DEX

Aave Labs integrated CoWSwap into app.aave.com, replacing Paraswap, drawing objections from Aave DAO delegates over front-end fee routing. Delegates EzR3aL and Marc Zeller say the change diverts 15–25 basis points and could reduce DAO revenue by about $10m per year, raising governance and transparency concerns.

Curve Finance founder Michael Egorov has filed a proposal for a 17.45 million CRV grant, valued at about $6.6 million, to fund Swiss Stake AG. The plan covers research, development, infrastructure, and security for Curve’s lending stack and a 2026 roadmap, including upgrades to Llamalend. The proposal appeared on the Curve DAO forum on Sunday.

Hex Trust is introducing wrapped XRP (wXRP) on Solana to extend XRP's DeFi reach. According to DeFiLlama, Solana's 24‑hour DEX volume stands at $3.9 billion versus XRPL's $6.78 million, highlighting deeper on‑chain liquidity. The move shifts XRP activity from its native L1 toward Solana's ecosystem.

Ripple's Luke Judges outlined XRP's multichain strategy at the Solana Breakpoint event. According to a Dec. 13, 2025 post by Solana, Hex Trust and LayerZero will bridge wXRP—a 1:1-backed XRP representation—to enable use across Solana DeFi, with Phantom's 20 million users cited and perps integrations noted. wXRP will also be tradable with RLUSD on Ethereum and other RLUSD-supported chains.

Bernstein Private Wealth Management analysts argue that the traditional 4‑year crypto cycle has ended and forecast Bitcoin to reach $150,000 in 2026 and $200,000 in 2027. Other market commentators expect the extended bull phase and rising liquidity to benefit BTC alongside Ethereum, XRP, AI-focused tokens such as Bittensor, and newer DeFi and layer‑2 projects including Aster and Bitcoin Hyper.

At Solana Breakpoint 2025, Jupiter introduced JupUSD, a dollar-backed stablecoin built with Ethena, alongside eight major upgrades aimed at turning the Solana DEX aggregator into a broader DeFi platform. The rollout includes the full open-source launch of Jupiter Lend, a new all-in-one trading Terminal, enhanced safety tools, and a rewards program with more than $1 million in swap incentives. JupUSD is designed to integrate directly into Jupiter's products for trading, lending, and rewards, while analysts such as Fabiano.sol view the combined feature set as a bullish catalyst for Jupiter's position in Solana DeFi.

On Friday, several crypto industry groups sent a letter to the SEC opposing Citadel Securities' push to expand oversight of DeFi intermediaries tied to tokenized securities. The coalition argued the proposal misapplies securities law and risks sweeping in autonomous software and infrastructure providers. Earlier that day, the SEC granted DTC a no-action letter to tokenize select U.S. assets.

Coinbase has added Solana-based DEX trading directly into its app, allowing its estimated 100 million users to trade any Solana token without waiting for centralized listings, as announced at Solana Breakpoint 2025. The update supports payments via USDC, cash, bank accounts, and debit cards, making the expanding Solana ecosystem easier to access.

On December 11, 2025, dYdX launched its first spot markets, allowing U.S. traders to access Solana-based spot trading for the first time. dYdX Labs said all spot trading fees will be waived for the entire month of December, and the platform cites more than $1.5 trillion in cumulative derivatives trading volume since launch.

On December 11, 2025, Aster said on X it is partnering with World Liberty Financial (WLFI) to list the USD1‑denominated RAVE/USD1 pair and launch "Rocket Launch Round 4" with a 1.5x symbol boost in Stage 4 Harvest. The exchange also flagged plans for additional USD1 pairs across its ecosystem, while recent updates include a Brevis zero‑knowledge integration and zero‑fee stock perpetual contracts, according to Cryptopolitan.