DEX

On January 28, 2026, Coinbase integrated Jupiter Exchange into its on-chain trading stack, enabling customers to trade Solana-native tokens using existing account balances and payment methods via self-custodial wallets. Under the new setup, Jupiter aggregates liquidity across Solana DEXs and executes trades on-chain, while Coinbase focuses on distribution, fiat on- and off-ramps, and user experience. The move comes alongside strong crypto M&A activity in 2025, including Coinbase's reported $2.9 billion acquisition of Derbit.

On Wednesday, Hyperliquid's HYPE token climbed 60% from $21.80 to $34.90, with more than $20 million in liquidations hitting bearish leveraged traders and a large staking unlock easing sell pressure. Institutional accumulation tied to Hyperliquid Strategies and a research report describing Hyperliquid as highly revenue efficient have fueled interest, even as onchain DEX metrics like fees and perpetual volumes show limited change and Binance still leads in BTC futures open interest.

Bitwise registered a Delaware trust tied to a potential Uniswap ETF, signaling groundwork without an active SEC review or a disclosed timeline. Around the filing, UNI rose to $4.82, up 3.83% in 24 hours, while altcoin ETP flows split: ETH logged $63.53 million outflows, and XRP, SOL, and LINK posted smaller inflows.

Hyperliquid's HYPE rallied over 60% in the past three days to $34.64 after HIP-3 expanded permissionless listings to include gold and silver. Silver futures posted $1.1 billion in 24-hour volume, while technical signals point to a possible push toward the $35–$36 resistance and a further ~20% move toward $40.

The EU's DAC8, built on the OECD's CARF, requires crypto exchanges and custodians to start gathering user activity data in 2026, while decentralized finance remains out of scope. Taxbit's Colby Mangels, a former OECD adviser, said the intermediary-first approach is intentional and could change as AML standards evolve; a June 2025 FATF report shows regulators still struggle to assign DeFi accountability.

On January 27, 2026, Bitwise Asset Management registered the Bitwise Uniswap ETF in Delaware as an initial legal step that could precede a filing with the SEC. The move is seen as part of Bitwise's broader ETF expansion strategy, while Uniswap's UNI token traded around $4.79 with a market cap of $3.04 billion and a 24-hour volume of $135.71 million. Market watchers report no immediate shift in existing Bitwise products or UNI's trading metrics following the registration.

Ether fell 15.9% over the seven days ending Sunday, alongside $910 million in liquidations, yet network metrics point to stabilization. Layer-2 transaction counts and fees are up, and weekly DEX volumes across Ethereum's stack rose, with Solana still leading. Options data shows traders turning neutral after a spike in put volumes.

By late January 2026, Sui’s stablecoin market cap was about $500 million with USDC above 70%, while on-chain data showed treasury-linked wallets concentrated around 108 million SUI. As of late January 2026, circulating supply was roughly 3.79 billion SUI, or 38% of the 10 billion max, as yields across DeFi ranged from single digits to 50%+.

Hyperliquid reported on Monday that HIP-3 deployed decentralized exchanges have pushed open interest to a new all-time high above $790 million, driven by stronger commodities trading. CEO Jeff Yan said the platform now offers some of the tightest bitcoin perpetual spreads versus Binance, while HIP-3 markets have expanded rapidly since launching Builder-Deployed Perpetuals in October.

Coinbase integrated Solana token trading through the Jupiter Exchange inside its app, opening access for users in the United States (excluding New York) and Brazil. The update allows customers to engage with a broad range of Solana assets without waiting for traditional listings, aiming to expand DeFi access. As of January 26, 2026, SOL was priced at $123.50.