DEX

At the Breakpoint 2025 event in Abu Dhabi on December 11, Coinbase announced an on-chain feature that will let users trade any Solana token directly through a DEX-style interface without requiring a prior listing. The company is also integrating a new Solana-focused user interface and plans to open early access next week. Coinbase’s recent acquisition of Solana-native platform Vector.fun is intended to expand asset coverage and deepen its participation in the Solana ecosystem.

On 11 December 2025, Coinbase announced a feature that will route trades for Solana tokens through on-chain DEX swaps within its main mobile app. From the week of 15 December 2025, selected users will be able to fund these trades with USDC or fiat and gain access to unlisted SPL tokens, while Coinbase keeps centralised KYC and AML checks in place. The company plans to extend availability globally as it completes regional compliance reviews and technical monitoring.

On 11 December 2025, Coinbase is introducing in-app access to Solana-based decentralized exchange liquidity, allowing users to fund swaps with USDC or standard payment methods without passing through its custodial infrastructure. The rollout advances a hybrid model in which Coinbase’s app provides the interface while trades settle on chain, with token coverage to be expanded gradually following the initial listings.

On December 10, 2025, HumidiFi’s WET token jumped more than 114% from its relaunch price to $0.28, with about $234M in daily volume. Liquidity concentrated on OKX and KuCoin, with futures activity on OKX and Bybit. On-chain data pointed to whale behavior, a 1B total supply with 230M circulating, and community debate over refunds for presale bot buyers.

On December 9, 2025, a post on X claiming BlackRock had filed an S-1 for a staked ASTER ETF sparked speculation and short-lived price volatility before key figures debunked the rumor as fake. ASTER had previously been the subject of similar ETF rumors involving Grayscale, and recent trading has also been shaped by buybacks and a DEX token unlock that released $9.47 million worth of tokens. Developers criticized parts of the community for spreading false ETF headlines, warning that such behavior undermines the project’s long-term growth.

dYdX is reviewing a proposal to add BONK as an integration partner under its Partner Revenue Share Program, giving BONK 50% of protocol fees from BONK-attributed order flow. The initiative is aimed at Solana retail traders and follows dYdX’s October shift to split fees evenly between staking rewards and buybacks. A governance vote on the proposal is scheduled for December 11, 2025, according to dYdX.

On December 8, dYdX governance began reviewing a proposal to add BONK as an integration partner under its Partner Revenue Share Program, according to dYdX. The plan calls for a BONK-branded frontend that routes orders to the dYdX Chain and allocates 50% of protocol fees to attributed flow, with a vote scheduled for Thursday, December 11, 2025. The exchange has also advanced similar proposals from CCXT, Foxify and CoinRoutes.

Since US spot Bitcoin ETFs debuted in January 2024, on-chain activity has cooled even as institutional allocations rose, according to financial analyst Jacob King. Market watcher Crypto Seth says net inflows into BlackRock and Fidelity's BTC ETFs have been muted since October 10, 2025, despite US equities trading near record levels and a shift in Federal Reserve policy. At the same time, Mintlayer and RioSwap are introducing infrastructure meant to route BTC directly into decentralized markets without wrapping, with the goal of preserving user control.

Binance Futures suspended a group of employees after a December 7, 2025 internal audit flagged suspected misuse of insider information linked to an official X post published less than a minute after a token launch at 05:29 UTC, according to the platform. The token, called Year of Yellow Fruit, continued to trade with decentralized liquidity and reached about a $5M market capitalization.

On December 8, 2025 in New York, Sonami unveiled $SNMI, which it describes as the first Layer 2 token on the Solana blockchain, aimed at improving reliability and transaction efficiency during periods of peak demand, according to a Chainwire announcement. The project’s Layer 2 design bundles multiple user interactions into single transactions that settle on Solana’s Layer 1 to reduce congestion. A presale is underway, with a Token Generation Event and listings on decentralized and centralized exchanges planned after the presale.