DEX

On January 6, 2026, on-chain researchers observed multiple 100 ETH withdrawals from Tornado Cash consolidating to one wallet, followed by 128,808 ETH reaching a ProveX-linked address. Analysts also tied these flows to 112,987 ETH sent by Richard Heart in November 2025. ProveX's sacrifice phase is nearing its end, with a 6.25% rate increase from January 8.

Alex Thorn of Galaxy Research said there is a “decent 60%” chance the crypto market structure bill passes, with the Senate Banking Committee markup scheduled for January 15. He cautioned the outcome could shift, while Democratic requests on DeFi compliance and oversight remain sticking points; prediction markets place passage at 79% before 2027 and 49% before May.

On December 18, a hacker drained $27.3 million from a compromised multisig crypto wallet and has since begun off-loading funds via Tornado Cash. On-chain data shows the attacker pulled 1,000 ETH worth $3.24 million from Aave while still holding a $9.75 million leveraged long, and has funneled a total of 6,300 ETH valued at $19.4 million through the mixer. Separate Tornado Cash activity tied to a pig-butchering investment scam and other 2025 exploits highlight industry-wide losses exceeding $117.8 million in December and $3.4 billion for the year.

On January 6, Uniswap founder Hayden Adams defended automated market makers, arguing they perform well where capital costs are low and volatility subdued, such as stablecoin pools. He cited upcoming Uniswap v4 hooks to improve LP economics amid criticism from trader GEE-yohm Lambert. The broader context includes a $120 million Balancer exploit in November 2025 and a 35% UNI price jump on a proposed fee switch.

Ranger's token sale runs Jan. 6–10, targeting a minimum $6 million while offering 39% of RNGR. MetaDAO's Futarchy AMM fee was set at 0.5% to accrue fully to MetaDAO on Dec. 28, and an Omnibus plan will migrate ~90% of META liquidity and burn ~60,000 META. These changes may boost post‑TGE volumes.

On January 6, 2026, Solana highlighted 2025 results: applications generated $2.39 billion in revenue, while decentralized exchange volume reached $1.5 trillion. The year also saw $1.02 billion in net inflows to Solana-linked exchange-traded products, alongside growth across stablecoins, staking and trading activity.

Solana closed 2025 with roughly 33.1 billion transactions, daily throughput above 1,100 TPS, and about $1.41 billion in network revenue. DEX volume exceeded $1.5 trillion, while SOL traded near $139 with weekly gains over 12%, and a three-day MACD buy signal, according to curb.sol. Resistance sits near $160, with $200 a key hurdle.

On Monday, decentralized perpetuals exchange Lighter saw its native LIT token climb 13.9% in 24 hours to roughly $3.04, as onchain activity pointed to a possible token buyback. The protocol highlighted that fees and buybacks can be monitored via its treasury account, while treasury data showed a higher LIT balance but no formal confirmation of an active repurchase program.

According to the post, Jupiter has formally launched JupUSD, a reserve‑backed stablecoin pegged to the U.S. dollar and facilitated by Ethena Labs. Initial reserves comprise 90% USDtb—collateralized by BlackRock’s BUIDL Fund—and a 10% USDC liquidity buffer, with a secondary pool on Meteora. The team said JupUSD pays no yield and will be integrated across Jupiter’s lending and trading products.

In late 2025 and early January 2026, Helium and Solana-based DEX aggregator Jupiter each moved to pause or reconsider large-scale token buybacks after spending tens of millions of dollars with limited impact on HNT and JUP prices. Helium halted revenue-funded HNT repurchases after generating $3.4 million in October 2025, while Jupiter questioned whether its more than $70 million in JUP buybacks made sense as the token traded around $0.21, nearly 90% below its early 2024 peak. Both cases highlight how expanding token supply from emissions and unlocks can overwhelm buyback efforts when tokens lack strong utility, reduced issuance, or direct links to cash flows.