dex

For years, DeFi was built around one core principle 🧱💰:
lock capital, lend it out, and earn yield.
Trading existed, but mostly as a secondary layer 📉🧩

By 2025, that hierarchy has flipped completely 🔄⚡
• Lending is losing momentum 📉
• Yield farming has thinned out 🌾➡️🥀
• Perp DEXs are absorbing revenue, liquidity, and attention across the ecosystem 🌊💹

This isn’t a short-term rotation driven by hype 🚫🔥
It reflects a structural transformation in how yield is generated and how capital actually functions on-chain 🧠⛓️

🏦 When Lending Stops Being the Core of DeFi

The issue with DeFi lending was never poor design ❌
It was structural ⚙️

Most lending protocols depend on heavy overcollateralization 🔒
To borrow $1, users often must post $1.30–$1.50 💵➡️💵💵

This makes the system safe 🛡️
…but also locks up massive amounts of capital that generate limited economic activity 💤

As a result:
• Capital velocity stays low 🐌
• Users deposit assets to park funds, not trade 🚗🅿️
• Revenue scales mainly with TVL and borrowing demand 📊

Growth becomes linear ➖
👉 More capital is required to earn proportionally more yield

As DeFi matures, this constraint becomes harder to ignore 👀

Even though Aave, the largest lending protocol, has seen strong TVL recovery since 2022 📈
💸 Protocol fees have lagged, revealing compressed yields per dollar of capital

The efficiency curve is bending downward 📉

🐂 Bull Markets Expose the Weakness

In fast-moving bull markets 🚀
• Borrowing demand often declines
• Traders feel exposed without leverage
• Leverage loops unwind 🔄✂️

Stablecoin yields fall 🪙⬇️
Sometimes approaching TradFi-like levels 🏦😴

Lending slowly transitions from a yield engine into a low-risk liquidity warehouse 🏬
Safe ✔️
Competitive ❌

Once stablecoin yields drift into single digits ⚠️
Capital behavior shifts rapidly 🏃💨

Funds stop tolerating inactivity 💤🚫
They move toward:
• Higher turnover 🔁
• More volatility 🌪️
• Clearer paths to amplified returns 🚀

This migration weakens lending’s role as DeFi’s economic core
…and creates space for trading-driven models to take center stage 🎯

⚡ Why Perp DEXs Dominate Capital Velocity

Perp DEXs are built on a different foundation 🧠

Instead of immobilizing capital 🔒
They aim to maximize how often it’s used 🔁🔥

Through leverage:
• $10,000 collateral 💼
• Can support a $200,000 position at 20x 📊

Fees are charged on notional size, not collateral 💸
This creates something lending can’t replicate:

🚀 Revenue leverage

The same dollar can be reused multiple times per day
…continuously generating fees 🌀💰

📊 Volatility Becomes Revenue

The data makes this shift obvious 📈

In 2024
• Lending dominated on-chain fees

By 2025
• Perp DEX fees surged past lending 💥

Not because more capital was locked 🔐
…but because capital was moving faster 🏎️

Volatility stops being a threat ⚠️
and becomes a direct input to revenue 🔥

Funding rates show this clearly 🔄
When longs or shorts overcrowd the market:
• Funding swings violently 🌪️
• Volume spikes 📊
• Liquidations accelerate 💥

All of it feeds protocol income 💰

Lending protocols lack this volatility-to-revenue engine ❌
In stressed markets, they focus on survival:
• Risk containment 🛡️
• Liquidations ⚠️
• Parameter tightening 🔧

For lending, volatility is danger 😨
For Perp DEXs, volatility is fuel ⛽🔥

If lending resembles a credit system that thrives on stability,
Perp DEXs are financial infrastructure designed to harvest speculation and hedging demand in real time ⚙️⚡

🧬 A New Yield Stack Forms Around Perp DEXs

Once Perp DEXs became the main source of real on-chain cash flow 💵
A new yield ecosystem emerged around them 🌐

Instead of relying on emissions 🎭
or inefficient lending spreads 📉
Protocols now anchor yield directly to derivatives activity

Examples 👇

• Hyperliquid (HLP) 🧠
Users deposit USDC and act as counterparties
Earning fees + trader losses

• GMX (GLP) 🎯
Captures trading fees and liquidation value

• Ethena (USDe) 🪙
Converts funding rates into stablecoin yield
via delta-neutral strategies

At the monetary layer 🏗️
Yield no longer comes from borrowers paying interest ❌
It is extracted from:
• Funding rates 🔄
• Liquidations 💥
• Trading fees 📊

Stablecoins evolve 🧬
From passive settlement assets ➡️
Into yield-bearing instruments linked to perpetual markets 💹

Volatility transforms
from something to hedge
into the primary source of income 🌪️➡️💰

🧩 Yield Becomes a Financial Primitive

In structured yield markets 📦
Protocols like Pendle tokenize perp-linked returns ⏳💸

Future yield can now be:
• Separated ✂️
• Priced 📐
• Traded 🔁

Yield is no longer a side effect of locked capital
It becomes a standalone financial primitive 🧠

At the strategy and vault layer:
• Market making
• Basis trades
• Risk-neutral strategies

All rely on Perp DEX liquidity 🌊

They don’t compete with Perp DEXs
They feed on them 🧲
Packaging derivative-driven yield for different risk profiles 🎭

🏛️ The New DeFi Architecture

Over time, DeFi reorganizes itself 🔄

🧠 Perp DEXs at the center
• Generating raw cash flows

🧩 Surrounding protocols
• Structure
• Distribute
• Optimize yield

🏦 Lending doesn’t disappear
It moves to the edges
Supporting liquidity — not defining returns

🔥 The Quiet Truth

DeFi is no longer built around locked capital 🔒
It’s built around capital in motion 🏃💨

And Perp DEXs…
by design…
are where that motion never stops ♾️⚡
#DEX #DEFİ
$HYPER
$ASTER
$BNB

dYdX hat gerade das erste Affiliate-Booster-Programm für 2026 offiziell angekündigt, das könnte die aufmerksamkeitsstärkste Rückvergütungsaktion zu Beginn dieses Jahres sein!

📅 Veranstaltungszeitraum: 19. Januar - 16. Februar (insgesamt 4 Wochen)

💰 Gesamtbelohnungspool: 100.000 USDC

🔍 Die drei Hauptänderungen dieser Veranstaltung:

1. Faire Verteilung, Ablehnung von "Monopolbildung":

Wir verabschieden uns von dem früheren, rein leaderboard-basierten Modell und verwenden diesmal einen neuen "proportionalen Verteilungsmechanismus".

• Der Handelsvolumenanteil deiner empfohlenen Nutzer am Gesamtvolumen des Netzwerks = dein Anteil am Belohnungspool.

• Einfach gesagt: Je mehr du arbeitest, desto mehr verdienst du, jede Handelsaktivität, die du empfiehlst, bringt dir Geld.