Core Insights - Trove Market has shifted its perpetual decentralized exchange (DEX) from Hyperliquid to the Solana blockchain just days before its Token Generation Event (TGE), resulting in a significant drop in the TROVE token value by as much as 95% [1][4] Group 1: Company Actions - Trove Market raised funds through a public token sale intended for building a perpetual DEX using Hyperliquid's infrastructure, but has now decided to retain a substantial portion of the proceeds for development on Solana [2][3] - The decision to pivot to Solana was described by Trove as necessary to maintain product viability after a key liquidity partner withdrew support for the Hyperliquid integration [4] Group 2: Market Reactions - The abrupt change has raised concerns among contributors regarding the management of the raised funds, with some participants reportedly receiving refunds [2][5] - Trove Market acknowledged that its handling of the ICO and subsequent decisions led to confusion and a lack of trust among participants [5] Group 3: Industry Context - Hyperliquid continues to perform strongly in the market, achieving a trading volume of $40.7 billion last week, surpassing competitors Aster and Lighter, which recorded $31.7 billion and $25.3 billion respectively [6] - Hyperliquid's user count increased significantly from approximately 300,000 in 2024 to 1.4 million in 2025, indicating strong growth in user engagement [6]

Core Insights - Trading activity on decentralized exchanges (DEXs) reached a record high of over $1.36 trillion in October, surpassing the previous peak of $759 billion in August, indicating a significant shift towards on-chain finance [1][2] Group 1: Market Performance - Hyperliquid led the perpetual DEX market with approximately $299 billion in trading volume for October, followed closely by Lighter at $265.4 billion and Aster at $259.9 billion [2] - The share of DEX to centralized exchange (CEX) spot trade volume has more than doubled from under 10% last year to over 20% projected for 2025, reflecting a migration of traders towards decentralized platforms [3] Group 2: Factors Driving Growth - The increase in trading volume is attributed to improved platform interfaces and incentives, such as airdrops and points programs, which have attracted retail traders [4] - Structural shifts in the market, including scandals involving centralized exchanges and heightened regulatory scrutiny, have led traders to perceive DEXs as safer alternatives that offer better custody and access to new tokens [4] Group 3: Market Dynamics - The surge in trading volume was partly driven by approximately $20 billion in forced liquidations of leveraged positions, triggered by geopolitical comments regarding tariffs, which caused a sell-off in risk assets [6] - CoinShares reported that the resulting market turbulence led to a record weekly trading volume exceeding $53 billion in regulated crypto investment products, such as ETFs [7]

Decentralized Exchange (DEX) - BSCNews reports that $BEE is revealing its own perpetuals DEX [1] - The report questions whether a perpetuals DEX is truly what the @Beenetworkintl ecosystem needs [1]

RT BSCN (@BSCNews)📈 $BEE REVEALS OWN PERP DEX - Is a perpetuals DEX really what the @Beenetworkintl ecosystem needs...? Read now https://t.co/3eE5TCk9fO ...

Project Development - $BEE 推出自有 Perpetual DEX (永续合约去中心化交易所) [1] - 行业关注 Beenetworkintl 生态系统是否真正需要 Perpetual DEX [1]

Industry Trends - Next-generation perpetual DEXs are balancing transparency and privacy [1] - The on-chain derivatives trading landscape is evolving [1] Company Focus - Aster DEX's rapid success in the perpetual DEX meta is highlighted [1] - Aster founder Leonard discusses building privacy-preserving infrastructure [1] - Aster is testing 1000x leverage [1] Partnerships and Events - The Block partnered with BNB Chain for a Korea Blockchain Week side event [1] - The Block was present as a media partner at the Hanok House event [1]

Market Ranking - Perpetual DEX sector is highly competitive with numerous builders [1] - Unofficial rankings of Perpetual DEX platforms by OI (Open Interest) are provided [1] - Hyperliquid ranks first in OI [1] - Lighter ranks second in OI [1] - Aster ranks third in OI [1] Platform List - The report lists 17 Perpetual DEX platforms based on OI [1] - The platforms include Hyperliquid, Lighter, Aster, edgeX, Jupiter, ostium, paradex, backpack, gmx, dydx, variational, pacifica, extended, reya, hibachi, vest, and gains network [1]

Core Insights - The Lighter vault, associated with the Kanye West YZY meme coin, is experiencing significant challenges due to aggressive trading strategies and a lack of auto-deleveraging mechanisms [1][7]. Group 1: Market Dynamics - Crypto prices have shown recovery post-deleveraging on October 10, but the YZY vault on Lighter remains in a precarious position [1]. - Perpetual decentralized exchanges (DEXes) like Lighter rely heavily on community participation to remain competitive, offering features such as 10x leverage and public trades [2]. Group 2: Vault Operations - Lighter and other perpetual DEXes have established vaults to manage liquidity, allowing users to deposit funds and earn revenue based on trading activity [3]. - As of October 14, the Lighter Liquidity Provider (LLP) manages over $388 million, with the Ethereum vault being the largest at over $11 million in position value [3]. Group 3: Risk Management - The Lighter vault is designed to provide liquidity and manage liquidations, acting as a counterparty to prevent bankruptcy during adverse trading conditions [4]. - Unlike Hyperliquid, which employs auto-deleveraging to manage risk, Lighter has not reported such measures, leading to increased exposure and potential losses for the YZY vault [5][6]. Group 4: Current Challenges - The aggressive approach of the Lighter vault has resulted in the YZY vault being deep in the red, suffering from high funding rates without closing positions to mitigate losses [7].

DeFi Platform Updates - DefiLlama is now tracking SpookySwap Perps on its Perp Volume Dashboard [1] - SpookySwap Perps is an intent-based perpetual DEX powered by SYMMIO and hosted by SpookySwap [1] Trading Features - SpookySwap Perps offers users access to up to 60x leverage trading [1] - The platform supports trading over a range of more than 150 crypto assets [1]

Core Insights - Hyperliquid remains a leading player in the Perpetual Decentralized Exchange (Perp DEX) market despite a significant drop in market share from 45% to 8% due to increased competition from new entrants like Aster [2][6] - Aster, backed by Binance, has rapidly gained market share, with its trading volume skyrocketing from $11 billion to over $270 billion in just one week, capturing more than 50% of the market [4][6] - The overall market for Perp DEXs is experiencing a long-term uptrend, with their share of centralized exchange (CEX) perpetual volume increasing from less than 2% in 2022 to over 20% recently, indicating a growing acceptance of decentralized trading platforms [3] Market Dynamics - Hyperliquid's primary competition comes from Aster, which has emerged as a formidable challenger, significantly impacting Hyperliquid's volume share [3][4] - Other platforms like EdgeX and Lighter have also seen substantial volume growth, but their market share has declined due to Aster's rapid rise [4][6] - The competition among DEXs is currently focused on incentivizing trading volume through future airdrops, with the hope that this volume will become "sticky" [5] Performance Metrics - Hyperliquid's open interest remains a critical metric for assessing liquidity and user interest, with the platform maintaining a dominant market share of 62% in this regard [5] - Despite the decline in volume share, Hyperliquid's revenue-producing volume has remained steady, suggesting resilience in its business model [5]