Market
State of DEXs in 2025 Highlights Solana, Asia, AI & Crypto

A recent OKX report examined the state of decentralized exchanges (DEXs) in 2025, revealing Solana as a dominant force while Ethereum faces challenges to maintain its relevance.
The report highlighted how innovations across blockchains, technological advancements, and evolving user preferences have collectively reshaped the DEX sector.
Solana Leads the DEX Revolution
The Solana ecosystem is a key highlight in the OKX exchange’s report. It has emerged as a dominant force in decentralized finance (DeFi), commanding 48% of the total DEX volume. According to the State of DEXs in 2025, this growth can be attributed to its high-speed transaction capabilities, negligible fees, and developer-friendly infrastructure.
“By almost all measures of blockchain adoption, Solana blows every other chain out of the park. Network transaction fees generated, transaction count, active wallet addresses, DEX active users – Solana is truly the retail chain,” read an excerpt in the report.
Further, OKX cites Solana’s architectural advantages, which have also attracted traders and developers, creating a strong ecosystem for decentralized trading. A prime example of this success is Raydium, Solana’s flagship automated market maker (AMM). As BeInCrypto reported, Raydium recently dominated Solana DEX volume.

Raydium has established itself as a key player in Solana’s DeFi ecosystem by pioneering innovative liquidity provision models. The OKX report notes that Raydium’s efficient liquidity pooling has become a standard for DEX platforms, posing a direct challenge to Ethereum and its derivatives.
The report also highlights that users are increasingly gravitating toward Solana due to its lower transaction costs and faster speeds. This shift has pressured Ethereum to expedite the rollout of Ethereum 2.0 to remain competitive.
As Solana continues to gain momentum, OKX highlights Ethereum’s efforts to stay relevant with the launch of Ethereum 2.0. The upgrade aims to deliver reduced fees, improved scalability, and a smoother user experience. Additionally, innovations such as Uniswap’s v4, featuring modular “hooks” and a gas-efficient singleton architecture, have strengthened Ethereum’s competitive edge.
“The impact of Ethereum 2.0 on DEXs is two-fold. Firstly, Ethereum itself is now more optimal for DeFi applications. Secondly, L2s can now settle on Ethereum more cheaply with data blobs, allowing them to pass on significant cost savings to users, and making existing DEXs on L2s much cheaper to use,” OKX added.
Uniswap’s evolution illustrates Ethereum’s resilience in adapting to market demands. Introducing time-weighted average market makers (TWAMMs) and dynamic fees has improved liquidity management. These innovations, combined with reduced costs and performance improvements, position Ethereum as a critical player in the DEX ecosystem despite growing competition.
Decentralized Derivatives and AI Take the Spotlight
While spot trading remains central to DEX activity, the OKX report finds decentralized derivatives as the prospective next frontier in DeFi. Despite their potential, derivatives face liquidity fragmentation and regulatory challenges. Platforms like dYdX and Synthetix lead the charge, optimizing throughput, fees, and liquidity tools to create better trading environments.
A key innovation in this sector is comparing hard liquidity-backed models and synthetic approaches. The former relies on substantial liquidity pools to back derivatives, while the latter leverages algorithmic mechanisms to simulate liquidity. Both models have their trade-offs, but their continued development will likely shape the future of decentralized derivatives.
The integration of artificial intelligence (AI) into crypto has progressed in unexpected ways. On-chain AI agents enhance trading strategies, while AI-powered tools stream operations across DEX platforms. Additionally, the rise of AI-driven meme coins has demonstrated how these technologies can engage new audiences, potentially driving adoption in the DeFi space.
“One of the biggest questions of the Crypto X AI intersection is why crypto is needed…The answer to that question lies in the ability of crypto to customize incentive mechanisms and have a blockchain as an immutable data record,” OKX said.
Asia Takes the Lead Amid Shifting Developer Dynamics
A noteworthy trend in OKX’s state of DEXs in 2025 is the shift in crypto development hubs. Per the report, Asia has overtaken North America as the epicenter of innovation in the DEX ecosystem. BeInCrypto recently reported that Singapore and Hong Kong are leading the blockchain revolution over the US.
According to the OKX report, regulatory flexibility, an active developer community, and increasing regional institutional interest drive this change. The implications of this shift are profound, as Asia’s leadership is likely to influence the direction of DEX development in the coming years.
Meanwhile, the report acknowledges that liquidity remains the lifeblood of any DEX. Attracting liquidity providers (LPs) and ensuring sufficient capital in liquidity pools are critical challenges for emerging platforms. Uniswap, for instance, set the standard for liquidity provisioning with its AMM design. Its v3 model introduced concentrated liquidity, significantly improving capital efficiency but adding complexity.
Incentives have proven crucial in overcoming the “bootstrap problem.” For example, SushiSwap’s liquidity mining programs forced Uniswap to reevaluate its approach. This competitive pressure highlights the importance of balancing incentives to attract LPs while maintaining economic sustainability.
The OKX report concludes that the future of DEXs depends on achieving a balance where all stakeholders — traders, liquidity providers (LPs), token holders, and developers — gain value. Larger liquidity pools enable low-slippage trades, attracting more users, while well-designed incentive structures ensure long-term participation from LPs. To succeed, platforms must carefully navigate trade-offs to build ecosystems that drive both growth and innovation.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Crypto Market Mirrors Nasdaq and S&P 500 Amid Recession Fears

As traditional markets show clear signs of an impending recession, the crypto space is not immune from damage. Liquidations are surging as the overall crypto market cap mirrors declines in the stock market.
Even though the source of these problems is localized to the US, the damage will have global implications. Traders are advised to prepare for a sustained period of trouble.
How Will A Recession Impact Crypto?
Several economic experts have warned that the US market is poised for an impending recession. For all we know, it’s already here.
Since Donald Trump announced his Liberation Day tariffs, all financial markets have taken a real hit. The overall crypto market cap is down nearly 8%, and liquidations in the last 24 hours exceeded $500 million.

A few other key indicators show a similar trend. In late February, the Crypto Fear and Greed Index was at “Extreme Fear.” It recovered in March but fell back down to this category today.
Similarly, checkers adjacent to crypto, such as Polymarket, began predicting that a recession is more likely than not.
Although the crypto industry is closely tied to President Trump’s administration, it is not the driving force behind these recession fears. Indeed, crypto actually seems to be tailing TradFi markets at the moment.
The Dow dropped 1600 points today, and the NASDAQ and S&P 500 both had their worst single-day drops since at least 2020.

Amidst all these recession fears, it’s been hard to identify an upside for crypto. Bitcoin briefly looked steady, but it fell more than 5% in the last 24 hours.
This doesn’t necessarily reflect its status as a secure store of value, as gold also looked steady before crumbling. To be fair, though, gold has only fallen 1.2% today.
In this environment, crypto enthusiasts worldwide should consider preparing for a recession. Trump’s proposed tariffs dramatically exceeded the worst expectations, and the resultant crisis is centered around the US.
Overall, current projections show that the crypto market will mirror the stock market to some extent. If the Nasdaq and S&P 500 fall further, the implications for risk assets could worsen.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Binance’s CZ is Helping Kyrgyzstan Become A Crypto Hub

Changpeng “CZ” Zhao, former CEO of Binance, is advising Kyrgyzstan on becoming a crypto hub. He signed an agreement with the Kyrgyz National Investment Agency to build the nation’s Web3 capacities.
A cornerstone of this plan is Kyrgyzstan’s A7A5 stablecoin, pegged to the Russian ruble and focused on emerging markets. CZ claimed that he has been advising several governments “officially and unofficially” regarding crypto.
CZ Helps Kyrgyzstan Drive Crypto Adoption
Countries worldwide are becoming more interested in crypto integration lately. Although Kyrgyzstan has not been a particular hub for crypto activity, it is trying to turn a new leaf.
According to the latest announcements, the country is developing a new A7A5 stablecoin pegged to the Russian ruble. Kyrgyzstan’s crypto turn is also being influenced by Changpeng “CZ” Zhao, the founder of Binance.
“A Memorandum of Understanding has been signed between the National Investment Agency under the President of the Kyrgyz Republic and Changpeng Zhao (CZ). In accordance with the Memorandum, the parties intend to cooperate in the development of the cryptocurrency and blockchain technology ecosystem in the Kyrgyz Republic,” claimed President Sadyr Zhaparov.
CZ is a very influential figure in crypto and has been involved with a few official governments in his career. For example, last month, allegations surfaced that he was working with President Trump to establish a new dollar-backed stablecoin.
Meanwhile, CZ acknowledged his business in Kyrgyzstan, claiming that he introduced President Zhaparov to X, the social media site.
“I officially and unofficially advise a few governments on their crypto regulatory frameworks and blockchain solutions for gov efficiency, expanding blockchain to more than trading. I find this work extremely meaningful,” CZ claimed via social media.
Although CZ’s connection with Kyrgyzstan’s new A7A5 stablecoin is not fully known, it would align with his recent alleged Trump dealings.
Zhaparov’s statement claimed that the Binance founder will provide infrastructural, technological support, technical expertise, and consulting services on crypto and blockchain technologies.
Also, the president went on to state that this agreement with CZ will strengthen Kyrgyzstan’s standing in the growing Web3 environment. The long-term plan is to help create new opportunities for Kyrgyz businesses and society as a whole.
Presumably, this will involve some cooperation with Russia, as A7A5’s press release mentions “a new class of digital assets tied to the Russian economy.” This stablecoin is bucking significant tradition by aligning with the ruble instead of the dollar.
However, this is part of its strategy to focus on emerging markets. This novel experiment could demonstrate new market opportunities and challenge the dominance of USD-pegged stablecoins in the region.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Wormhole (W) Jumps 10%—But Is a Pullback Coming?

Wormhole (W) surged nearly 12% on Thursday after the project unveiled its official product roadmap. The project’s one-year anniversary has sparked speculative interviews.
However, technical data shows buyers and sellers locked in a fierce battle, as momentum indicators suggest a weakening trend. The DMI, Ichimoku Cloud, and EMA structures all reflect market indecision, with no clear direction confirmed just yet.
Wormhole DMI Chart Shows Market Indecision
Wormhole’s DMI chart shows its ADX (Average Directional Index) has dropped to 21.69 from 27.59 just a day earlier, signaling that the recent trend may be losing strength.
The ADX is a key indicator used to measure the strength—not the direction—of a trend. Generally, values below 20 suggest a weak or non-existent trend, while values above 25 indicate a strong trend.
With ADX now hovering near the threshold, it suggests that the bullish momentum seen in recent days could be fading.

Looking deeper, the +DI (Positive Directional Indicator) has fallen to 19.96 after peaking near 24 earlier, though it had surged from 9.68 the previous day.
Meanwhile, the -DI (Negative Directional Indicator) climbed to 18.27 after dropping to 15.21 earlier, following a sharp decline from 30.18 yesterday. This narrowing gap between +DI and -DI—combined with a weakening ADX—suggests uncertainty and potential indecision in price action.
With a $137.64 million token unlock on the horizon, this shift could hint at a cooling bullish impulse and the risk of renewed selling pressure if supply outweighs demand.
Ichimoku Cloud Shows Mixed Signals
Wormhole’s Ichimoku Cloud chart shows a mixed outlook. Price action is attempting to break through resistance but still faces notable headwinds.
The Tenkan-sen (blue line) has recently flattened and is closely aligned with the Kijun-sen (red line), signaling indecision or a potential pause in momentum.
Typically, when these lines are flat and close together, it indicates consolidation rather than a clear trend continuation or reversal.

Meanwhile, the Kumo (cloud) remains thick and red ahead, reflecting strong overhead resistance and a bearish long-term bias.
The price is hovering near the lower edge of the cloud but has yet to make a decisive move above it—suggesting that bullish momentum is tentative at best.
For a confirmed trend reversal, a clean break above the cloud with bullish crossovers would be needed. Until then, the chart points to a market still trying to find direction, especially ahead of a major token unlock event that could further impact sentiment and price action.
Will Wormhole Reclaim $0.10 In April?
Wormhole, which builds solutions around interoperable bridges, continues to see its EMA setup reflect a bearish structure. Short-term moving averages are still positioned below the longer-term ones, an indication that downward pressure remains dominant.
However, one of the short-term EMAs has started to curve upward, hinting at a possible shift in momentum as buyers begin to step in. This early uptick could signal the beginning of a trend reversal, though confirmation is still pending.

If bullish momentum gains traction, Wormhole may attempt to break the nearby resistance at $0.089. A successful breakout could open the door for a move toward higher resistance levels at $0.108 and even $0.136.
Conversely, failure to clear $0.089 could reinforce bearish control, pushing the price back to test support at $0.079.
A break below that level could expose W to further downside toward $0.076, $0.073, and potentially below $0.07—marking uncharted territory for the token.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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