📝 Editor's Note:

Happy Tuesday, and welcome to OurNetwork's latest issue. In this issue we have 0xINFRA covering Raydium, Alec covering Hyperion, YASMIN covering Blackhole, Biff Buster covering Cetus, and Reza covering YeiSwap.

Look out for our liquid staking issue, which comes out Friday.

Let's get into it.

– ON Editorial Team

Raydium | Hyperion | Blackhole | Cetus | YeiSwap

• Q2 2025 was Raydium’s fifth straight quarter as the leader in Solana daily DEX volume. The DEX generated 28.9% of total volume on the network.

• Raydium is Solana's leader in market share for volume on tokenized assets, accounting for more than 80% of tokenized equities' onchain volume in July 2025.

• Raydium surpassed $15M in revenue from the LaunchLab SDK, a plug and play solution for any platform or creator to deploy their own customizable launchpad. Powering Bonk.Fun, LaunchLab reached nearly 80% market share on Solana in July.

• Hyperion is the largest DEX on Aptos, aiming to become the premier liquidity hub on the platform. Stablecoin pairs account for over 65% of Hyperion's trading volume. As the largest DEX on Aptos, this data indicates that the network is gaining traction in the increasingly popular stablecoin markets.

• Since its launch on Aptos' mainnet, daily transaction volume on Hyperion has steadily climbed, and slightly outpaces the increase in daily trade counts. The data indicates that onchain trading activity by users within the Hyperion and the Aptos ecosystem is heating up.

• Blackhole, a new DEX on Avalanche, has quickly become a major player. Since launch, it has processed over $7B in volume, averaging $145M daily. This positioned Blackhole as the top DEX on Avalanche, surpassing LFJ with 43% of chain's DEX volume in the last 24 hours at the time of writing. The USDC-WAVAX pair drives primary liquidity with over $3B in volume.

• Blackhole's liquidity is driven by strategic pools with explosive growth. The HLP0/USDC pool leads with 16% of total TVL ($28M+ locked). The rapid TVL surge since Aug. 26, seen in pools like reUSD/USDC, shows strong market confidence and capital rotation into the ecosystem.

• After peaking near $290M in early August, Blackhole's TVL has stabilized above $170M. This foundation is built on blue-chip assets; USDC and WAVAX alone account for 47% ($79M) of this value, ensuring deep liquidity for core assets.

• Cetus is a leading concentrated liquidity DEX built on Sui. Cetus has emerged as one of the leading DEXs in the Sui ecosystem, as it has steadily gained market share and user activity throughout the year. Despite experiencing a major protocol hack in May 2025, where TVL dropped 84% in one day, Cetus has rebounded sharply. Its TVL surged from $86M to $96.6M year-over-year (+12.2%) and reached a peak of over $108M last month, securing its position among the top 3 DEXs.

• Cetus DEX volume is up 239% year over year, rising from $28.4M to $96.4M. Since the May 2025 hack, volume recovered from as low as $6.4K to current levels of $200M. Recent launches like the Aggregator V2, are expected to improve swap pricing and reduce slippage for users.

• Cetus has seen strong user growth with daily active users up 293% year-over-year, from 2.7k to over 10.7k. Daily transactions rose 227% year-over-year to 110k. Since the May 2025 hack, both metrics have more than doubled, signaling a sharp recovery in user confidence and sustained network activity in one of Sui's top DEXs.

• YeiSwap is a DEX in the Yei Finance ecosystem on Sei, pairing trading fees with strategic vaults. Built to fight DeFi liquidity fragmentation, it blends lending and swapping so a single deposit can earn dual yield (fees + interest). In roughly 2 months of public access YeiSwap is nearing $500M volume, and ranks fifth all-time among Sei DEXs. The exchange held ~38% market share in month one and roughly 25% in month two, with $133M in the last 30 days, showing strong user traction.

• Airdrops and incentives seem to drive unusual YeiSwap activity as every week USDC-USDT ranks first and WSEI-SEI second. Overall volume is 86.5% USDC-USDT and 12.7% WSEI-SEI—99.2% combined—despite other pairs on the DEX (SEI, WBTC, WETH).

• On YeiSwap, user behavior looks event-driven: active traders spiked to ~70k in late July, then normalized. Cohorts show strong week 1 retention only for the first week since launch; most later cohorts stay below 25%. The July 7 cohort jumps to 67.1% at week 3—likely a campaign/airdrop impact—then fades.