According to Bobby Ong, several decentralized exchanges (DEXs) such as PancakeSwap and Uniswap have entered the top 10 crypto exchanges by trading volume over the last six months. Additionally, HyperliquidX has become the first perpetual DEX to achieve this milestone. While centralized exchanges (CEXs) still dominate liquidity, the narrowing gap between off-chain and onchain trading infrastructures highlights a significant shift in the crypto trading landscape.

According to @dydxfoundation, perpetual decentralized exchange (DEX) volumes have grown over 120% year-on-year, while centralized exchange trading volumes have declined significantly. This shift has driven the total DEX market share from approximately 4% to 11% within a year. Han Chang of Adaptive Frontier highlighted this structural transition in the dYdX February Analyst Call, indicating a growing preference for decentralized trading platforms.

According to Bobby Ong, crypto exchanges have lost over $2.4 billion to hacks and exploits since the start of 2025. Centralized exchanges (CEXs) were primarily affected by compromised private keys, social engineering attacks, and custodial failures. On the other hand, decentralized exchanges (DEXs) faced vulnerabilities stemming from smart contracts and protocol design flaws. Both models present unique risks, highlighting the importance of understanding their distinct attack vectors for secure trading.

According to Lookonchain, last week saw significant capital inflows into the crypto market, with $3.51B added to the stablecoin market and institutional investors heavily accumulating Bitcoin (BTC) and Ethereum (ETH). Public companies increased their Bitcoin holdings by 18,083.7 BTC, valued at $1.24B, led by Strategy's $1.28B BTC purchase. Additionally, Bitmine acquired 60,976 ETH worth $122.8M. However, despite strong institutional buying, DEX trading volumes showed a slight week-on-week decline, indicating cooling retail activity.

According to @ItsDave_ADA, SundaeSwap, a native decentralized exchange (DEX) on Cardano, offers users the ability to trade tokens with minimal slippage and provide liquidity for rewards. The platform has introduced new automated trading strategies, including Trailing Stop Loss and Dollar Cost Average, with customizable strategies expected soon. These features aim to enhance trading efficiency and flexibility for users.

According to @dydxfoundation, the February 2026 Analyst Call featured Han Chang of Adaptive Frontier discussing significant trends like the ongoing migration from centralized exchanges (CEX) to decentralized exchanges (DEX), evidenced by a notable 120% year-over-year growth in perpetual DEX trading volumes. Additional insights focused on market maker risk management strategies across various trading venues. These trends underline increasing adoption of decentralized trading platforms and evolving strategies in liquidity provision.

According to Bobby Ong, decentralized exchanges (DEXs) are rapidly gaining ground against centralized exchanges (CEXs), with spot market share doubling and perpetuals (perps) share expanding fivefold over the past two years. Despite CEXs handling approximately $80 trillion in annual volume, the shift toward onchain trading is notable. Key players like Hyperliquid, PancakeSwap, and Uniswap have broken into the Top 10 spot and perps exchanges, highlighting the growing competitiveness of DeFi platforms.

According to @Celo, the launch of UpDown, a novel platform distinct from perpetual decentralized exchanges (perp DEXs), was teased by @Marek_ earlier this year. The platform aims to offer traders a unique approach to decentralized trading, differing from existing perp DEX models. This innovation could impact trading strategies and attract users seeking alternative trading mechanisms.

According to Lookonchain, decentralized exchange (DEX) spot and perpetual trading volumes saw a significant rebound last week, alongside a surge in protocol revenues across major ecosystems. Institutional players, including Bitmine and Strategy, made large crypto purchases, acquiring 50,928 ETH ($98.6M) and 3,015 BTC ($204.1M) respectively. Additionally, public companies collectively increased their Bitcoin holdings by 1,714 BTC. Vitalik.eth completed his ETH selling plan, offloading 19,326 ETH at an average price of $2,037.

According to Lookonchain, decentralized exchange (DEX) spot and perpetual trading volumes saw a significant decline last week, coupled with weakened protocol revenues across major chains. Meanwhile, institutional players like Bitmine and Strategy made substantial purchases of 51,162 ETH and 592 BTC, respectively. Additionally, the stablecoin market cap rose by $1.14 billion, and Vitalik Buterin resumed selling ETH after a two-week pause.

According to @star_okx, the integration of OKX DEX into Ledger Wallet app combines secure hardware with deep on-chain liquidity for optimal self-custody. This collaboration allows users to access thousands of tokens across EVM chains with competitive on-chain pricing, enabling smarter and faster swaps. The partnership emphasizes seamless execution using Ledger hardware and wallet, ensuring enhanced security and user experience.

According to @star_okx, decentralized exchanges (DEXs) and centralized exchanges (CEXs) serve fundamentally different roles in the cryptocurrency ecosystem. While DEXs prioritize open, permissionless access and self-custody, CEXs focus on accountability, regulatory compliance, and user protection. DEXs act as tools without intermediaries, leaving users fully responsible for their funds, whereas CEXs custody funds and have obligations such as fraud prevention and AML compliance. This distinction underscores the importance of understanding the unique roles and responsibilities of each type of exchange.

According to @star_okx, Ledger has made a significant advancement by integrating the OKX decentralized exchange (DEX) into its wallet. This move marks a step toward promoting secure, self-custodial trading as the industry standard. The integration enables users to trade directly within the Ledger ecosystem while retaining control of their private keys, enhancing both security and usability for cryptocurrency traders.

According to @ItsDave_ADA, live on-chain data over the last hour shows real DEX swaps, real transactions, and resulting liquidity changes on Cardano, captured directly from the syncing ledger with no simulations or replays (source: @ItsDave_ADA on X). According to @ItsDave_ADA, his DEX battle view reveals that competition on Cardano is active—liquidity competes, routing competes, and execution quality matters—and DEXs contending for flow is a good signal the network is being actively used (source: @ItsDave_ADA on X). According to @ItsDave_ADA, he upgraded his arbitrage dashboard to combine swap execution, pool state changes, monitoring, and analytics in one place, emphasizing that Cardano’s determinism makes state transitions predictable, traceable, and verifiable for reliable operations over time (source: @ItsDave_ADA on X). According to @ItsDave_ADA, these observations highlight real-time liquidity routing and execution dynamics traders can monitor directly on-chain to evaluate DEX performance on Cardano (source: @ItsDave_ADA on X).

According to @EmberCN, Ethereum founder Vitalik Buterin sold 493.1 ETH on-chain via CoW Swap, receiving about 1.16 million in stablecoins (source: @EmberCN). According to @EmberCN, the same wallet has authorized 5,000 ETH for CoW Swap, indicating capacity for additional transfers even if no further action is confirmed (source: @EmberCN). Based on @EmberCN's report, traders may monitor on-chain flows, DEX liquidity, and allowance changes for potential near-term ETH sentiment and volatility impacts (source: @EmberCN).

According to @ItsDave_ADA, roughly 75% of Solana Jupiter Aggregator v6 transactions failed, totaling about 8.39 million failed transactions (source: @ItsDave_ADA). According to @ItsDave_ADA, only about 25% completed successfully, and each failed attempt still consumed a fee (source: @ItsDave_ADA). According to @ItsDave_ADA, repeated retries mean users pay again, causing costs to compound quickly for active traders using Jupiter v6 on Solana (source: @ItsDave_ADA).

According to Lookonchain, the stablecoin market capitalization declined by $3.94B with heavy outflows across Ethereum, Solana, and Base (source: Lookonchain). According to Lookonchain, decentralized exchange spot and perpetual trading volumes jumped as a sharp market drop drove heightened volatility (source: Lookonchain). According to Lookonchain, seven companies increased their holdings by 2,003.92 BTC valued at $158M (source: Lookonchain). According to Lookonchain, Tom Lee's Bitmine purchased 41,788 ETH worth $96.95M and Michael Saylor's Strategy bought 855 BTC at $87,974 totaling $75.22M (source: Lookonchain). According to Lookonchain, Trend Research sold 53,589 ETH worth $127M, while BitcoinOG (1011short) sold 121,185 ETH worth $292M to repay a loan and was later liquidated with a total loss of $128.87M (source: Lookonchain).

According to @ranyi1115, Agent Arthur released a production-ready arthur-sdk on PyPI that enables AI agents to trade perpetuals on Arthur DEX through Orderly with minimal code (source: @ranyi1115, PyPI arthur-sdk). The SDK provides human-readable APIs, removes complex signature handling, and advertises a 3-line setup for perp execution, designed for agents rather than manual click trading (source: @ranyi1115, GitHub arthur-orderly/agent-trading-sdk). For trading teams and developers, this toolkit streamlines agentic execution for perpetual futures on a DEX stack aligned with Orderly, reducing integration friction for automated strategies (source: @ranyi1115).

According to @EmberCN, one address transferred 45 million USDC to Hyperliquid to purchase HYPE and has already converted about 30.5 million USDC into roughly 909,000 HYPE at an average price near 33.5; source: @EmberCN. The buying is still ongoing, and the author notes the remaining 14.5 million USDC is likely to be deployed into HYPE within the day; source: @EmberCN.

According to dYdX Foundation, Surge Season 10 incentives included a 50% fee rebate for UI and API traders, fee holidays on select markets, and a Loss Rebate Pilot Program. According to dYdX Foundation, rewards from December's Trading Leagues are claimable via the dYdX frontend, with the claim window closing in January.