做多ETH，当时第一笔做多的ETH价格是1490美元，正处于年内最低点。 这一决策看似平常，却成为了财富增长的起点。在后续的进程中，ETH价格一路上涨，该投资者通过持 续的浮盈加仓，如同滚雪球一般，将仓位从最开始的几百枚ETH逐步扩大到现在的6.6万枚ETH，仓位 价值达到3亿美元。 BOSS Wallet 8月17日讯，在加密货币市场的风云变幻中，总有一些投资者的故事如同传奇般闪耀，不 仅展现了财富增长的惊人潜力，也为市场参与者提供了宝贵的经验。近日，监测到的一个地址，仅用 12.5万美元滚仓做多ETH，如今已变成2500万美元，而另一位沉睡10年的以太坊巨鲸也因近期活动引发 关注，这些故事为投资者带来了深刻的启示。 图片来源:BOSS Wallet 除了这位沉睡10年的巨鲸，还有其他早期以太坊用户也从中获益。例如，一个钱包在以太坊ICO期间收 到了价值601美元的代币，之后沉寂了9.4年，转移了1940 ETH，当时以656万美元的价格收到这些代 币，其耐 ...

RT Milk Road (@MilkRoadDaily)Monthly trading on DEXs is surgingOnchain activity is heating up againCapital is flowing into decentralized protocols with real usageThe biggest players over the past month are @PancakeSwap, @Uniswap, @RaydiumProtocol, @AerodromeFi and @MeteoraAG https://t.co/pKXaiKlq7X ...

Core Insights - The XBIT decentralized exchange has launched a "Meme Coin Ecosystem Aggregator" feature, attracting over 500,000 users within an hour and increasing liquidity for Meme coin trading pairs by 380% in 24 hours [1][3] - The platform's unique "cultural mining" mechanism has sparked community discussions and significantly reduced the slippage rate for the PEPE/USDT trading pair to 0.12%, disrupting the traditional exchange monopoly in the Meme coin market [1][3] Platform Features - The XBIT platform has transformed its website into a "chain-based operating system" for Meme culture, featuring a three-dimensional interactive interface that integrates on-chain data with meme elements, increasing average user session duration from 40 seconds to 217 seconds [3] - The platform utilizes IPFS and ENS distributed storage technology, enhancing access speed by 300% while achieving a complete closed loop of decentralized domain and front-end [3] - The built-in "Meme Creation Workshop" allows users to upload original memes, rewarding those with over 10,000 likes with XBIT tokens, leading to an explosive growth of 120,000 daily user-generated content (UGC) [3] Innovation and User Engagement - The "Cultural Consensus Engine" analyzes meme popularity on platforms like Reddit and 4chan to generate a "Cultural Index" for token listing, enabling a 47 times faster listing process compared to traditional exchanges [4] - The platform's "on-chain social" feature allows users to accumulate "propagation weight" through sharing Meme coin-related content, which can be used for transaction fee discounts or community governance voting [4] - An anonymous user reportedly earned $32,000 in XBIT rewards in one day by sharing a meme, resulting in a 27% increase in their holding returns [4] Compliance and Governance - The platform's "embedded compliance" model, developed in collaboration with Switzerland's FINMA, features a "regulatory oracle" system for rapid AML screening while ensuring user privacy through zero-knowledge proof technology [5] - XBIT has become the first DEX to receive pre-certification under the EU's MiCA regulations, with a cold wallet reserve coverage of 132%, significantly above the industry average [5] - The "community arbitration court" mechanism provides a new solution for handling controversial assets, with a decision-making efficiency 17 times greater than traditional exchanges [5] Future Plans - The roadmap includes launching a "Meme Archaeology" section in Q2 2025 to permanently store classic internet memes on the blockchain [7] - Plans for Q3 involve integrating VR technology to create an immersive trading space where users can participate in liquidity mining as virtual avatars [7] - The platform is collaborating with city governments to integrate its DID system into public services, aiming to build a new digital social infrastructure combining "on-chain identity and cultural symbols" [7] - The daily website traffic has reached 2.4 million, with 83% coming from Meme coin community links, indicating a model where traffic feeds back into trading [7]