DEX

Institutional investors may be preparing to diversify beyond Bitcoin and Ethereum as multiple altcoin-focused ETF applications reach U.S. regulators. At least five such filings were submitted in October 2025. Analysts describe the development as a potential turning point for multi-year adoption cycles, with recent data showing spot Ether ETFs attracted $9.6 billion in Q3 2025, surpassing Bitcoin's $8.7 billion in inflows.

Decentralized exchange dYdX intends to launch U.S. operations by the end of 2025, offering spot trading for major cryptocurrencies including Solana while excluding derivative products for American users, according to President Eddie Zhang. The platform will reduce trading fees to 50–65 basis points to compete with established U.S. exchanges. Zhang emphasized the strategic importance of a U.S. presence for the platform's future direction.

Circle Internet Group has launched public testnet access for Arc, a Layer 1 blockchain designed as economic infrastructure for stablecoins. More than 100 organizations from finance, payments, and technology sectors are participating in the testing phase. Arc features stablecoin-denominated transaction fees, sub-second settlement, and optional privacy mechanisms.

Pump completed its acquisition of Padre, a Solana-based trading terminal with approximately 4% market share, on October 24, 2025. The PADRE token lost 80% of its value after Pump announced it would lose platform utility. Following community pushback, Pump committed to compensating PADRE holders with PUMP tokens based on a snapshot taken on October 24, 2025.

Hyperliquid's HYPE token declined 1.2% to $46.57 after encountering resistance at the 38.2% Fibonacci retracement level of $49.36. The token remains up 19.5% over the past week despite the pullback. The correction reflects profit-taking and heightened competition from Binance-backed Aster DEX, which recorded $20.8 billion in trading volume on its September 17 launch day.

Ethereum network activity reached its highest level in five months, driven by increased gas consumption. The surge reflects growing engagement across DeFi protocols, stablecoin transfers, smart contract deployments, and ETH transactions, with daily gas usage remaining elevated, data show.

Perpetual decentralized exchanges recorded $1.049 trillion in 30-day volume as of October 24, crossing the $1 trillion threshold for the first time, data show. On-chain open interest stands at $15.83 billion, down 12% over the same period. The surge followed major liquidations on October 10-11, when a tariff-driven selloff triggered what industry trackers described as the largest liquidation event in crypto history.

Ripple has launched Ripple Prime, an institutional brokerage platform, following its $1.25 billion acquisition of Hidden Road completed in October 2025. The platform integrates multi-asset trading, custody, and collateral services with Ripple's payment infrastructure and RLUSD stablecoin. Michael Arrington, founder of Arrington Capital, described the acquisition as Ripple's smartest move to date, citing synergies between Hidden Road's brokerage capabilities and Ripple's blockchain technology.

JPMorgan analysts upgraded Coinbase with a December 2026 price target of $404, citing a potential Base network token valued between $12 billion and $34 billion. The bank highlighted Base's growth to over $5 billion in total value locked and shifts in USDC reward distribution as key monetization opportunities.

Stable, a blockchain optimized for USDT transfers and backed by Bitfinex, closed its pre-deposit campaign after securing $825M in liquidity. Data show a single whale deposited approximately $500M, representing over 60% of total contributions. The whale transferred funds from multiple wallets starting 30 minutes before the campaign's public announcement on October 24, 2025.