Weekly Report: Key Developments Shaping the Global Crypto Ecosystem

According to the latest Wu Blockchain report, decentralized derivatives markets have entered a record-breaking phase, with perpetual DEX (Perp DEX) trading volume surpassing $1 trillion for the first time in history.

Data compiled by DeFiLlama shows that in September, total monthly trading reached $1.143 trillion, marking a nearly 50% increase month-over-month and signaling rapid institutional adoption of on-chain leverage products.

A Record Milestone for On-Chain Derivatives

This surge represents a critical moment for decentralized finance. Protocols such as Aster, Hyperliquid, and Lighter each reported more than $100 billion in monthly trading activity, illustrating how decentralized perpetual contracts are rivaling centralized exchange performance. Analysts cited by Wu Blockchain suggest that liquidity incentives, low-latency Layer 2 networks, and a growing appetite for non-custodial trading have pushed the market toward this new peak.

Aster’s CEO Leonard addressed community concerns over token concentration, clarifying that 96% of ASTER tokens are either locked or held in custody, with only 10% actively circulating in the open market. He emphasized transparency, stating that over 80% of these locked tokens are traceable on-chain and that YZi Labs, a private placement investor, has shown no intent to sell.

Layer 2 Growth and New Product Launches

In parallel, Lighter officially launched its Ethereum Layer 2 mainnet, marking the end of an eight-month testing phase. The network supports high-frequency perpetual trading through a customized ZK circuit for verifiable liquidation and matching. Following the first season’s success, Lighter also kicked off its second points program, which will run until the end of 2025 to reward active participants.

Meanwhile, Chainlink continues to expand its institutional footprint, announcing a partnership with UBS to bring tokenized fund transactions to the $100 trillion fund market via Swift’s ISO 20022 messaging standard. This collaboration demonstrates growing convergence between traditional finance and decentralized infrastructure.

Strategic Expansion from OKX and Starknet

Wu Blockchain also highlighted OKX’s roadmap for its X Layer blockchain, outlined by CEO Star Xu, who confirmed a $100 million OKX Vision Fund to accelerate development. The three-phase plan includes stablecoin integrations, DeFi collaborations with protocols like Aave and Chainlink, and funding for standout projects through incentive programs.

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Elsewhere, Starknet introduced Bitcoin staking on its network, allocating 100 million STRK tokens to incentivize early participants. The integration allows users to delegate BTC for transaction validation and earn STRK rewards, bridging liquidity between Bitcoin and Ethereum ecosystems.

Ecosystem Trends and Market Outlook

Wu Blockchain’s report also noted emerging innovation across multiple networks. Injective unveiled an on-chain pre-IPO perpetual market, enabling traders to speculate on unlisted companies such as OpenAI. Moonbirds announced plans to launch its birb token on Solana, driving NFT market enthusiasm, while PunkStrategy (PNKSTR) surpassed $160 million in market capitalization just 25 days post-launch.

Overall, Wu Blockchain concludes that the on-chain derivatives landscape is maturing at record speed, led by explosive growth in perpetual DEX trading and cross-chain infrastructure. The report emphasizes that September’s trillion-dollar milestone underscores not just market speculation, but a deeper institutional shift toward decentralized financial infrastructure.

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