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LP-free, insider-free meme lottery site, can Super.exchange save the bear market?
The market has long been plagued by insider trading. This is perhaps the sigh that every degen who has been rugged by a meme coin or a wife rug pulls out. Just when they finally survived the rug pull, yesterday's waterfall event once again washed the market's face, causing FUD in the community.
At this moment, "No LP, No Insider Trading." "We will save the bear market!" — a project named Super.exchange, like a Superhero rescuing the market, hit the pain point directly, quickly gaining attention in the community. What magic does this Solana-based new asset issuance platform possess?
An Upgraded Version of Pump.fun
Why are meme insider trading, sniper attacks, and rug pulling so common? According to Super.exchange, a significant part of the problem lies in the fact that "Bonding Curves have been played out" — this is one of the core reasons why tokens cannot achieve price discovery, leading to extreme price fluctuations.
To address the early whale control problem, Super.exchange upgraded the traditional bonding curve to the Infinite Bonding Curve AKA Super Curve, making price increases more gradual. The principle of the Super Curve is not complicated; it can be seen as a Bonding Curve composed of 7 different curves. These seven curves are like the gears of a manual transmission car; the car needs to shift gears to accelerate. Similarly, to make the token price "accelerate," its underlying liquidity must also "shift gears." The seven "gears" of the Super Curve, while maintaining stable market depth, facilitate rapid and sustained price growth.
So, what does the Super Curve solve? The traditional bonding curve, due to slow early growth, allows some buyers to accumulate a large proportion of the token supply. In the later stages, the rapid curve growth can lead to a liquidity gap, and without liquidity provider support, continuing trading becomes challenging. However, by utilizing the Super Curve, all price ranges have permanently locked liquidity, mitigating rug pull risks and ensuring sustainable price growth.
Comparison of token growth using Super Curve versus traditional Bonding Curve, image from @_superexchange official account
More specifically, by controlling 80% of the token supply through a traditional Bonding Curve on Pump.fun, it only takes less than $20,000, and the price increases by only 15 times. However, on Super, to buy 80% of the tokens, the price would increase by 40,269 times. As a result, it is difficult to accumulate a large amount of chips at a low price in the early stages of the token.
Super Curve versus the market depth characteristics of the traditional model, image from @_superexchange official account
On Pump.fun, as the market cap increases, the pool's depth rapidly decreases. Super.exchange eliminates reliance on liquidity providers, prevents pool draining, ensures sustainable liquidity, and creates a secure and growth-friendly trading environment.
Not only is the Super Curve innovative, but Super.exchange also astutely addressed another pain point that made everyone from a small player to a grandmaster suffer during the meme rush—ticker uniqueness.
Remember the Broccoli Wars on the BNB Chain half a month ago? A large number of homogenized tokens were simultaneously released, flooding the new coin billboard with the same image and name, igniting an intense PvP showdown. But try searching for $SUPER on Super.exchange, and the results will refresh you. No need to painstakingly check the authenticity of each one; each ticker is a unique identity marker for the token, all in uppercase letters, putting an end to the case of capitalization.
Finally, Super.exchange has also created its platform token $SUPER. $SUPER is 100% community-owned, with a deflationary mechanism and a transparent buyback and burn policy. $SUPER has a total supply of 10 billion tokens launched fairly, with no reserves, no front-running, and no VC quotas. Of this, 50% of the platform fee income is used to repurchase $SUPER and burn it, executed by a smart contract in 5-minute intervals, and the entire process is transparently recorded on the blockchain. As the platform develops, the repurchase scale expands, driving long-term coin price growth and establishing a community growth flywheel.
How to Play Super.exchange
How to Get Started with Super.exchange? Once users access the homepage and connect their wallets, they can mainly interact with the following three functions:
How to Create a Token
In the top right corner of the homepage, you can see the 'create' option. Clicking on it allows you to enter the token icon, ticker, and name to complete the creation process. If the chosen ticker is already in use, you won't be able to create a token with the same name. The ticker supports combinations of up to 10 alphanumeric characters. While the ticker cannot be changed after creation, other options can be modified through community voting. Based on practical experience, creating a token costs approximately 2.5%, slightly more expensive than Pump.fun.
How to Buy a Token
Super.exchange also distinguishes between internal and external markets. By clicking on 'MARKETS' on the homepage, you can see the token board, with 'Markets' representing the external market and 'New Pairs' equivalent to the internal market. The market value of each token is calculated using the Super Curve. Clicking on a token icon to enter the purchase page allows you to set the amount and slippage tolerance. After purchase, you can view your acquired assets in 'PORTFOLIO'.
How to Earn $SUPER
Currently, the official website only provides two ways to earn $SUPER: trading and referrals. The higher the performance of the traded token, the more points you earn; inviting friends allows you to receive 25% of their trading points. 1 point equals the right to purchase 1 SUPER, meaning that only active traders on the platform have the privilege to buy $SUPER. This benefits early users who genuinely use the platform for trading, rather than allowing whales to lock up millions in liquidity in a new DeFi protocol.
Will Super.exchange Become a Memeworthy Superhero?
As of now, Super.exchange seems to have to some extent addressed the pain points of the increasingly criticized meme market: insider trading, low-price chip accumulation, indistinguishable tickers, and rug pulls after pumping. These issues turned the meme market into a complete gamble, leading to a market filled with uncertainty and a crisis of trust. In this regard, Super.exchange, through its unique design and mechanism, appears to offer a solution to these chaotic situations, at least outwardly making the trading environment seem more transparent and fair.
However, looking back at the entire meme coin cycle, the essence of its rise is more of a community-driven cultural phenomenon, rather than something that can be fully encompassed by just technology or tokenomics. While Super.exchange has optimized the trading mechanism, it's hard to deny that the most attractive aspect of memes, to a large extent, comes from the lottery stations tailored for them by Pump.fun and the myth of hundredfold and thousandfold wealth creation.
Related Reading: "Neiro Resurrection: Trading Platforms are Becoming the "Referees" of the Meme Market｜100x Retrospective"
The current improvements may perhaps curb some speculative behavior, but they also find it hard to answer the following questions: How can a strong and enduring community consensus be quickly formed without the short-term stimulus of price pumping? If the meme's lottery odds are no longer attractive, will it still attract as many people to sit idly by and bring in new liquidity? Especially in the current bear market, will memes be liquidated as oversupply by the market or will they continue to span cycles based on their emotional and ideological value? This may be the true key to the future development of memes.
As for Super.exchange, can it, after the market's vulnerabilities, filter out memes that truly have consensus and value through a more rational price discovery mechanism? Under the dual driving forces of innovative mechanisms and community flywheels, can it become the superhero that saves memes? Perhaps only time will tell.
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During the liquidity crisis of Q1 25YO, where did on-chain transaction volume flow to?
Original Article Author: @stacy_muur, CuratedCrypt0 Member
Original Article Translation: Motion小Deep
Editor's Note: From January 2024 to March 2025, DeFi on-chain transaction volume experienced a surge and downturn. DEX trading volume reached a peak of $380 billion in January 2025, followed by a 35% decline. Solana's native DEX emerged, holding 5 out of the top 10 seats, with Hyperliquid occupying over 60% of the perpetual contract market share. Leading DEXs such as Uniswap and PancakeSwap dominated around 40% of the trading volume. Chain-level market share saw fluctuations, with Solana, Ethereum, and Base showing varying degrees of persistence, while CEX still accounted for nearly 80% of spot trading. The future of DeFi depends on the chain that can solidify user habits, rather than mere speculation.
The following is the original content (restructured for easier reading comprehension):
Over the past 15 months, the DeFi liquidity landscape has been redrawn among different chains, moving away from hype-driven outliers and quietly concentrating on fundamentals rather than noise.
· DEX trading volume hit a historic high of $380 billion in January 2025, followed by a 35% drop in the next two months, signaling a possible short-term top.
· The top 10 DEXs now account for nearly 80% of the activity volume; Uniswap and PancakeSwap alone represent around 40%.
· Solana's native DEX quietly took the top spot, with 5 out of the top 10, and its share expanded due to meme-driven trading volume growth.
· Hyperliquid disrupted the perpetual contract landscape, rising from a newcomer to dominating over 60% of the market share by March 2025.
All insights are based on public data. Special thanks to DefiLlama for consistently providing high-quality statistical data.
In early 2024, DEX trading volume showed strength in March and May, followed by a slowdown in the middle of the year.
The situation took a sharp turn in the fourth quarter, with transaction volumes surging in November and December, continuing into January 2025 to reach an explosive peak of $380 billion.
However, this wave of growth was short-lived. By February, the transaction volume had dropped to $245 billion, a steep 35% decrease, bringing an end to the three-month vertical climb. This decline set the tone for a more cautious second quarter.
The DEX landscape remains highly concentrated. The top 10 protocols now account for 79.5% of daily trading volume, with just the top 5 controlling 59.1%.
Uniswap and PancakeSwap represent around 40% of all DEX trading volume, being the only two protocols with total trading volume exceeding a trillion dollars. Their dominance is built on first-mover advantage, cross-chain coverage, and deep liquidity.
Uniswap Labs has also launched Unichain, a dedicated Ethereum L2 based on the Optimism Superchain, aiming to provide fast, low-cost transactions with native cross-chain interoperability.
Solana's rise has been noteworthy. Five out of the top 10 DEXs are Solana-native: @orca_so, @MeteoraAG, @RaydiumProtocol, @Lifinity_IO, @pumpdotfun.
Orca (8.02%) and Meteora (6.70%) alone contribute about 15% of global DEX activity.
This rise is driven by low fees, fast block times, and the sticky flow of Solana's meme coin culture. Pump.fun entering the top 10 clearly reflects this energy.
@0xfluid (7.09%) is the most capital-efficient DEX in the top 5. Active on Ethereum, with monthly trading volumes surpassing $100 billion. Its launch on Arbitrum saw volumes grow from $426 million in February to $1.6 billion in March, demonstrating rapid adoption.
@AerodromeFi, based on Base, reflects the growth of liquidity on the Base L2.
While Hyperliquid doesn't rank high in spot trading, it dominates the perpetual contract market with over 60% market share.
The past 15 months have shown that while most chains can attract attention, few can retain users. From January 2024 to March 2025, chain-level DEX market share has shifted rapidly, with only a few maintaining significant traction.
Solana has seen the most prominent performance. It steadily climbed in 2024, reaching a peak of 45.8% in January 2025 during the $TRUMP and $MELANIA meme coin craze. By March, its share halved to 21.5%. Nonetheless, its average share of 25.1% remains the highest across all chains.
Ethereum, on the other hand, exhibited the opposite trend. Starting at about 32% share in 2024, it dropped to 15.3% in January 2025 but rebounded to 26.4% by March, demonstrating its resilience even after losing momentum.
Base has been the most stable climber. Rising from 3% in March 2024 to 12.4% in December and remaining steady at 7.4% in March 2025, averaging 6.6% during this period. No hype, just gradual, sticky growth.
The BNB chain maintained an average share of 14.7%, remaining stable throughout, without any sudden spikes or crashes, sustained only by retail traffic, lacking any breakthrough moments.
Arbitrum started strong at 16% but failed to take off. By January 2025, it slipped to 4.8%, surpassed by Base and Solana.
Blast peaked at 42.3% in June 2024, only to vanish the following month—a typical case of incentive-driven transaction volume with no retention.
Conclusion: Chain-level DEX dominance is highly volatile. Solana surged, Ethereum recovered, Base slowly gained ground, and hype cycles quickly burned out. The enduring chains are not the loudest but the most utilized.
Despite the DEX explosion at the beginning of 2025, centralized exchanges (CEX) continue to dominate the spot market. Even at the peak of DEX in January, CEX still held nearly 80% of the total trading volume.
While the CEX dominance dropped from 90% at the beginning of 2024 to a low of 79%, the overall pattern is clear: DEX is growing, but CEX remains the default venue for most traders.
In 2024, the on-chain perpetual contract landscape saw a reversal.
After dYdX's two-plus-year reign at the top, Hyperliquid rose to redefine the dominant position. It first took the lead in February, briefly lost to @SynFuturesDefi mid-year, regained the top spot in August, and has held it since. By March 2025, Hyperliquid held nearly 59% of the perpetual contract trading volume, establishing itself as the preferred venue for professional traders.
This rise to prominence was fueled by a product offering close to a CEX experience, gaining attention. In contrast, dYdX quickly declined. Its market share dropped from 13.2% at the beginning of 2024 to 2.7% in March 2025 as users gravitated towards faster, sleeker, and more modern alternatives.
@JupiterExchange took a different path in perpetual contracts, climbing to second place with an 8.8% share by leveraging Solana-native liquidity and a spot DEX funnel. It expanded rapidly but stabilized behind Hyperliquid. Others such as SynFutures, @Vertex_Protocol, and @ParadexApp briefly showed traction.
The most significant shift in perpetual contract infrastructure over the past year has not been in user preferences for a particular protocol but in their trust in which chain executes transactions.
In January 2024, Ethereum and Arbitrum controlled over 65% of the perpetual contract trading volume. However, by March 2025, this had plummeted to just 11.8%, overtaken by updated, faster execution layers.
Leading this transition is Hyperliquid's custom chain, which saw its share increase from 13.6% to 58.9% during the same period. In less than a year, it has become the default perpetual contract execution environment, supplanting the L1 and L2 layers that once defined the category. Not only is it faster, but it also provides the high reliability and low latency that professional traders require.
Solana also showed strength, rising to nearly 16% by the end of 2024 with Jupiter and Phoenix, but eventually stabilizing at 10-11%, failing to sustain its breakout momentum. Base and ZKsync showed vitality, peaking at around 6-7%, but have not yet reached the top tier.
Meanwhile, Blast became a cautionary tale: achieving a 18.8% single-month miracle in June 2024, only to quickly vanish. In the realm driven by product quality and user retention, hype failed to endure. The new execution stack is clear—performance-first chains have reset the standard, and traditional infrastructure is no longer the default choice.
The future of DeFi lies not in the number of chains, but in solidifying the narrative into user habits.
「Original Article Link」
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