HTX Research Latest Report: From AMM to CLOB — The 2025 Perpetual DEX Boom, Competitive Reshuffle, and SunPerp’s Upward Curve
Summary
In 2025, perpetual Decentralized Exchanges ( DEXs) entered an accelerated growth phase, with comprehensive expansion across trading volume, user base, and Total Value Locked ( TVL). Concurrently, advancements in Central Limit Order Book (CLOB) and Zero-Knowledge (ZK) technologies significantly boosted performance and user experience, bringing them closer to parity with Centralized Exchanges ( CEXs).

