DEX volume surges nearly 4x to $12.9B as memecoins return
The surge is broad but fragmented, with Base, Solana, Hyperliquid and Robinhood ecosystems each producing local gainers instead of one market-wide leader.
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The surge is broad but fragmented, with Base, Solana, Hyperliquid and Robinhood ecosystems each producing local gainers instead of one market-wide leader.
The rebound puts on-chain perpetual trading back in focus, but open interest still has ground to cover before matching its 2025 peak.
Regulatory clarity is the key variable for fundraising and on-chain market design, with legal conditions carrying as much weight as access.
The chain now sits behind only Solana and BNB in 24-hour on-chain trading volume, ahead of Base, Ethereum, Hyperliquid and Arbitrum.
A memecoin perps market on a multichain DEX draws its first leverage trade within hours of launch, a low-stakes signal of how thin on-chain perp liquidity still is for community tokens.
The volume number is the headline, but the regulatory shift is the real catalyst — an SEC innovation exemption would let DTCC, NYSE and others bring tokenized rails inside the existing rulebook.
Ostium's institutional-grade data link comes as equity perps have already carved out 20% of the $75B RWA perps market — and signals Nasdaq is building a deliberate onchain strategy, not a one-off bet.
The major Solana infrastructure provider is betting the next wave of onchain users won't self-identify as crypto traders — they'll just be traders expecting to swap anything, onchain.
A brand-new wallet sizing a $2.05M leveraged long on a microcap token is the kind of flow that either marks a coordinated entry or the first domino of a higher-beta push on $TST.