The decentralized exchange market is experiencing a significant reorganization this week, according to the latest data. Hyperliquid has retaken the top spot in trading volume on perpetual DEXs, surpassing key competitors. According to reports from analytics platform CryptoRank, this shift occurs as Lighter faces a dramatic drop in both its operational activity and the market value of its native token.
Over the last week, Hyperliquid recorded an impressive trading volume of 40.7 billion dollars. This figure places it ahead of Aster, which garnered 31.7 billion, and relegates Lighter to third place with 25.3 billion. Furthermore, Hyperliquid leads in open interest with approximately 9.57 billion dollars, surpassing the combined open interest of all major competing DEX platforms in the derivatives sector.
On the other hand, Lighter’s decline has been notable following the initial distribution of its airdrop to users. The platform’s weekly volume has decreased nearly three times from its peak, according to data pointed out by CryptoRank. This trend suggests that initial activity was strongly driven by short-term incentives that are now fading rapidly among market participants.
Likewise, this operational slowdown has severely impacted the quotation of the LIT token. The asset has lost 37% of its value in the last month, reaching a new all-time low of 1.68 dollars on OKX. Analysts indicate that nearly 40% of the airdrop was sold in the first week, evidencing a massive sell-off by original recipients seeking immediate liquidity.
The user exodus following initial incentives challenges platform sustainability
However, Lighter’s recent difficulties are not an isolated case, as they coincide with a broader bearish trend in the market. Widespread weakness has affected various cryptocurrencies, decreasing the total market capitalization by 2.6% in the last day. This risk aversion has exacerbated selling pressure on governance tokens associated with decentralized derivatives protocols.
Similarly, the native token of competitor Aster also plummeted more than 12% to reach an all-time low. This happens even after the platform launched its buyback program, demonstrating that the current negative sentiment is widespread in the sector. Investors appear to be rotating capital toward options perceived as safer or simply reducing their risk exposure in this niche.
Will perpetual DEXs be able to retain users once airdrop incentives end?
The current landscape of perpetual DEXs remains highly competitive and volatile. While Hyperliquid consolidates its current dominance based on solid metrics of real usage and deep liquidity, its competitors struggle to maintain post-launch traction. The ability to retain users without relying exclusively on inflationary rewards will be crucial for the long-term success of these protocols.
Finally, the emergence of new competitors like Variational, which already records significant daily volumes, adds more pressure to the ecosystem. The market will need to observe closely if the price stabilization of native tokens manages to stop the user exodus or if consolidation around the market leader will continue to intensify in the coming months.
