The first half of 2025 witnessed a structural shift in the cryptocurrency market: retail trading activity continued to decline, while institutional and high-net-worth demand for asset allocation surged counter-cyclically. This trend was particularly evident in the perp DEX sector—Hyperliquid’s “no-KYC + off-chain matching + on-chain settlement” hybrid model attracted significant whale activity seeking high leverage and discreet exposure. Yet, its repeated liquidation incidents (e.g., the XPL pre-market contract snipe) also revealed the inherent fragility of CLOB models under extreme volatility.

Meanwhile, traditional CEXs (e.g., Binance, Bybit) remained constrained by regulatory compliance, struggling to adapt listing policies to rapidly evolving asset demands (e.g., Meme tokens, RWA offerings). This gap is being filled by hybrid DEXs, which combine on-chain settlement transparency with off-chain orderbook efficiency, emerging as new hubs for sophisticated capital.

II. The Liquidity Moat: From Aggregation to Control The core differentiator in the 2025 DEX landscape is no longer technical innovation alone, but liquidity depth and composability. Leading protocols are building moats through two distinct approaches:

1. The Hyperliquid Model: Focuses on liquidity infrastructure, opening its orderbook for third-party frontends (e.g., Phantom, Lighter) while refining market maker incentives and execution engines.

2. The Jupiter Model: Aggregates fragmented liquidity and acquires vertical-focused teams (e.g., Moonshot, DRiP), controlling user acquisition and expanding product suites to form a “traffic-liquidity” flywheel.

3. However, both models face limitations:

   Hyperliquid’s liquidation mechanism relies heavily on market depth, making it vulnerable to manipulation in long-tail assets;

   Jupiter’s cross-chain expansion remains limited by Solana’s ecosystem, unable to fully address multichain liquidity fragmentation.

III. Stock-Token Fusion: The Breakout Trend of H1 2025 The boundary between traditional finance (TradFi) and crypto finance (CeFi/DeFi) is blurring. In H1 2025, tokenized equities (e.g., Tesla, Apple), RWA yield protocols (e.g., treasury bonds), and compliant derivatives saw a 300% year-on-year trading volume increase, becoming the fastest-growing vertical in the DEX space. This trend is driven by:

Declining traditional market yields amid the Fed’s rate cut cycle, pushing crypto-native users toward higher-yielding on-chain assets;

Institutional demand for compliant channels to access crypto exposures while retaining traditional hedging instruments.

Yet current DEX solutions face critical pain points:

Settlement Delays: Most protocols rely on oracle price feeds, unable to achieve T+0 real-time settlement;

Liquidity Fragmentation: Tokenized stocks and crypto-native assets are traded across isolated pools;

Compliance Friction: Users must navigate multiple KYC protocols, resulting in a fragmented experience.

To address these challenges, ForX introduces a hybrid liquidity pool + cross-chain one-click trading architecture:

1. Unified Liquidity Layer

• Combines CEX-grade orderbook depth (supporting limit/iceberg orders) Major assets use CLOB, while long-tail assets activate automated market maker buffers.

• Aggregates multichain liquidity via interoperability protocols (e.g., CCIP, LayerZero), avoiding single-chain bottlenecks.

1. Stock-Token Fusion Engine

• Integrates compliant oracle networks (e.g., Chainlink, Pyth) for real-time equity and commodity price feeds;

• Partners with licensed custodians to enable seamless on-chain settlement of tokenized assets and fiat ramps.

1. Anti-Manipulation Liquidation Mechanism

• Dynamic margin algorithm: Auto-adjusts maintenance margin ratios based on asset liquidity, requiring higher collateral for volatile assets;

• Liquidation prices use “index price + internal trade price weighting” to prevent single-point manipulation.

  V. Data Insights: Key H1 2025 DEX Metrics

In H2 2025, the DEX sector will evolve along three axes:

1. Compliance Integration: MiCA (EU) and Hong Kong’s VASP licensing will push hybrid DEXs to integrate TradFi infrastructure;

2. Verticalization: Top protocols will embed wallet, asset management, and lending features via acquisitions or partnerships, forming closed-loop ecosystems;

3. AI-Driven Execution: Smart routing algorithms + user behavior analytics will enable personalized trade execution.

   ForX aims to be not just a trading venue, but a hub for asset issuance, pricing, and cross-chain mobility. By lowering the barrier for TradFi users while serving complex whale strategies, we are redefining the boundaries of trading.

   Conclusion

   Liquidity is the lifeblood of finance; user experience is the width of its arteries. In an era of retail caution and institutional greed, ForX will bridge TradFi and DeFi through hybrid architecture, stock-token fusion, and manipulation-resistant design—enabling one-click trading for any asset class.

   This report is published by ForX Labs. Data is current as of July 30, 2025.

   Disclaimer: This content does not constitute investment advice. Users must independently assess protocol risks.

The first half of 2025 witnessed a structural shift in the cryptocurrency market: retail trading activity continued to decline, while institutional and high-net-worth demand for asset allocation surged counter-cyclically. This trend was particularly evident in the perp DEX sector—Hyperliquid’s “no-KYC + off-chain matching + on-chain settlement” hybrid model attracted significant whale activity seeking high leverage and discreet exposure. Yet, its repeated liquidation incidents (e.g., the XPL pre-market contract snipe) also revealed the inherent fragility of CLOB models under extreme volatility.

Meanwhile, traditional CEXs (e.g., Binance, Bybit) remained constrained by regulatory compliance, struggling to adapt listing policies to rapidly evolving asset demands (e.g., Meme tokens, RWA offerings). This gap is being filled by hybrid DEXs, which combine on-chain settlement transparency with off-chain orderbook efficiency, emerging as new hubs for sophisticated capital.

II. The Liquidity Moat: From Aggregation to Control The core differentiator in the 2025 DEX landscape is no longer technical innovation alone, but liquidity depth and composability. Leading protocols are building moats through two distinct approaches:

1. The Hyperliquid Model: Focuses on liquidity infrastructure, opening its orderbook for third-party frontends (e.g., Phantom, Lighter) while refining market maker incentives and execution engines.

2. The Jupiter Model: Aggregates fragmented liquidity and acquires vertical-focused teams (e.g., Moonshot, DRiP), controlling user acquisition and expanding product suites to form a “traffic-liquidity” flywheel.

3. However, both models face limitations:

   Hyperliquid’s liquidation mechanism relies heavily on market depth, making it vulnerable to manipulation in long-tail assets;

   Jupiter’s cross-chain expansion remains limited by Solana’s ecosystem, unable to fully address multichain liquidity fragmentation.

III. Stock-Token Fusion: The Breakout Trend of H1 2025 The boundary between traditional finance (TradFi) and crypto finance (CeFi/DeFi) is blurring. In H1 2025, tokenized equities (e.g., Tesla, Apple), RWA yield protocols (e.g., treasury bonds), and compliant derivatives saw a 300% year-on-year trading volume increase, becoming the fastest-growing vertical in the DEX space. This trend is driven by:

Declining traditional market yields amid the Fed’s rate cut cycle, pushing crypto-native users toward higher-yielding on-chain assets;

Institutional demand for compliant channels to access crypto exposures while retaining traditional hedging instruments.

Yet current DEX solutions face critical pain points:

Settlement Delays: Most protocols rely on oracle price feeds, unable to achieve T+0 real-time settlement;

Liquidity Fragmentation: Tokenized stocks and crypto-native assets are traded across isolated pools;

Compliance Friction: Users must navigate multiple KYC protocols, resulting in a fragmented experience.

To address these challenges, ForX introduces a hybrid liquidity pool + cross-chain one-click trading architecture:

1. Unified Liquidity Layer

• Combines CEX-grade orderbook depth (supporting limit/iceberg orders) Major assets use CLOB, while long-tail assets activate automated market maker buffers.

• Aggregates multichain liquidity via interoperability protocols (e.g., CCIP, LayerZero), avoiding single-chain bottlenecks.

1. Stock-Token Fusion Engine

• Integrates compliant oracle networks (e.g., Chainlink, Pyth) for real-time equity and commodity price feeds;

• Partners with licensed custodians to enable seamless on-chain settlement of tokenized assets and fiat ramps.

1. Anti-Manipulation Liquidation Mechanism

• Dynamic margin algorithm: Auto-adjusts maintenance margin ratios based on asset liquidity, requiring higher collateral for volatile assets;

• Liquidation prices use “index price + internal trade price weighting” to prevent single-point manipulation.

  V. Data Insights: Key H1 2025 DEX Metrics

In H2 2025, the DEX sector will evolve along three axes:

1. Compliance Integration: MiCA (EU) and Hong Kong’s VASP licensing will push hybrid DEXs to integrate TradFi infrastructure;

2. Verticalization: Top protocols will embed wallet, asset management, and lending features via acquisitions or partnerships, forming closed-loop ecosystems;

3. AI-Driven Execution: Smart routing algorithms + user behavior analytics will enable personalized trade execution.

   ForX aims to be not just a trading venue, but a hub for asset issuance, pricing, and cross-chain mobility. By lowering the barrier for TradFi users while serving complex whale strategies, we are redefining the boundaries of trading.

   Conclusion

   Liquidity is the lifeblood of finance; user experience is the width of its arteries. In an era of retail caution and institutional greed, ForX will bridge TradFi and DeFi through hybrid architecture, stock-token fusion, and manipulation-resistant design—enabling one-click trading for any asset class.

   This report is published by ForX Labs. Data is current as of July 30, 2025.

   Disclaimer: This content does not constitute investment advice. Users must independently assess protocol risks.