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Mainstream Perp DEX Overview: Only Three Platforms with Volume over $5 Billion, Lighter Regains Top Spot

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**As of December 17, DeFiLlama data shows major perpetual DEX platforms saw cooled trading activity over the past 24 hours. Lighter led a rebound in trading volume, followed by Aster and Hyperliquid. Meanwhile, open interest across most platforms remains elevated—signaling existing positions are still being contested even as market activity slowed.** Key platform metrics (24-hour): - **Lighter**: Trading volume ≈ $75.1B | TVL ≈ $14.6B | Open interest ≈ $16.7B - **Aster**: Trading volume ≈ $69.1B | TVL ≈ $13.2B | Open interest ≈ $25.3B [Referral: https://www.asterdex.com/en/referral/aboter] - **Hyperliquid**: Trading volume ≈ $53.7B | TVL ≈ $41.3B | Open interest ≈ $72.3B [Join: https://app.hyperliquid.xyz/join/NTOD] - **ApeX**: Trading volume ≈ $28.3B | TVL ≈ $46.24M | Open interest ≈ $1.01B - **EdgeX**: Trading volume ≈ $22.8B | TVL ≈ $3.89B | Open interest ≈ $7.86B - **Variational**: Trading volume ≈ $12.4B | TVL ≈ $66.18M | Open interest ≈ $3.37B - **Backpack**: Trading volume ≈ $12.3B | TVL (not publicly disclosed) | Open interest ≈ $2.04B - **Pacifica**: Trading volume ≈ $5.87B | TVL ≈ $41.58M | Open interest ≈ $59.02M [Referral: https://app.pacifica.fi/?referral=pacbot] This rewrite uses concise, American English phrasing (e.g., "≈" for "approximately," "B/M" abbreviations, clear bullet points) and aligns with crypto news conventions for readability.
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SBI Ripple Asia Teams Up with Doppler Finance to Explore XRP Yield Farming and RWA Tokenization

**December 17: SBI Ripple Asia, Doppler Finance Sign MoU to Explore XRP Yield, RWA Tokenization on XRPL** SBI Ripple Asia and XRPL-native yield protocol Doppler Finance have signed a Memorandum of Understanding (MoU) to jointly develop interest-bearing XRP products and tokenize real-world assets (RWAs) on the XRP Ledger (XRPL). This marks the first collaboration between SBI Ripple Asia and an XRPL-native yield protocol. The partners will focus on building a compliance-focused, transparent yield infrastructure for institutional clients—pushing XRP’s evolution from a payment asset to a yield-generating financial instrument. Doppler Finance will provide the on-chain yield framework, while SBI Digital Markets (regulated by Singapore’s Monetary Authority of Singapore, MAS) will act as an institutional-grade custodian, offering segregated asset custody services. The partnership is a key step to deepen institutional engagement with the XRPL. Historically, the XRPL has seen limited on

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Tether Launches Decentralized Peer-to-Peer Cryptographic Key Management Tool PearPass

On December 17, stablecoin issuer Tether launched PearPass—a peer-to-peer (P2P) password manager app where all account credentials are stored **only locally on users’ devices** (no cloud servers involved), fundamentally eliminating the risk of centralized data leaks. Tether noted PearPass uses end-to-end encryption and a point-to-point sync architecture: device-to-device data sync is fully controlled by users’ own keys, with no need for third-party infrastructure or intermediaries. The tool supports local credential storage, password generation, multi-device P2P sync, and a user-controlled key recovery system—directly addressing the vulnerability of traditional cloud-based password managers to targeted attacks. PearPass is the **first open-source app** under Tether’s decentralized Pears technology ecosystem, designed to deliver a more censorship-resistant, resilient digital security infrastructure. It’s now freely available across mainstream platforms.

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Opinion: Robinhood Stock Price Outperforms S&P 500 Significantly, Institutions Bullish on Its Future Growth

December 17 — CNBC reports that Robinhood (HOOD) stock has far outperformed the S&P 500 Index, with a cumulative gain of over 200% to date, significantly outpacing the broader market. Analysts remain bullish on its outlook, with firms like Truist Financial Corporation assigning a Buy rating and an elevated price target. They cite ongoing upside potential in areas including predictive markets, expanded product offerings, and business growth, noting the stock’s fundamentals and valuation have not yet fully priced in future growth expectations. However, market sentiment is mixed. Some observers highlight recent heightened volatility and declines in certain operational metrics as potential sources of short-term uncertainty.

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Indian Parliament Member Introduces "Tokenization Bill," Aiming to Expand Middle-Class Investment Opportunities

**December 17 – An Indian lawmaker proposed draft tokenization legislation on December 17, aiming to "democratize investment opportunities" by standardizing asset tokenization and expanding middle-class access to digital investment options in traditional assets like real estate and stocks.** **The draft calls for establishing a clear regulatory framework to enable asset tokenization under legal, compliant conditions, while prioritizing investor protection, boosting market transparency, and enhancing capital liquidity. If passed, the bill would significantly advance India’s financial market digital asset infrastructure and make tokenized products a viable choice for everyday investors.**

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Pre-market Surge: Hut8, a mining company, surged over 18% in pre-market trading after signing a $7 billion leasing agreement with Fluidstack.

On December 17, Bitcoin miner Hut 8’s pre-market shares jumped more than 18%, pushing its market capitalization to $3.981 billion. The rally followed Hut 8 signing a 15-year, $7 billion lease deal with Fluidstack: the latter will rent 245 megawatts (MW) of IT hashing capacity from Hut 8’s River Bend data center campus. Under the agreement, Fluidstack also secured a right of first offer (ROFO) for up to an additional 1,000 MW of IT capacity in future campus expansion phases—contingent on the site scaling up its power supply.

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K33: Bitcoin Long-Term Holder Sell Pressure Approaching "Saturation," Distribution Phase Nearing End

**K33: Long-Term Bitcoin Holder Selling Pressure Nearing Saturation** Research and brokerage firm K33 noted in a report published yesterday that selling pressure from long-term Bitcoin holders is approaching saturation after years of distribution, with on-chain selling pressure expected to ease gradually. K33 research director Vetle Lunde said that since 2024, the supply of Bitcoin held for over two years has been steadily declining: roughly 1.6 million BTC (valued at ~$138 billion at current prices) has been reactivated and flowed into the market, reflecting ongoing on-chain selling by early holders. Lunde added this scale far exceeds what technical migrations or structural adjustments can explain, indicating substantial distribution activity. The report highlighted that 2024 and 2025 rank as the second and third-highest years in Bitcoin’s history for long-term supply recirculation, trailing only 2017. Unlike 2017’s cycle—driven primarily by ICOs, altcoin trading, and incenti

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