DEXs: The New Darlings of the Crypto Carnival

Perpetual DEXs, those bastions of self-importance, processed a staggering $6.7 trillion in cumulative trading volume in 2025. A 346% increase from 2024, you say? How delightful. Monthly volumes, it seems, have repeatedly exceeded $1 trillion, while daily activity in early 2026 has peaked between $7 billion and $8 billion. Platforms like Hyperliquid, Aster, and Lighter have been the ringmasters of this circus, though one suspects their tents are pitched on quicksand.



