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Hyperliquid has processed a staggering $1.571 trillion in perpetual futures volume over the past year, outstripping all other on‑chain perp platforms combined. In June alone, it accounted for $208 billion in trading, compared with a collective $140 billion for its rivals, while revenues reached $56 million for the month and reached $310 million to date.

The scale of Hyperliquid’s growth positions it at the apex of the decentralised derivatives landscape. It handled $248 billion in May trading volume, marking consecutive monthly milestones and accelerating ahead of competitors. High‑frequency and professional traders have migrated in significant numbers, drawn by the platform’s deep liquidity and sub‑second trade execution, powered by its Layer‑1 consensus architecture.

From a revenue standpoint, Hyperliquid’s fee income has climbed in tandem with its trade volume. The $56 million earned in June boosted cumulative revenues to $310 million, indicating a protocol that is both popular and profitable. This places Hyperliquid among elite DeFi entities by financial metrics.

Its distinctive approach includes a high yield from protocol fees—the majority of which are reinvested through HYPE token buybacks—and the launch of HyperEVM, an Ethereum‑compatible layer that supports smart contracts and decentralised applications. This diversification strategy is intended to establish Hyperliquid beyond perpetuals trading, and into a broader DeFi ecosystem.

The platform’s airdrop strategies have been instrumental in attracting users and liquidity. A notable HYPE token airdrop, totalling around $1.2 billion in value, triggered a sharp increase in activity at the end of 2024. Monthly volumes leapt from approximately $75 billion in November to over $150 billion in December.

Despite early-stage competition, Hyperliquid now dominates with approximately 70 per cent market share of decentralised perp volume, while still trailing major centralised exchanges such as Binance—where it handles roughly 10 per cent of Binance’s volume.

Underlying infrastructure also underpins its rapid adoption. Hyperliquid supports over 100,000 transactions per second and offers sub‑second trade finality with extraordinarily low spreads. Its fee structure—0.025 per cent taker fees and a 0.002 per cent maker rebate—encourages high-frequency participation.

The HYPE token, launched via the airdrop in November 2024, has experienced a dramatic uptick in value, up 300 per cent in two months and recently reaching a market capitalisation north of $12 billion. Reinvestment of over 97 per cent of fee revenue into token buybacks is designed to reinforce token utility and value.

Analysts acknowledge the bold strategy but flag decentralisation concerns—Hyperliquid operates just 21 delegated validators compared with thousands in more established chains, which may raise governance and resilience risks. Still, the streamlined validator model has enabled performance gains attractive to traders.

Market observers also point to institutional interest, such as Nasdaq‑listed Lion Group designating HYPE as a primary treasury asset, signalling growing confidence in the network’s tokenomics.

Decentralised exchanges now account for 27.92% of global spot trading volume compared with centralised exchanges, marking a sharp rise from just 0.36% in June 2020.

Trading platforms operating without intermediaries have attracted a growing user base. The surge is primarily driven by rapid token listings, enhanced accessibility, and traders seeking autonomy over assets.

Crypto‑analytics firm CryptoRank reports the 27.92% figure as of 27 June 2025. On the same date, CoinStats and Cointelegraph confirmed that DEX activity has surpassed one quarter of combined CEX volumes.

Market analysts say this shift reflects a fundamental change in how users approach crypto. DEXs often offer immediate listing for new tokens, while CEXs enforce extensive vetting, delaying token debut. This gives DEXs an edge for traders looking to seize early opportunities.

Industry professionals highlight improved user interfaces, multi‑chain support, and deep wallet integration—such as MetaMask and Coinbase Wallet—as key enablers reducing friction for users.

At the same time, spot volume on CEXs has declined, reverting to levels last seen in 2020, according to CryptoQuant data. This drop has fed into the rising share of DEXs even if total trading volumes remain flat.

Numerous industry insiders emphasise that long‑term holders, or ‘HODLers’, are withdrawing assets from centralised platforms to personal wallets. This trend has further depressed CEX volumes and benefited decentralized trading.

Beyond token listings, privacy and transparency concerns have played a role. Faced with heightened scrutiny of centralised platforms and regulatory pressures, users often gravitate towards DEXs that allow control over private keys and transaction traceability.

The market has witnessed high‑value token offerings, including memecoins and Web3 project tokens, debuting exclusively on DEXs where speculative interest is strong. These listings typically bypass CEX vetting procedures, reinforcing DEX popularity among investors seeking first‑mover advantage.

Despite DEX progress, CEXs still dominate overall trading: the remaining 72.08% of spot volume remains on centralised systems. Their robust liquidity, institutional investor access, and features like leverage trading continue to appeal to many investors.

Analysts caution that DEX market share gains may plateau unless total trading activity grows or CEX volume drops further. However, if DEX share surpasses 30%—a threshold some industry observers regard as a tipping point—it could reshape how trading infrastructure evolves.

Technological strides are helping drive DEX adoption. Layer‑2 rollout, smart-contract efficiency, and multisignature governance have reduced fees and slippage. Cross‑chain bridges further improve functionality, with networks like Ethereum, Solana, and Polygon enabling seamless movement across blockchains.

Security remains a concern, however. DEX platforms, while reducing risks associated with central custodians, expose users to smart‑contract vulnerabilities. High‑profile exploits continue to underscore these weaknesses. That said, liquidity protocols such as Uniswap v3 and LayerZero have incorporated rigorous audits, bug‑bounty programmes, and verifiable codebases to bolster confidence.

Regulation continues to loom over both exchange types. Centralised platforms must comply with KYC/AML rules and are vigilant following recent regulatory crackdowns. DEXs operate in a more decentralised fashion but may face scrutiny for permitting unvetted tokens. Some global jurisdictions are investigating DEX platforms for facilitating illicit finance.

Emerging market participants – from speculative traders to institutional investors – are now evaluating DEXs as viable alternatives. These platforms support algorithmic trading bots, liquidity pools, yield‑farming incentives, and governance staking. Both market segments are adapting to a blended ecosystem.

Looking ahead, analysts are watching developments in decentralised autonomous organisations and algorithmic market‑making, which may reshape trading dynamics. Advances in privacy protocols, like zero‑knowledge rollups, could further catalyse DEX appeal by enhancing user confidentiality.

Institutional adoption remains cautious. Regulatory clarity, custody solutions, and conventional compliance standards are still being developed. Yet a growing cohort of fintech firms are exploring hybrid DEX‑CEX offerings, combining institutional-grade services with decentralised execution.

While DEX market share has reached unprecedented levels, it remains uncertain whether this marks a permanent realignment. The next pivotal indicator will be whether DEXs can sustain growth in a stable or expanding market, rather than merely displace CEX volume amid stagnation.

Bhutan has become the first country to integrate cryptocurrency payments across its entire tourism infrastructure, enabling visitors to use Binance Pay for everything from booking flights and paying visa fees to purchasing local goods in rural areas. The system, implemented in partnership with Binance Pay and fully digital DK Bank, supports over 100 cryptocurrencies—including Bitcoin, Binance Coin and USD Coin —and is accepted at more than 100 merchants nationwide.

Tourists can complete transactions via static or dynamic QR codes, with DK Bank instantly converting crypto payments into Bhutanese ngultrum, avoiding volatility for merchants and eliminating traditional card fees. Real‑time confirmations, two‑factor authentication, encryption, and zero gas fees ensure a secure and efficient experience. Department of Tourism director Damcho Rinzin emphasised that the solution “empowers even small vendors in remote villages to participate in the tourism economy”.

The initiative aligns with Bhutan’s broader strategy of embedding digital assets into its economy, which already includes green Bitcoin mining powered by hydropower. With a cryptocurrency reserve worth over US$600 million and bitcoin holdings exceeding 12,000 BTC, Bhutan aims to leverage its carbon‑neutral energy for economic diversification and sustainable growth.

Binance CEO Richard Teng described the partnership as “setting a precedent for how technology can bridge cultures and economies”, reflecting a vision that blends tradition and digital innovation. The kingdom’s emphasis on Gross National Happiness underpins this move: by making tourism more accessible and inclusive, Bhutan hopes to reinforce community wellbeing and economic opportunity across all regions.

Bhutan’s payments infrastructure ties into existing efforts to tackle youth unemployment—estimated at between 16.5 % and 19 %—and brain drain by cultivating jobs in blockchain, AI, and fintech. Since 2019, the sovereign wealth fund Druk Holding and Investments Ltd. has mined cryptocurrencies using surplus hydropower, channelled gains into public salaries, and fostered youth training to build a future-proof economy.

Initial adoption has drawn participation from boutique hotels, tour operators, and rural artisans. By enabling markets in Thimphu and remote mountain villages to accept digital payments without traditional banking hardware, the system extends financial inclusion where it has been limited. Analysts note that reducing transaction friction and foreign‑exchange costs is likely to enhance Bhutan’s appeal to digital‑savvy travellers and boost tourism revenues.

Bhutan’s model emerges amid a global rise in crypto‑enabled travel. Nations such as Thailand and El Salvador have piloted tourism payments, but Bhutan’s national‑level implementation is unprecedented. The country also plans major future investments, including expanding hydropower from 3.5 GW to an estimated 15 GW over the next decade and exploring smart‑city projects like Gelephu Mindfulness City to further embed digital and green infrastructure.

Challenges remain. Regulatory clarity for cryptocurrencies in Bhutan is still evolving, and full infrastructure rollout in remote areas will test logistics and connectivity. Moreover, sustainability will depend on maintaining the balance between technological advancement and the country’s core value of environmental stewardship.

Net foreign direct investment surged to SAR 22.2 billion in Q1 2025, marking a 44 per cent year‑on‑year rise, the General Authority for Statistics reported on Sunday. Though slightly down from SAR 24 billion in Q4 2024, the inflows underscore robust investor interest. Meanwhile, unemployment eased across the board, with significant gains for women and youth.

Government data show inward FDI at SAR 24 billion in Q1, a 24 per cent increase year‑on‑year but a 6 per cent dip compared to late 2024. Despite this quarterly slowdown, inflows remain well above Q1 2024’s SAR 19.4 billion. The rebound follows strategic efforts under Vision 2030, including high-profile giga‑projects in tourism, sports and entertainment and regulatory reforms aimed at boosting foreign investor confidence.

Analysts caution that current FDI levels are still far short of Saudi Arabia’s $100 billion annual target. Obstacles such as a complex legal environment and perceptions of the Kingdom as a capital exporter persist. The government has responded by conditioning state‑contract awards on regional headquarters being based locally, along with plans to overhaul investment laws to increase transparency.

On the labour front, the overall unemployment rate for people aged 15 and above dropped to 7.8 per cent in Q1, down from 8.5 per cent in Q4 2024. Among Saudi nationals, unemployment eased to 7.6 per cent, compared to 8.4 per cent in the previous quarter; male unemployment declined from 5.1 per cent to 4.7 per cent and female unemployment from 14.3 per cent to 13 per cent.

These figures follow earlier statistics showing an even lower unemployment rate among Saudi nationals: 6.3 per cent, the lowest on record, driven in part by historic falls in female joblessness, which reached 10.5 per cent. GASTAT’s labour bulletin also highlighted a rise in overall participation to 68.2 per cent, up 1.8 points from Q4 2024. Within that, Saudi male participation climbed to 66.4 per cent, while female participation rose to 36.3 per cent.

The youth labour market showed varied outcomes: unemployment among young Saudi women fell to 11.6 per cent, while male youth unemployment dropped to 11.6 per cent as well, even as their participation rate declined. Experts link these shifts to targeted labour reforms, including expanded digital employment platforms such as Jadarat, and programmes that encourage female workforce inclusion under Vision 2030.

Economic diversification is evident in the deeper GDP breakdown. Non‑oil sectors grew by 4.2 per cent in Q1, significantly outpacing oil activity, which fell by 1.4 per cent, according to GASTAT. Government services also rose by 3.2 per cent, driving overall GDP growth of 2.7 per cent year‑on‑year. These shifts highlight the evolving composition of the economy away from hydrocarbons.

The resilience in FDI and labour metrics comes amid projected fiscal pressures. Saudi Arabia is expected to run a SAR 101 billion deficit in 2025, to be funded largely through debt. Even so, credit agencies note that net public debt remains low at approximately 17 per cent of GDP, leaving room for continued borrowing.

Policy-makers point to dynamic growth in private‑sector activity and infrastructure investment as evidence of broader momentum. Nonetheless, flows remain below long‑term targets, and uncertainties linger over the pace of regulatory liberalisation and investor protections.

Combined, these indicators illustrate an economy in transition. FDI strength and labour market improvement reflect clear progress, especially on domestic policy fronts aligned with Vision 2030 goals. Yet government targets for transformative investment and full private‑sector integration remain distant, and persistent structural rigidities could slow advancement.

Moving forward, success will hinge on deepening institutional reforms—such as streamlined licensing, improved legal frameworks, and enhanced foreign equity rights—and sustaining social policies that widen labour force inclusivity, notably among women and youth. Economic forecasts anticipate moderating oil prices and slower government expenditure later in 2025, placing even greater emphasis on private capital inflows and sustainable domestic job creation.

These emerging trends offer insight into Saudi Arabia’s efforts to recalibrate its economic model—balancing fiscal constraints with bold ambitions. While the pace of change remains uneven, the current data points to structural momentum that, if sustained, could reshape the Kingdom’s economy over the remainder of the decade.

A sharply rising trend in India’s share markets is encountering resistance from multiple fronts, prompting increasing scrutiny over its sustainability. Benchmark indices have enjoyed roughly a 14 per cent rally over the past six months, invigorating initial public offerings and share sales. Yet, foreign investors have been net sellers to the tune of US$10 billion this year, triggering alarm among market watchers.

The spike in corporate fundraising—from HDB Financial Services and others—has elevated supply to near record levels, raising the prospect of a correction should demand fail to keep pace. With IPOs totalling around US$1.75 billion launching this week and dozens more awaiting approval, promoters are cashing out aggressively. Companies such as British American Tobacco and Reliance Industries have conducted substantial secondary offerings, exacerbating the supply pressure.

Foreign institutional investors have pulled capital at a faster clip. Already offloaded nearly US$29 billion from Indian equities since October as they pivoted to China in search of stimulus-led returns. Over the January–March period, FPIs unwound ₹61,000 crore from the Indian market amid global headwinds, while June saw ₹8,749 crore in fresh outflows on escalating US–China trade friction and rising yields abroad.

The domestic funding round is proving insufficient to fill the gap. Domestic mutual fund inflows recorded a 13‑month low, signalling wavering local investor sentiment. The result: valuations are increasingly stretched, and analysts caution that the market may be overextending.

Oil price volatility adds another layer of risk. India’s dependence on imported crude leaves its markets vulnerable to geopolitical flare-ups. Experts warn that if Brent crude surpasses US$80 per barrel due to conflict in West Asia, inflation could spike and equity valuations may come under renewed selling pressure.

Offsetting these challenges are encouraging technical patterns. The market has recently broken out of a five‑week consolidation phase, with key indices like the Nifty approaching the 26,000 mark. Renewed investor interest in metals and chart‐based breakout signals have sparked fresh optimism. Improved global sentiment—including a cooling of trade tensions and reported progress in US–China negotiations—may underpin further gains if inflows resume.

Still, some analysts remain unconvinced of a robust economic shift. Growth indicators have softened and wage pressures remain muted. India’s cyclical revival is far from assured, with consensus calling for cautious optimism over the next 18–24 months. Delays in domestic reforms or widening global pressures could blunt momentum.

Hong Kong’s government on 26 June issued its Policy Statement 2.0 on the development of digital assets, signalling a decisive push to position the city at the forefront of the global crypto landscape. The statement introduces the comprehensive “LEAP” framework—Legal, Expand, Advance, People—underlining a mission to develop a trusted, innovative, and deeply integrated ecosystem for digital assets.

The regulatory reforms assign explicit oversight roles: the Securities and Futures Commission will licence digital asset exchanges, custodial and dealing services, while the Hong Kong Monetary Authority will govern bank-related activities in the sector. In addition, licensing regimes for stablecoin issuers and custodians are scheduled to commence on 1 August 2025, designed to strengthen anti‑money‑laundering safeguards, investor protection, and transparency in stablecoin issuance.

Central to Policy 2.0 is a commitment to tokenisation of traditional financial instruments and real‑world assets. The government will regularise issuance of tokenised government bonds, streamline stamp‑duty treatment for tokenised ETFs, and legislate to support tokenisation of assets such as precious and non‑ferrous metals, and renewable energy products. These bids aim to boost liquidity and broaden market access, aligning with existing initiatives such as the HK$6.8 billion in green bond token issuances since 2022.

Stablecoins also feature prominently, with proposals to pilot licensed stablecoins in public sector uses. Market consultation is seeking input on integrating these instruments into government operations and cross‑border payments, underpinned by stricter regulatory clarity. Tax incentives for private investment vehicles and family offices trading digital asset securities are expected in the 2025–26 fiscal year, aligning digital and traditional financial regimes.

International alignment is embedded in the blueprint. Hong Kong’s framework adheres to global standards—covering anti‑money‑laundering as per FATF, Basel Committee prudential supervision, IOSCO’s policy recommendations, and OECD crypto‑asset tax transparency measures. Complementary pilot schemes include HKMA’s “Project Ensemble” wholesale central bank digital currency trials, LME‑backed tokenisation of metal assets in Hong Kong warehouses, and a Cyberport‑sponsored incubator scheme to finance blockchain startups.

Since unveiling its original 2022 policy, the government has approved licences for over a dozen digital asset platforms, including nine trading licences and OTC frameworks, and supported tokenised bond issues by both government and corporate entities. Financial Secretary Paul Chan and SFC chief Julia Leung emphasise that this next phase marks a departure from pilot testing, transitioning toward institutionalisation and global competitiveness.

Industry leaders responded positively. Legal and compliance expert Cora Ang described the framework as “a strategic win” that aligns regulatory clarity with stablecoin and tokenisation growth. HashKey CEO Xiao Feng noted the city is entering a “new stage of maturity”, transitioning from sandbox environments to a substantive digital assets regime. Historical drivers such as the JPEX OTC fraud prompted regulators to enforce tighter custody and trading separation to protect investors.

Notably, fintech legal advisers in Hong Kong report surging demand. Firms are actively supporting issuance of tokenised gold and digital bonds, as banks like Bank of Communications and Zhuhai Huafa Group deploy digital debt instruments via licensed platforms. Meanwhile, legal specialists continue to advocate for derivatives, margin‑lending, and institutional frameworks targeted at professional investors.

Hong Kong’s strategic deployment of Policy 2.0 underlines a competitive counterbalance to rival jurisdictions such as Singapore, Dubai, and the US, each advancing their own crypto regulatory frameworks. The city’s alignment with global financial standards—alongside tailored incentives and public‑sector engagement—signals a comprehensive, forward‑leaning posture in digital asset finance.

Dubai has been chosen to host SIBOS in 2029, affirming its standing as a global nexus in financial services. The selection reflects growing confidence in its role as a strategic bridge in international banking, marking the beginning of SWIFT’s new hosting rotation featuring emerging financial hubs.

SWIFT—holder of SIBOS, an annual forum for payments, securities, cash management and trade—has scheduled the conference in Frankfurt, Miami, Singapore, and Paris, with Dubai confirmed for 2029. This shift inaugurates a four-year rotation that now includes key regions such as the Middle East, Africa, Latin America and Asia, signalling intent to broaden engagement beyond traditional centres.

This move underscores Dubai’s appeal, anchored in the growth of DIFC, which now hosts nearly 7,000 firms, including the region’s fintech core. SWIFT’s Rosemary Stone emphasised that expanding SIBOS to diverse locations will lend fresh perspectives vital amid accelerating technological shifts and growing fragmentation risks. SWIFT saw record traffic last year, and the conference consistently draws over 10,000 delegates.

UAE Banks Federation and supporting bodies—including DIFC, DWTC, DET and CBUAE—have been credited for bringing SIBOS back to the UAE after its inaugural MENA appearance in 2013. UBF chairman Abdulaziz Al‑Ghurair highlighted that hosting SIBOS 2029 recognises the UAE’s leadership in digital payments innovation and its dedication to payment security and efficiency under CBUAE guidance.

UBF director‑general Jamal Saleh noted that the federation’s National SWIFT User Group, launched in 2021, along with the region’s first SWIFT training centre, have built a strong skill base in payments protocols. He said the bid award demonstrates “global recognition of the UAE’s achievements in payments using advanced technologies under CBUAE’s guidance”.

DIFC’s rapid development since 2004 has turned Dubai into SWIFT’s “Gateway to Africa”, strategically connecting Europe, Asia and Africa. This position enhances Dubai’s role within SWIFT’s network of over 11,500 institutions across more than 200 countries.

Planners are expected to leverage SIBOS’s platform to demonstrate regional innovations, including national payment system strategies, fintech growth, and cyber‑security frameworks. The event offers a showcase for the UAE’s ambitions to expand financial inclusion, digital infrastructure, and regulatory maturity.

The SIBOS win also supports the federal strategy unveiled by the Central Bank in 2019 to enhance customer experience through secure, innovative payment mechanisms. Observers suggest the conference will spotlight initiatives such as real‑time payment, cross‑border settlement solutions, and cloud‑based financial services.

By setting 2029 in Dubai, SWIFT signals that emerging financial ecosystems are not only capable but essential hosts. The planned rotation to include regions beyond the traditional triad marks a pivot in SWIFT’s approach, prioritising breadth of perspective as the global banking system navigates fragmentation.

UBF and its partners have committed to delivering a polished event, guided by rising standards in event production and stakeholder integration. With backing from SWIFT, CBUAE and government tourism authorities, organisers expect delegates to gain both technical insights and policy‑driven dialogue on future‑proofing global finance.