🌏 Macro & Liquidity Cycles ₿ Bitcoin & L1 (SOL, BNB, ETH, BASE) ⚙️ Trading protocols: JUP · MET · UNI · PUMP · HYPE · ASTER 🚀 Web3 startup insights
Joined November 2020
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Mark Alpha retweeted
The Battle for Crypto Trading: Can Onchain Exchanges Challenge CEX Dominance?
Token Insight | Industry Intelligence & Strategy
Research #01 | October 25, 2026
1. The battle for crypto trading is entering a new phase
For years, centralized exchanges (CEXs) have dominated cryptocurrency trading.
Binance @binance , Bybit @Bybit_Official , OKX @okx , and other major platforms built their competitive advantages around liquidity, execution speed, user experience, fiat accessibility, and global distribution.
Decentralized exchanges (DEXs), meanwhile, introduced a fundamentally different model: trading without surrendering custody of assets to a centralized exchange.
But the competitive landscape is changing.
The emergence of onchain perpetual exchanges such as Hyperliquid @HyperliquidX and Aster @Aster_DEX raises a strategic question:
Can onchain exchanges evolve from DeFi alternatives into serious competitors to the world's largest centralized trading platforms?
To answer this, we need to look beyond trading volume.
We need to understand the structure of the trading industry, the sources of competitive advantage, and how value may shift between centralized and onchain infrastructure.
2. CEXs still dominate — but onchain competition is becoming meaningful
The dominance of centralized exchanges remains substantial.
According to CoinGecko's Q3 2026 @coingecko industry report:
The top 10 spot CEXs generated approximately $1.65 trillion in quarterly trading volume.
Binance controlled 42.7% of that top-10 spot CEX volume.
Open interest across the top 10 perpetual CEXs exceeded $100 billion at quarter-end.
Meanwhile, DefiLlama @DefiLlama reported approximately $607.6 billion in 30-day perpetual DEX trading volume as of October 25, 2026.
Hyperliquid alone accounted for approximately $198.2 billion in reported 30-day volume, followed by other major players including Variational, Lighter, and Aster.
These figures demonstrate that onchain perpetual trading has become a meaningful market segment.
However, spot CEX volume, perpetual CEX open interest, and perpetual DEX volume measure different activities and periods. They should not be directly compared to calculate market share.
The real question is whether onchain exchanges can consistently attract liquidity, traders, and trading activity away from centralized competitors.
3. Understanding the trading value chain
An exchange is more than a trading interface.
The broader crypto trading value chain consists of several interconnected layers:
Asset access: Fiat on-ramps, stablecoins, custody, and capital movement.
Market access: Asset listings, trading pairs, and market discovery.
Liquidity: Market makers, order books, and available trading depth.
Execution: Matching engines, transaction costs, speed, and reliability.
Risk management: Margin, collateral, liquidations, and insurance mechanisms.
Settlement and custody: Ownership, clearing, and final settlement.
Distribution: User acquisition, APIs, integrations, and institutional relationships.
CEXs historically integrated many of these functions into centralized platforms.
Onchain exchanges are challenging this structure by separating certain functions from centralized operators and moving them into blockchain-based systems.
But decentralization does not automatically create a superior trading product.
For traders, the winning platform must still deliver competitive liquidity, execution quality, reliability, and costs.
The strategic opportunity for onchain exchanges is not simply decentralization. It is delivering CEX-level trading performance with stronger ownership, transparency, and composability.
...
Mark Alpha retweeted
50 years ago, millions of Vietnamese had to flee war.
Today, children grow up in peace.
Vietnam shows what peace can build.
#Vietnam
#Peace
#ChoosePeace
Mark Alpha retweeted
Vietnam 50 years ago vs Vietnam today. A country once destroyed by war is now one of the most beautiful places in Asia. This is what peace can build.
#Peace
#Vietnam
#ChoosePeace
#StopWar
Mark Alpha retweeted
With $MET, I wanted to level up the space, and build a core of crypto investors/traders, who look for fundamentals.
This way, we can fix tokens, which will all trade on @MeteoraAG.
We will champion this mission, for $MET, for Meteora, and for all of crypto.
Mark Alpha retweeted
Here are our top priorities for 2026 at Coinbase:
1) Grow the everything exchange globally (crypto, equities, prediction markets, commodities - across spot, futures, and options)
2) Scale stablecoins and payments
3) Bring the world onchain through @CoinbaseDev, @base chain, and @baseapp
We're making major investments in product quality and automation underlying each of these as well. Goal is to make Coinbase the #1 financial app in the world.
Mark Alpha retweeted
After #Uniswap's fee burn proposal was approved, the #Uniswap treasury burned 100M $UNI($591M) 4 hours ago.
intel.arkm.com/explorer/addr…
Mark Alpha retweeted
LESSON # 9: How to get richer as the world economy crashes.
The FED just let the world know their plans for the future.
The FED lowered interest rates…signaling QE (quantitative easing) or turning on the fake money printing press….What Larry Lepard calls “The Big Print” the title of his great book.
This will lead to Hyper-Inflation… making life very expensive for the unprepared.
My suggestion is the same…buy more real gold, silver, Bitcoin, and Ethereum.
I bought more real silver as soon as the Fed announced another rate cut last week.
Silver is going to the moon, possibly $200 an ounce in 2026.
Silver was $20 an ounce in 2024.
Q: Did I need to buy more silver?
A: NO. I just hate getting screwed by my own government….and I am going to get richer when the fake economy crashes.
What are you doing?
Take care.
Mark Alpha retweeted
🔥 LATEST: Binance adds major USD1 trading pairs and plans to convert BUSD collateral to World Liberty Financial’s stablecoin.
Mark Alpha retweeted
Relaunch of the public sale phase for $WET goes LIVE in FIVE HOURS at dtf.jup.ag!
Mark the time: 8th Dec 10am ET
We’ve implemented counter-bot measures and lowered the wallet cap to give everyone a fair chance to get into the sale - botters can GTFO.
Having said that, the sale will be filled on a first-come, first-served basis, and expected to end extremely fast. Be wet and prepared at your stations before launch time for the best chance to get $WET.
Public Sale Relaunch Details:
Sale allocation: 30m tokens (3.0%) of total supply
Purchase price: 0.069 USDC per token (69m FDV)
Wallet cap: 500 USDC per wallet
Start time: 8th December, 10am EST
End time: 8th December, 10pm EST
Mechanism: First come first served
Successful contributors for the public sale and all previous whitelist sales will be able to claim their $WET tokens from the DTF website on 9th December, 9am EST. Liquidity pools will go live at the same time.
Mark Alpha retweeted
State of Meteora: November 2025
As we head into the final month of the year, here is a look at how Meteora performed this month.
Mark Alpha retweeted
BIG BREAKING $ NEWS:
BRICS: Brazil, Russia, India, China, South Africa announces the “UNIT”
a gold backed “money.”
BYE BYE US DOLLAR!!!!!
Stand by, stay awake, stay tuned in.
DONT BE A LOSER
My forecast is Savers of US dollars biggest losers.
If you own US Dollars…. Hyper inflation may wipe you out.
I stand by my mantra, own gold, silver, Bitcoin, and Ether.
Take care stay alert.
Mark Alpha retweeted
We had ZERO chance to buy $WET …
because it sold out in 0.1 seconds 💀💨
Congrats on the fastest launch in crypto history 😂
@JupiterExchange @humidifi
I’m LPing on @MeteoraAG every day using the Jupiter mobile app @JupiterExchange .
This is just feedback, not FUD about Jupiter DTF’s first launch (@humidifi ) $WET .
1. The public DTF site went live at the exact same time as launch day.
This suggests the team was rushing, which increases the chance of bugs or risky issues.
2. Important information was changed very late — just hours before launch.
Launch time was changed 6 hours before launch
Wetlist allocation was changed from 6% → 4%
This shows the planning wasn’t fully careful, and many updates came only after user feedback.
3. What happens if the Wetlist allocation doesn’t sell out?
What if the JUP staker allocation doesn’t sell out?
Can the public buy the leftover?
I couldn’t find any information — so I assume NO.
This also suggests the team didn’t prepare all edge cases for the launch.
So, what’s next?
I still believe the JUP team can execute much better in future launches.
For this launch, I’m only allocating a small amount because I don’t expect $WET to be a major launch.
$JUP $WET $MET
@weremeow @sssionggg @kashdhanda
Mark Alpha retweeted
Meteora is shaping a new world.
A world where a teenager in his bedroom can launch a market from their phone.
A world where a developer can build the next revolutionary launchpad.
A world where a student can turn passion + study into real on-chain creation.
A world where a trader can buy gold and precious metals in the click of a button.
A world where a business can bring their assets on-chain with a tap.
This is what Meteora rails are built for.
Mark Alpha retweeted
📊 Total DEX Volume (24h): $15B
🔥 Top 10 DEXs:
1️⃣ PancakeSwap @PancakeSwap — $3B
2️⃣ Uniswap @Uniswap — $2.9B
3️⃣ HumidiFi @humidifi — $1B
4️⃣ Curve Finance @CurveFinance — $733M
5️⃣ Meteora @MeteoraAG — $719M
6️⃣ Aerodrome @aeroxyz — $718M
7️⃣ Orca @orca_so — $565M
8️⃣ Fluid @0xfluid — $562M
9️⃣ Tessera V 🧐 — $516M
🔟 Raydium @Raydium — $467M
💥 DeFi is heating up.
👉 Which DEX are you using today? LIKE & RETWEET to represent your favorite! 🚀🔥
#DeFi #DEX #Crypto #Blockchain
Mark Alpha retweeted
RISE has acquired BSX Labs @bsx_labs, the entity behind the BSX perpetuals DEX on Base, backed by Blockchain Capital, Coinbase Ventures and Arthur Hayes.
This accelerates our mission to build the first fully onchain, synchronously composable orderbook infrastructure on the EVM.
Mark Alpha retweeted
Participation begins with understanding.
Flying Tulip’s accredited investor quiz is now live at flyingtulip.com/quiz a 10-question gateway ensuring all participants understand our new raise model.
Study the material → flyingtulip.com/learn
Take the quiz → flyingtulip.com/quiz
Pass the test, qualify for the $FT whitelist.
Mark Alpha retweeted
The next big step in Jupiter’s Fresh Start initiative has been set in motion.
A reset to rebuild long-term confidence, simplify our structure, and refocus $JUP at the center of the ecosystem.
The Litterbox Burn Vote has officially concluded with 86% voting in favor of burning the Litterbox Trust.
This is a defining moment for the community and marks the start of a new chapter for Jupter driven by clarity, conviction, and shared purpose.
Thank you to everyone who voted. This is just the start. More to come.
Read more on the Fresh Start:
xitter.cf/JUPCommunity/status/19…
The Litterbox Burn vote has ended with 86% in favor of burning the $JUP in the Litterbox Trust (~4% of circulating supply).
More details about next steps will be shared soon.
Thank you to every voter who took time to discuss the proposal and cast their vote!
Note: Active Staking Rewards for Q4 2025 will not be affected by this vote.
View the vote page here: vote.jup.ag/proposal/HpYmjb9…
Mark Alpha retweeted
Top 10 Creators on @SonicLabs according to @cookie3
1)Defi Maximalist
2)@8bitsam
3)24
4)@IntelScout
5)@Subjectnumber2
6)@0xtheblest
7)@Poobear_069
8)@BoyKrypto1
9)@mark_kh_
10)@ciphrd
11)@DeFi_Blub
12)AlexanderJacob
13)@dee_nftarmy
14)@FantomFanatik
15)@kylobtc
16)@usoppu
17)@shadrackk_
18)@0xnathan
19)Ahri
20)Gabi
