3. 2025 Perp DEX Annual Rankings, Hyperliquid Leads in Trading Volume, Aster Tops Web Traffic
4. Privacy Sector Now in a Rally, DUSK Surges Over 120% in a Single Day
1. "Opening Expected to Drop 75%, Perhaps the First Project to Be Litigated This Year"
Trove once had a perfect narrative. As a Perp DEX focusing on collectibles and RWAs, Trove claimed to be able to transform illiquid "cultural assets" such as Pokémon cards, CSGO skins, and luxury watches into tradable financial assets, providing collectors with a hedging venue. However, in just ten days, the Trove team staged a drama through a series of jaw-dropping operations. And by the way, emptied the pockets of the onlookers.
By 2025, the power structure of the crypto market underwent a new round of reshuffling in the face of data dynamics. Against a backdrop of price volatility and policy expectations, CEX spot trading demand saw a slight recovery, increasing by 3.6% year-on-year; the increase in futures trading volume was more significant, rising by 27%, with HTX and Kucoin both seeing over 60% growth compared to last year. Binance continued to maintain its industry-leading position, with a spot trading volume of around $73 trillion and a futures trading volume of over $270 trillion, roughly equal to the sum of the second to fourth places. Overall, futures trading volume far exceeded spot trading volume and remained the core business of CEX.
Weekly on-chain fund flow as of January 19

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