"A new wave of DEX wars has shifted from token incentives to a focus on speed, leverage and sustainable infrastructure. Hyperliquid continues to lead the market with over $300 billion in monthly volume, strong liquidity and rising institutional adoption. Aster's growth is powered by airdrops, Binance-backed credibility and leverage that attract professional traders. Lighter is gaining momentum through its Ethereum layer-2 speed, zero-fee trading model and exclusive points-based yield farming system."
"Platforms like SushiSwap, PancakeSwap and Curve leveraged yield farming and governance token incentives to attract liquidity. This approach catalyzed rapid capital formation, bringing billions of dollars onchain within a short time. Those early battles were about who could attract the most total value locked (TVL) and traders through token incentives not about speed, leverage or institutional-grade infrastructure. The dust eventually settled with Uniswap taking the lead."
DEX competition has moved from token-incentive battles to a focus on speed, leverage, and sustainable infrastructure. Hyperliquid leads with over $300 billion in monthly volume, deep liquidity, fast execution, and rising institutional adoption, sometimes reaching about $17 billion in daily activity. Aster grows through airdrops, Binance-backed credibility, and leverage that attract professional traders. Lighter gains traction via Ethereum layer-2 speed, zero-fee trading, and an exclusive points-based yield farming system. Earlier platforms like SushiSwap, PancakeSwap, and Curve used yield farming and governance tokens to rapidly bring billions onchain and build TVL. Hyperliquid distributed 27.5% of supply to 94,000 addresses via rewards and an airdrop.
Read at cointelegraph.com
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