Trading activity concentrated in the second half of the year as Hyperliquid’s early lead faced increasing pressure from Aster and Lighter. Perpetuals decentralized exchanges are closing 2025 with cumulative trading volume reaching $12.09 trillion, up from $4.1 trillion at the start of the year. DefiLlama data shows that about $7.9 trillion of this lifetime total volume was generated in 2025. This means that 65% of all perp DEX trading volume occurred in a single calendar year. This concentration highlights how rapidly onchain derivatives scaled in 2025. In December alone, perpetuals trading volume reached $1 trillion, carrying momentum that started in October, when monthly volumes first reached $1 trillion. Read more
For many travel enthusiasts, the year-end holiday is synonymous with seeking a climate that actually requires a jacket. Uzbekistan has emerged as a compelling alternative for those wanting a mix of alpine adventure and deep Islamic history. The gateway to Central Asia is more accessible than ever, offering a winter experience that is both culturally familiar and geographically spectacular. Amirsoy: A new winter standard The highlight for any winter traveller is the Amirsoy Mountain Resort, the largest ski destination in Uzbekistan. Nestled on the spurs of the Chatkal Ridge within the western Tian Shan Mountains (a Unesco World Heritage site), it is located just an hour’s drive from Tashkent. It is easy to see why the resort is a draw as the majestic, sprawling peaks create a stunning backdrop, offering a sharp, beautiful contrast between the crisp, sunny air and the endless blankets of white snow. The highlight for any winter traveller is the Amirsoy Mountain Resort, the largest ski destination in Uzbekistan....
Bubblemaps said Lighter airdropped $675 million in LIT, one of crypto’s biggest ever, as data shared on X suggested about 75% of recipients were still holding. Lighter, a decentralized exchange (DEX) that offers perpetual futures trading, carried out one of the biggest token giveaways in crypto history, even as critics continued to question how the project split its token supply. Lighter airdropped a total of $675 million worth of Lighter Infrastructure Tokens (LIT) to early participants on Tuesday, according to blockchain data visualization platform Bubblemaps. “$675M airdropped to early participants. $30M withdrawn from Lighter (only),” wrote Bubblemaps in a Tuesday X post. The $675 million total makes the Lighter airdrop the 10th largest airdrop by US dollar value in cryptocurrency history, according to crypto data aggregator CoinGecko. Read more