News

GMX launches on MegaETH — 10ms block times for perp trading

GMX v2 is now live on MegaETH, an experimental L2 with 10ms block times. The DAO also paused staking rewards, redirecting fees to treasury buybacks until GMX hits $90. ~16,250 GMX bought back at ~$6.83 average.

The April 6 unlock of 9.92M HYPE ($375M) saw minimal market impact. Over 85% of tokens were immediately committed to staking, liquidity incentives, and ecosystem rewards. Daily volume exceeded $65B in the 24 hours after the event.

dYdX governance approves 75% net revenue for DYDX buybacks

dYdX community voted to allocate 75% of net protocol revenue to DYDX token buybacks. Surge Season 13 launched in April with BONK trading events and a $5K Voltrade trading competition (April 2-16).

EDGE surges 45% to $1.14 — market cap hits $377M despite airdrop controversy

Despite the allocation scandal, EDGE rallied from $0.70 at TGE to $1.14 within a week. Circulating supply: 350M of 1B total. FDV crossed $1B. Weekly performance peaked at +148% from launch price.

On-chain investigators found 14% of the EDGE airdrop ($94.6M) went to ~80 partner/LP wallets. edgeX responded by locking 141.6M tokens for one year and buying back & burning over $2M in EDGE. Token surged to $1.16 ATH despite the controversy.

A suspected DPRK-linked attacker used a compromised admin key and fake token (CVT) to drain $285M from Drift on April Fool's Day. TVL dropped from $550M to under $300M in minutes. Jupiter's JLP pool remained fully backed.

HYPE surged from $20 to $42 in Q1, driven by HIP-3 RWA open interest crossing $2B (38-48% of platform activity), aggressive buybacks, and oil/equity trading demand during the West Asia crisis.

edgeX executed its Token Generation Event on March 31 at 20:30 Beijing time. 25% of 1B total supply distributed to points and NFT holders. EDGE began trading around $0.70 and surged 148% in the first week to hit $1.16.

CoinGecko data shows decentralized perpetual exchanges now handle 10.2% of all crypto futures volume — a 5x increase from 2% two years ago. Hyperliquid dominates with 71% of DEX perp volume, the only DEX in the global top 10.

Grayscale Investments filed an S-1 with the SEC for a passive grantor trust holding HYPE tokens, targeting a Nasdaq listing as GHYP. Joins competing filings from Bitwise, VanEck, and 21Shares in the race for the first DeFi-native ETF.

EDGE listed for pre-market trading on MEXC, XT, and WEEX at ~$0.70 ($705M FDV). TGE confirmed for March 31 with 25% of supply released to points and NFT holders. Pre-TGE Season XP rewards continue until launch.

SynFutures released its mobile app for iOS and Android with self-custody trading. Separately, Monday Trade — built through the SynFutures Builder Program — became the first perpetual DEX on Monad mainnet.

The two-week DIME claim window ended March 19 at 7:00 AM UTC. 25% of total supply was distributed with no vesting. Unclaimed tokens will be burned or reallocated through future community programs.

S&P Dow Jones Indices licensed the S&P 500® to Trade[XYZ] for the first officially licensed perpetual derivative on a decentralized platform. The contract hit $100M in volume within 24 hours of launch.

Aster launched its staking program one day after mainnet, allowing users to delegate ASTER tokens for base rewards (150K ASTER) and loyalty rewards (300K ASTER), plus additional buyback subsidies.

dYdX kicked off Surge Season 12, a month-long trading competition featuring the BONK Trading League with a $50,000 DYDX prize pool and zero maker/taker fees on BTC and BONK perpetuals.

CZ-backed Aster launched its Layer-1 mainnet featuring default account privacy via zero-knowledge encryption, 50ms block times, 100K TPS, and zero gas fees to prevent on-chain position hunting.

Retail traders flocked to Hyperliquid's 24/7 oil perpetuals as traditional markets closed during geopolitical escalation, with the CL-USDC contract nearing $1.7B in daily volume.

Moonshot International launched leverage trading on BTC, ETH, and SOL with up to 250x leverage via Jupiter Perpetuals, bringing Solana's dominant perps protocol to its 2M+ mobile user base.

dYdX governance voted to wind down trading markets for LUNC, ENJ, GALA, THETA, XTZ, and several other low-volume assets to streamline the protocol and focus liquidity.

Chainlink's tamper-resistant, sub-second price feeds now power Jupiter's new prediction markets, enabling 5-minute and 15-minute prediction contracts on BTC and SOL.

Open interest on Hyperliquid's HIP-3 permissionless perpetual futures hit a record $1.2B, driven by tokenized equities, oil, gold, and silver contracts.

Bluefin announced BLN (Bluefin Liquidity Network) and a white-label product allowing other protocols to launch their own perp markets using Bluefin's trading, risk, and liquidity infrastructure.

GMX governance paused all staking rewards until GMX reaches $90, redirecting protocol fees to systematic open-market buybacks. ~600K GMX tokens ($4.55M) withdrawn from external liquidity pools to boost PCV.

The two-week DIME token claim window ends March 19 at 7:00 AM UTC. Unclaimed tokens may be reallocated or burned. No vesting — tokens are immediately transferable upon claim.

edgeX's Pre-TGE Season rewards platform activity through XP points ahead of the EDGE token launch on March 31. 25% of total supply will be released at TGE, split between points and NFT holders.

Scheduled unlock of 9.92 million HYPE tokens worth ~$317M directed to core contributors, part of the 23.8% allocation originally locked until 2027-2028.

Paradex Foundation initiated its genesis airdrop for the DIME token. Airdrop allocation increased from 20% to 25% of total supply, claimable via Paradex interface over two weeks.

ParaFi Capital invested $35M in Jupiter, fueling a 24% weekly rally. Jupiter Lend hit $1B TVL in 8 days post-beta while Perps volume grew 13.1% week-over-week.

Hyperliquid's monthly trading volume exceeded $200B for both January and February 2026, with HYPE outperforming BTC and ETH year-to-date despite broader market declines.

Scheduled DYDX token unlock on March 1, released to Community Treasury and Rewards Treasury as part of the ongoing vesting schedule.

Hotstuff launches points program — up to 1.5M points weekly

Hotstuff (formerly Syndr) launched its points farming campaign with 1.4M points retroactively distributed to 1,800+ early users. Weekly distributions of up to 1.5M points every Monday. Backed by Delphi Ventures, with angel investments from 1inch and Gnosis co-founders.

GRVT became the first perp DEX to embed an external yield source directly into trading collateral, allowing traders to earn Aave yield while maintaining open positions.

Drift released a native mobile app for iOS and Solana Mobile, the first to integrate multi-collateral accounts on mobile with V3's 10x faster execution engine.

First XP distribution for Season 3 took place on February 18, following Season 2 conclusion on January 31. Season 3 focuses on spot, RWA perpetual, and options trading.

edgeX pushed its Token Generation Event to March 31 citing market conditions. The $2.2B volume DEX has distributed 30M MARU tokens to active users ahead of the launch.

A governance proposal seeks community approval to deploy GMX V2 on MegaETH, an Ethereum L2 designed for ultra-low latency trading. GMX is also expanding to Solana via LayerZero.

CZ-backed DEX Aster confirmed its privacy-focused Layer-1 mainnet will launch in March 2026, featuring zero-knowledge proofs, sub-second finality, and developer tooling.

Lighter listed perpetual futures for Samsung, Hyundai, SK Hynix, and the Korean Composite index at 10x leverage — the first DEX to offer crypto-settled Korean equity derivatives.

HIP-4 introduces 'outcome trading' with fully collateralized, fixed-range contracts for prediction markets and options-like instruments. Currently in testing phase.

ApeX rolled out portfolio search, 90-day order validity, RWA commodity tags, and natural language order execution via Telegram with ClawHub AI integration.

Coinbase launched HYPE/USD spot trading on February 5, marking HYPE's first listing on a major U.S. centralized exchange.

GRVT increased its total Community Airdrop allocation from 20% to 22% of total supply as it prepares for its Token Generation Event in 2026.

Ethereal's Season Zero program drew over $400M in USDe deposits. ENA token holders are allocated 15% of the Ethereal governance token through Ethena's Season 5 airdrop.

edgeX V2 launched in Q1 2026, expanding beyond the original perpDEX model to support permissionless markets, US stock perpetual futures, and prediction market products.

Jupiter's 2026 roadmap includes transitioning Perps JLP pool collateral from USDC to JupUSD, its native stablecoin launched with Ethena Labs and backed by BlackRock's BUIDL fund.

Lighter launched Lighter EVM, an EVM-equivalent rollup developed with Axiom using OpenVM, designed for native interoperability with its existing L2 infrastructure.

Drift received its Enhanced AMM with Dynamic Pricing update and Refined Cross-Margin Liquidations improvements, building on the V3 overhaul launched in December 2025.

Malicious actors compromised official dYdX client libraries on npm and PyPI, injecting wallet-stealing malware. dYdX acknowledged the incident after Socket's disclosure.

A database migration error crashed Bitcoin's price to $0 on Paradex, triggering mass liquidations. Paradex rolled back chain state and refunded $650K to ~200 affected users.

Bluefin launched a DeFi vault on Sui integrating real-time prediction data from Polymarket, dynamically adjusting strategies based on event probabilities and sentiment.

Kinetiq Markets launches on Hyperliquid — TradFi perps 24/7 on-chain

Kinetiq launched its Markets DEX on Hyperliquid L1 as a HIP-3 exchange, offering perpetual futures on equities (TSLA, BABA), indices (S&P 500, Nasdaq), forex (EUR/USD), and commodities (Gold, Oil). Reached $300M volume in the first 10 days.

Flare launched the first XRP spot market on Hyperliquid with an FXRP-USDC trading pair. FXRP can be bridged back to the XRP Ledger.

Hotstuff L1 launches public testnet — 200K TPS orderbook DEX

Hotstuff Labs launched its DeFi-native L1 with DracoBFT consensus (200K+ TPS, 150ms finality). The CLOB perp DEX supports crypto, commodities, forex, and pre-launch assets with zero gas fees. Crossed $25M+ volume in the first 72 hours.