DEX

U.S. prediction market platform Kalshi announced plans to tokenize thousands of event contracts on Solana, aiming to attract crypto-native traders and deepen liquidity. The move intensifies competition with Polymarket as both platforms recorded record volumes in November, with Kalshi reaching $5.8 billion and Polymarket surpassing $3.7 billion.

Prediction market platform Kalshi plans to tokenize thousands of event contracts on Solana, bridging its traditional off-chain order book with on-chain liquidity, according to a December 2, 2025 statement to CNBC. The integration enables crypto-native traders to buy and sell tokenized versions of betting contracts while leveraging blockchain infrastructure. Bettors will be able to trade tokenized wagers on Solana, with contracts functioning identically to regular platform offerings but with added blockchain-native benefits.

Yearn Finance has recovered approximately $2.4 million following a Sunday exploit that drained roughly $9 million from its yETH pools. An attacker exploited an unchecked arithmetic vulnerability to mint an excessive quantity of yETH tokens, enabling liquidity extraction from the protocol's Curve-based stableswap pools. Recovery efforts remain ongoing, with collaboration from security firms SEAL 911 and ChainSecurity.

Decentralized exchange SushiSwap announced a leadership transition on December 1, with Synthesis founder Alex McCurry purchasing over 10 million SUSHI tokens worth approximately $3.34 million and assuming operational control. Outgoing CEO Jared Grey, who led the protocol for three years through regulatory scrutiny and governance disputes, will transition to an advisory role. The platform described the change as part of positioning for expansion, citing profitability goals and product development plans.

Yearn Finance suffered a security breach that drained approximately $9 million from its yETH infrastructure. Attackers exploited a vulnerability in the yETH token contract, enabling unlimited token minting without collateral and draining liquidity from a staked Ethereum derivatives pool. The protocol confirmed the yUSND pool and Nerite's vaults remained unaffected.

Decentralized exchanges recorded $419.76 billion in trading volume during October 2025, data show. DEXs captured 21.2% of total spot trading as of November 2025, up from 6.0% in January 2021. The milestone occurred despite broader market corrections affecting the cryptocurrency sector.

The dYdX community has approved a Liquidation Rebates Pilot Program through governance voting, allocating up to $1 million to compensate traders affected by liquidation events. The one-month trial begins December 1, 2025, offering points and rebates to eligible participants. The initiative aims to enhance liquidity and risk management on the platform.

Hyperliquid generated approximately $2 million in network fees over 24 hours, exceeding all other blockchains in daily revenue, data show. A team-linked wallet transferred 2.6 million HYPE tokens, worth roughly $90 million, from staking to spot holdings. The move prompted community debate over liquidity management and treasury strategy.

Cryptocurrency exchange Coinbase has submitted formal recommendations to the Commodity Futures Trading Commission requesting updated regulatory frameworks for digital assets. The submission addresses decentralized finance oversight, stablecoin collateral use, and standards for integrated trading platforms. Coinbase argues that current U.S. rules do not reflect the structure of modern crypto markets and proposes practical oversight measures that balance innovation with investor protection.

Balancer has initiated a reimbursement program to return approximately $8 million to liquidity providers affected by a November exploit of its v2 pools. Whitehat hackers and internal teams recovered funds across Polygon, Ethereum, Base, and Arbitrum networks. The protocol will distribute recovered assets following KYC verification, with whitehat contributors receiving a 10% bounty.