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- 1/7/25: The DEX ↔ CEX Flippening ⛓️🇨🇿🎒
1/7/25: The DEX ↔ CEX Flippening ⛓️🇨🇿🎒
Valko
January 07, 2025
Today’s issue is brought to you by Safe — the world’s leading smart account provider on EVM, securing $100B+ in assets (including Vitalik’s).
Top News
DEX volume surpasses 20% of CEX volume for the first time
Czech National Bank Governor eyes Bitcoin for diversification
Backpack Exchange acquires FTX EU and its MiFID II License
Specs’ Insights
1. DEX volume surpasses 20% of CEX volume for the first time
BREAKING: DEX TO CEX SPOT TRADE VOLUME SURPASSES 20% FOR THE FIRST TIME EVER
— DEGEN NEWS (@DegenerateNews)
1:11 PM • Jan 7, 2025
⌐◪-◪ → Decentralization is on the rise.
For the first time in history, the spot trading volume of decentralized exchanges (DEXs) has surpassed 20% of centralized exchanges (CEXs).
This milestone was reached in December, with DEX trading volume hitting an all-time high of $462 billion. For context, here are the top 5 DEXs by 7D volumes:
Uniswap: $17.8B
Raydium: $17.3B
PancakeSwap: $10.8B
Aerodrome: $6.5B
Lifinity: $3.8B
The shift on-chain isn’t just a narrative anymore—it’s actually happening. The real question is, when will DEXs flip CEXs? Join Specs.Chat to see what the hive mind thinks!
2. Czech National Bank Governor eyes Bitcoin for diversification
JUST IN: 🇨🇿 National Bank Governor says he was considering #Bitcoin as a potential diversification strategy for the bank.
— Bitcoin Magazine (@BitcoinMagazine)
12:01 PM • Jan 7, 2025
⌐◪-◪ → Central banks are waking up!
Aleš Michl, Governor of the Czech National Bank, is considering adding Bitcoin to the bank's foreign exchange reserves.
While the proposal is still subject to approval by the CNB Board of Directors, this signals a growing recognition of Bitcoin’s role in modern reserve assets.
At the same time, the bank plans to increase its gold reserves to 5% by 2028.
The real question is, how much Bitcoin will they acquire? Join Specs.Chat to see what the hivemind thinks!
3. Backpack Exchange acquires FTX EU and its MiFID II License
Backpack has acquired FTX EU and its MiFID II License.
Our first priority is to return all customer EURO funds on behalf of the FTX estate, followed by rolling out a full suite of spot, margin, and futures trading products.
Crypto perps trading is coming back to Europe 🇪🇺
— Backpack 🎒 (@Backpack)
8:42 AM • Jan 7, 2025
⌐◪-◪ → Someone just bought FTX Europe!
Backpack Exchange has acquired FTX EU and its MiFID II license for $32.7 million, marking a bold move to expand its presence in the European crypto market.
This acquisition positions Backpack to offer regulated crypto derivatives like perpetual futures in Europe—a key market gap.
For context, the Backpack co-founders previously worked at Alameda/FTX but left before its collapse. Ironically, FTX co-led a $20M funding round for Backpack in September 2022—just two months before its demise, which caused Backpack to lose 80% of its capital.
Talk about turning a bad situation into an opportunity. Backpack’s immediate focus is on returning EURO funds to FTX EU customers.
Some folks are already criticizing the deal on Crypto Twitter, but to me, this sounds like a solid move to rebuild trust in a sector that’s taken plenty of hits.
Do you think this is bullish or bearish? Join Specs.Chat to see what the hivemind thinks!
Everything Else
📈 Market Snapshot
⛓️ Crypto & DeFi
Ripple taps Chainlink for RLUSD stablecoin expansion
Bitcoin mining profitability rises for second consecutive month
ZKsync allocates $300M for DeFi incentives
Solana restaking protocol launches InfiniSVM blockchain
Solana proposal aims to bring support to billions of users
New Solana proposal introduces lattice system for scalability
Solana Layer-2 Sonic SVM token to launch with airdrop
Yat Siu predicts 2025 as the year crypto goes mainstream
Vitalik Buterin sells memecoins to fund Kanro charity
Hyperliquid to Solana bridge goes live with Mayan Finance and Wormhole
🏦 Wall Street & VC
Bitcoin and Ethereum ETFs attract $1B in daily inflows
TradFi firms flock to crypto after Trump win, says Ripple CEO
Crypto bull market entering its final stage, says CryptoQuant
Arthur Hayes predicts crypto peak in March, advises going 'degen'
🏛️ Legal & Regulatory
Do Kwon case involves over an estimated 1 million victims
Winklevoss Twins settle CFTC case for $5 million
Stablecoin advocate Barr steps down as Fed vice chair
🌎 Rest Of The World
Prime Minister Trudeau departure opens crypto possibilities
Pro-crypto Poilievre leads Polymarket for Canada’s next Prime Minister
Canadian man goes into hiding after bitcoin kidnapping attempt
MiCA license granted to four crypto firms by Dutch regulator
HashKey secures crypto registration in Ireland
Bitcoin bull run could accelerate due to China market turmoil
Hong Kong scam group caught using deepfakes to impersonate rich women
🖼️ NFTs & Metaverse
Pump.fun accounts for 70% of Solana token launches
Dogecoin $1 milestone predicted by Galaxy as DOGE surges
AI16Z teases official partnership with $MAGIC
Pudgy Penguins NFT floor surpasses $100k once again
Rektguy launches AI agent on Virtuals
CryptoPunk 4757 with hoodie and pipe sells for 125 ETH ($455k)
Limit Break teases their “biggest and most important web3 release yet”