The permanently decentralized foreign exchange market is once again being reorganized. While HyperLiquid regained the top spot, lighter weekly perpetual trading volume has fallen nearly three times its peak.
At the same time, the writer lit The token fell to its lowest level on record on Monday, weighed down by the overall market downturn and the exodus of airdrop holders.
Hyperliquid regains permanent DEX dominance
Hyperliquid is back on top of the permanent DEX. According to CryptoRank data, Hyperliquid recorded a trading volume of approximately $40.7 billion last week. Aster came in second place with $31.7 billion, while Reiter slipped to third place with $25.3 billion.
“As the writer airdrops were distributed, the platform’s volume began to wane, with weekly volumes dropping nearly three times from their peak,” CryptoRank noted.
The change is clear even in the 24-hour open interest. Open interest is a derivatives market measure that represents the total number of outstanding derivatives contracts (such as futures and options) that remain open and have not been settled, closed, or expired.
HyperLiquid leads with approximately $9.57 billion in open interest, which is more than the combined open interest of all major DEX platforms. The other companies in this group, Aster, Lighter, variational, edgeX, and Paradex, have a combined $7.34 billion, with Lighter in particular having only $1.42 billion and Aster having $2.73 billion.
Top Perp DEX weekly trading volume. Source: X/CryptoRank
The same post added that variational is also a notable competitor, currently ranking in the top five perpetual DEXs with trading volume of $1 billion per day.
lighter (lit) Tokens plummet to all-time lows
The post-airdrop slowdown is not only due to trading volume. lit Token price. Since its launch, the altcoin has experienced significant volatility. Analysts noted that about 40% of airdrops were sold within the first week.
“Airdrop holders are leaving. In a very short period of time, the percentage of tokens held by original recipients has dropped from 51% to 36% (and I’m sure it’s even lower by the time you’re reading this)… FUD waxes and wanes, and even Hyperliquid went through it for months. Always check your internal metrics. They don’t seem that bad.” The post added.
The token has lost 37% of its value over the past month, according to data from BeInCrypto Markets. today, lit On OKX, the price plummeted to $1.68, setting a new all-time low.
At the time of writing, the altcoin is trading at $1.71, which means it has fallen more than 14% in the past day alone.
LIT) price performance”>
lighter (lit) Price performance. Source: BeInCrypto Markets
Writer’s recent struggles come amid an overall market decline. The total market capitalization has fallen by 2.6% in the past day. Additionally, Aster (native Aster token), another PERP DEX token, fell over 12% to an all-time low even after initiating its Stage 5 buyback program.
The post Hyperliquid Reclaims Perp DEX Crowns as Writer Volume and Token Price Slides originally appeared on BeInCrypto.
