SwapX (SWPX) is a Sonic-based DEX offering concentrated liquidity, automated liquidity management and modular plugins for seamless DeFi trading.

In mid-February 2025, Argentina's President Javier Milei posted a tweet promoting a previously poorly known cryptocurrency, 

 (SOL)–based Libra (LIBRA), triggering a huge price surge from fractions of a cent to over $5 within hours of the tweet. The token's creators, who controlled 70% of the supply, quickly sold their holdings at the peak, causing the price to plummet to less than $1 within hours. Approximately five hours after his initial post, Milei deleted his post, distancing himself from the project as 

The LIBRA token debacle further tarnished Solana's reputation, already undermined by the numerous dubious meme coins on Solana, exacerbating SOL's decline. US president Donald Trump's announcement about including SOL in the proposed US strategic crypto reserve assets list helped soften the decline, but the damage had already been done.

Against the backdrop of Solana’s reputational troubles, developers and 

 (DApp) operators are actively searching for alternatives — and many are turning to 

 (S), the rebranded reincarnation of Fantom (FTM), as a chain that also features great performance and cost advantages, while also being 

 (EVM)–compatible and, importantly, largely free from the image of a scam nest.

Among the many DApps embracing Sonic is SwapX (SWPX), a 

 (DEX) that offers a number of innovative features, including concentrated liquidity (CL) provision, modular plugins for additional functionality, automated liquidity management, user-friendly account abstraction and more.

 (SWPX) is a DEX platform built on the Sonic Layer 1 blockchain, which aims to provide efficient, user-friendly and flexible trading solutions for crypto token traders and liquidity providers. 

SwapX takes advantage of Sonic's speed and cost advantages to offer cheaper transactions and nearly immediate settlement, both of which are important considerations for DEX users.

The SwapX project has implemented several features and services to address the needs of 

 and liquidity providers at all expertise levels.

SwapX's execution engine is powered by Algebra Integral, a 

 (DeFi) technology provider offering a suite of 

 (AMM) solutions. The SwapX DEX has integrated Algebra Integral's V4 engine, a modular architecture that lets exchanges use customizable plugins for additional functionality. SwapX's plugins support modular upgrades and extend the platform's capabilities by adding new services without disrupting core operations.

 (UNI) v3–style CL pools, which let liquidity providers contribute their funds within specific price ranges. The platform also features automated liquidity management (ALM), so users can add a single token to liquidity pools (instead of having to deposit a pair of tokens). It also removes the need for liquidity providers to actively monitor their positions.

SwapX prides itself on its robust operations, which ensures overall security by restricting plugins from handling user funds directly, thus minimizing the risk of potential vulnerabilities. The platform also uses thoroughly audited, verified 

Another innovative feature of SwapX is account abstraction (AA), which simplifies user authentication by allowing access via an email or Google account. Instead of relying solely on 

, AA uses smart contracts to manage accounts, which further enhances security.

The SwapX project is unrelated to the earlier (and, by now, largely defunct) BSCEX AMM aggregator platform, which was sometimes referred to as BSCEX SwapX.

SwapX's choice of the Sonic blockchain isn’t incidental. The 

 chain has been gaining popularity over the past few months, thanks to its stellar technical properties, low transaction costs and scam-free reputation.

Sonic, a rebranding of an earlier popular blockchain Fantom (FTM), launched its mainnet in December 2024. The Sonic chain boasts a throughput capacity of up to 10,000 

 and sub-second finality times. Unlike Solana, Sonic is also EVM-compatible.

In February 2025, DeFi activity on Sonic began to rise, with some of the new activity supported by Solana's difficulties and the search for a less controversy-affected hosting platform.

Supported by the broader shift from Solana to Sonic, some Sonic-based DeFi protocols — such as Shadow (SHADOW), Metropolis (METRO) and SwapX itself — saw their token prices surge around mid-February. However, by early March, many of the tokens were off the highs to which they’d quickly climbed.

We noted above that plugins are one of SwapX's core features, allowing it to extend the basic AMM functionality. YieldSync is probably the most important of these plugins.

The plugin, created jointly by SwapX and Algebra Integral's developer, enhances liquidity pools containing yield-bearing assets like 

 (LSTs) and liquid restaking tokens (LRTs). It redirects part of these tokens' yield into incentives that encourage voting within the platform's governance system. 

This process increases the overall rewards for liquidity providers and makes the pools more attractive, which draws in more liquidity and boosts the pools' efficiency.

CL, another key feature of SwapX, allows liquidity providers to contribute their funds within specific price ranges to optimize the use of their liquidity. First introduced by Uniswap v3, the CL model can deliver greater returns and lead to more efficient capital usage than the standard AMM setup, whereby the contributed liquidity is spread over the entire price range in the pool.

It should also be noted that while CL-based liquidity provision can be highly profitable, it requires active management and is more complex than the standard AMM model.

SwapX features four distinct liquidity pool types 

 Classic Volatile AMM, Classic Stable AMM, CLAMM and single-token pools offered in partnership with the ICHI liquidity strategies provider.

Earlier on, we mentioned SwapX's ALM functionality, which is leveraged by the ICHI pools. In essence, SwapX's ALM helps liquidity providers in CL pools automate the process of adjusting liquidity within specific price ranges. This reduces the need for constant monitoring and manual adjustments, one of the core drawbacks of the standard CL model. ALM aims to maximize yields by keeping liquidity active within profitable price ranges. In other words, SwapX's ALM might be described as an "auto-pilot" mode for concentrated liquidity provision.

 asset issued on the Sonic chain. Its primary function is to facilitate 

 voting on the platform. Holders of SWPX can lock their funds and be issued veSWPX, an NFT asset that grants the rights to participate in on-chain votes, and attain voting power alongside farming rewards. In addition, veSWPX qualifies you to receive weekly rewards from swap fees and voting incentives. Eligible users can also receive the token via 

SWPX has a max supply of 123 million and a total supply of over 58 million, of which around 14.44 million are in circulation. The token's maximum supply limitation is 123 million. As of Mar 14, 2025, the token is trading at $0.30 and has a market cap of $4.44 million, according to data from CoinGecko.

SwapX is among the newer DeFi platforms taking advantage of the Sonic blockchain's recent popularity, technical efficiencies and low costs. With an array of options for traders at all levels of expertise, SwapX has solid potential to become a significant player, at least within the Sonic ecosystem. 

Whether you want basic token swaps and liquidity provision, or prefer to utilize more advanced strategies, such as CL-based liquidity provision and ALM, SwapX has something to offer you.

Intermediate

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SwapX (SWPX): The future of liquidity provision on Sonic

Indices are essentially statistical measures that track the performance of a group of assets. Learn more here.

From the Dow Jones Industrial Average (DJIA, or simply the Dow) to the Hang Seng Index (HSI), the world’s major stock market indices are vital benchmarks that reflect the performance of leading companies across regions. For beginning and veteran traders alike, such indices act as overarching market bellwethers that provide deeper insights into market trends and serve as tools for trading strategies, risk management and portfolio diversification.

Given their mass popularity, indices are widely traded in the forms of futures, options and 

 (ETFs), enabling traders to effortlessly hedge against volatility or speculate on market movements through their preferred instrument. In this article, we’ll explore the world’s biggest market benchmarks, their composition, significance in trading and their role in shaping global financial markets.

Indices are essentially statistical measures that track the performance of a group of assets. For example, by referring to the three major US indices, we can immediately tell how a particular segment of the market is performing, thanks to the snapshot provided by these indices. 

At their core, these indices provide a way to gauge market trends, manage risk and diversify portfolios by offering a broad view of different sectors or asset classes. They’re widely used in financial markets for investment strategies, and as benchmarks for evaluating performance.

While more popular indices typically track the prices of stocks, traders may also consider trading indices that take into account the performance of other asset types, such as commodities and fixed-income instruments (e.g., bonds).

How indices work — mechanics, composition and weightage

Beyond simple tracking, indices also serve as the basis for numerous financial products that enable traders to participate in broad market movements without needing to purchase individual assets. This unmatched level of accessibility makes indices crucial for both institutional and retail traders. To go one step further, the construction of an index — including the specific assets being included, and their weighting — can significantly impact the index’s behavior, and the extent to which it effectively represents its target market.

Overall, understanding these construction methodologies is vital for traders who want to accurately interpret index movements and make informed decisions. We’ll go into more detail on the inner workings of index trading in the subsequent sections of this article.

Index trading involves speculating on the price movements of a group of assets without directly owning them. This is typically achieved through financial instruments, such as contracts for difference (CFDs), futures or options. The following section provides a detailed explanation of the mechanics involved.

As previously mentioned, indices are composed of various assets, such as stocks, commodities or bonds, and their performance is tracked using different weighting methods. The most common methods include the following.

Now that you’re familiar with the technicalities involved with index composition, let’s dive deeper into the instruments involved with the trading of indices.

New to trading indices? No worries. Here’s a quick four-step process to help you get started.

In summary, index trading provides a way to participate in broad market movements through various financial instruments. It offers diversification and flexibility but requires careful 

, given the volatility associated with index trading.

Trading indices offers several compelling advantages that make them an attractive option for both novice and experienced traders. The following reasons are worth considering.

Indices can be categorized based on their coverage, weighting method and focus. 

Following are some of the main types of indices.

Index prices are influenced by a variety of factors that can be broadly categorized into economic indicators, company performance, market sentiment and external events. These factors interact dynamically, influencing the overall performance of indices and shaping market trends.

For traders looking to get started with index trading, 

 with deep liquidity and competitive spreads. For a limited time (from Mar 13 through Apr 12, 2025), we’re running a 

 in which traders can enjoy zero fees on selected index pairs, making it even more cost-effective to explore index trading.

Ultimately, trading indices can seem daunting, given their depth of assets and the mechanics involved. For example, the S&P 500 comprises hundreds of stocks, each with different amounts of weightage. If mega-cap stocks like Tesla were to face some form of volatility, there would definitely be an impact on the index. As such, beginning traders who are new to index trading must 

 prior to transacting with indices, given the risks involved with the use of leveraged instruments.

For those with a longer time horizon in mind, trading indices can certainly be useful, especially if you’re intending to 

 your entries over time when building up your position. Given the extent of diversification involved and the sheer amount of liquidity present, it certainly would make sense for any trader with a long-term bullish inclination to trade indices and hold their ETFs for the long haul.

With a reliable platform like Bybit Gold&FX, you’ll practically be spoiled for choice when it comes to navigating the diverse world of indices and other financial instruments. By empowering traders with access to real-time data, advanced charting tools and a user-friendly interface, Bybit Gold&FX helps traders make informed decisions when analyzing market trends and execute trades with precision.

Whether you're interested in tracking the performance of major stock market indices, exploring commodity indices or diversifying your portfolio with forex and gold, Bybit Gold&FX offers the necessary resources and support. The platform's focus on security and transparency provides traders with peace of mind, allowing them to concentrate on their investment strategies and capitalize on market opportunities. In essence, it transforms the complexities of index trading into an accessible and sleek experience.

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Indices: Trading the world’s biggest market benchmarks

In this tutorial, we’ll explore how you can complete a series of tasks in Prosper for Bybit Web3 Airdrop Arcade.

In this tutorial, we’ll explore how you can complete a series of tasks in Prosper for 

Task: Stake at least 20 PROS on the Prosper DApp on BSC

 and connect your Bybit Wallet by clicking on the 

button at the top-right corner of the page and selecting 

: Type in the amount of PROS tokens you would like to stake. You’ll need to stake at least 20 PROS tokens to complete this task.

If you notice the available amount shown for the connected wallet is incorrect or unexpected, simply click on the “refresh” icon to update your token balance. Also, please ensure that you’re connected to the BNB Smart Chain (BSC) network.

 to approve both the application permissions and the stake amount via your Bybit Wallet. 

Once both interactions have been completed, you’ll have successfully staked PROS!

: You’ll be prompted to add rePROS (receipt for staked PROS) to your Bybit Wallet (for display purposes) after you finish staking. These tokens effectively serve as a receipt for your staked PROS.

Beginner

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How to complete Prosper tasks for Bybit Web3 Airdrop Arcade

Bybit celebrated the second anniversary of the Bybit Card at its Dubai headquarters, highlighting its rapid growth with over 1.5 million cards issued since launch.

The S&P 500 dropped 1.39%, entering correction territory amid Trump’s tariff threats and trade war concerns. Gold surged to a record $2,988, driven by trade uncertainty, recession fears, and Fed rate cut expectations. The Coindesk Indices, which tracks the broader crypto market, fell by 0.90%, with Bitcoin and Ether down by 3.36% and 2.63% in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today’s top performer is S, up 7.9% after 0xGasless launched AgentKit on Sonic, enabling AI-powered, gasless on-chain automation.

Sonic Labs (S), established in 2018, is an EVM-compatible Layer 1 blockchain built from Fantom, delivering over 10,000 transactions per second. Its native token, S, replaces FTM at a 1:1 ratio. The network prioritizes high performance, interoperability, and developer incentives. 

, enabling AI agents to execute on-chain actions with NLP-powered automation and gasless transactions via smart wallets. Developers can use Sonic AgentKit to build DeFi copilots or automate blockchain tasks and contribute custom tools through its open-source GitHub.

Check out the latest prices, charts, and data of 

Bybit celebrated the second anniversary of the 

 at its Dubai headquarters, highlighting its rapid growth with over 1.5 million cards issued since launch. The exchange announced a limited-edition Premium Metal Card coming in 2025, alongside enhanced user experience features such as an improved rewards program, stronger fraud protection, and wearables connectivity. Backed by Mastercard’s global network, the Bybit Card supports multiple cryptocurrencies and offers seamless payments at any Mastercard-accepting merchant. Bybit reaffirmed its commitment to expanding crypto financial solutions and bridging digital assets with everyday transactions.

Yesterday, BTC Spot ETFs saw $180.9M in net outflows, with GBTC losing $12.7M and non-GBTC funds dropping $168.2M.

 $EDGE tokens to active traders on Solana and EVM chains. Users who traded on Jupiter, Odos, Hyperliquid, and more can check eligibility and claim by depositing funds and trading $1K spot volume via TWAP. Airdrop claims open in 19 days, with a raffle for 500 users to win 100K $EDGE tokens.

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Bybit marks Bybit Card’s second anniversary with new features and expansion plans

Crypto Insights

Blog

Jul 22, 2024: Our weekly Institutional Insights explores the latest market developments, including market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks, aiming to supercharge your crypto trading.

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: Our weekly Institutional Insights explores the latest market developments, including market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks, aiming to supercharge your crypto trading.

Macro Overview — Data Bolsters Fed’s Confidence

For over two years, inflation has been the Federal Reserve's primary concern. However, this is poised to change as central bankers prepare to cut interest rates in September. Officials have expressed growing confidence that price stability is within sight, while risks to the labor market have increased.

While officials haven’t specified the exact timing, their comments have been interpreted as signaling a September rate cut. This shift reflects their desire to stick a "soft landing" for the economy, which is showing signs of cooling consumer spending and slowing growth. Policymakers emphasize they need more data before committing, but the momentum appears to be building toward a September rate reduction.

Weekly Crypto Highlight — Excitement Around ETH ETFs Continues to Build

As suggested by SEC Chair Gary Gensler, ETH Spot ETFs are expected to be approved in summer 2024. The market gained more visibility of this approval on Jul 16, 2024, as the SEC reportedly had no further comments on the applications of some ETH Spot ETF proposals. Meanwhile, it’s anticipated that Ethereum Spot ETFs will start trading as early as next Tuesday, Jul 23, 2024.

There are fewer applicants for ETH Spot ETFs than the 11 applicants there were for Bitcoin Spot ETFs. Hashdex, Valkyrie and WisdomTree

 haven’t proceeded to launch their ETH Spot ETFs, which may suggest fierce price competition among the issuers to gain market share. This also indicates that the issuers foresee relatively less demand for ETH Spot ETFs as compared to Bitcoin Spot ETFs.

How much capital will flow into ETH Spot ETFs?

In our estimate, we expect the total assets under management (AUM) of ETH Spot ETFs in the U.S. market to be between $8 billion and $20 billion. In the optimistic scenario, we expect a cap of $20 billion in inflows to these ETFs, assuming that the inflows to ETH ETFs don’t have a significant cannibalization effect on the Bitcoin Spot ETFs, and that all the new money is directed toward these investments.

This estimate takes into account the typical asset allocation patterns of crypto investors, as outlined in Bybit's 

. In our view, investors will likely choose to invest in either Bitcoin or Ethereum, rather than diversifying their exposure across multiple cryptocurrencies. As the report suggests, investors intend to focus their investments on the largest 

The $20 billion inflows are estimated to take up 5% of Ether’s market capitalization. What is striking is that $20 billion could take up 35% of the total exchange balance, which would likely lead to a liquidity crunch.

Additionally, data from CryptoQuant suggests that cryptocurrency exchange reserves have been declining. This is likely due to the tendency for exchange outflows driven by the 

 protocols offer. As a result, the liquidity squeeze is expected to further intensify.

This poses a potential challenge for ETH Spot ETFs, as they rely on centralized cryptocurrency exchanges — particularly Coinbase — to facilitate their subscription and redemption activities. The decreasing liquidity in these exchanges could make it more difficult for these ETFs to efficiently manage their operations and maintain their tracking of the underlying Ether spot price.

Will Ether Spot ETFs affect the approval of Solana Spot ETFs?

Currently, only VanEck and 21Shares have 

 in the U.S. market. However, influential financial institutions like Blackrock's iShares or Fidelity haven’t made similar filings, which are often seen as indicators of potential approval.

The SEC is unlikely to make a decisive move on Solana Spot ETFs before the U.S. presidential election in November. The deadline for the SEC to reach a decision is mid March 2025.

Solana remains significantly different from both the Bitcoin and Ethereum blockchains. In terms of its number of stakeholders, Solana is perceived by some to have a higher degree of centralization risk as compared to Ethereum. Solana's development and network activities are largely driven by the Solana Foundation, which is believed to exert a more powerful influence over the network than the Ethereum Foundation does on the Ethereum network. Additionally, Solana has around 1,500 validators, while Ethereum has approximately 1.5 million. A higher number of validators suggests a higher level of decentralization.

The SEC is particularly concerned about the risk of market manipulation in the cryptocurrency space. Therefore, there are no clear signs that the SEC will approve Solana Spot ETF applications in the near future. 

Ether might outperform Bitcoin, as it‘s not subject to selling pressure from Mt. Gox.

As Bitcoin continues to surge toward its all-time high, the potential selling pressure from the 

 seized assets could exert some downward pressure on the largest cryptocurrency. Ether may face similar selling pressure, which could push it to outperform Bitcoin in the near future.

Mt. Gox, the defunct cryptocurrency exchange, is estimated to hold around $9 billion worth of Bitcoin. It’s likely that the gradual release or sale of these Bitcoin holdings by the Mt. Gox rehabilitation trustee could lead to another short-term headwind for Bitcoin, similar to what was observed in June 2024 when the German government 

Bitcoin Spot ETF Inflows Support Bitcoin’s Rebound; $54K Might Be a Short-Term Floor

The increasing winning chance of crypto-friendly candidates has pushed the broader cryptocurrency market to recoup the majority of losses from June 2024’s sell-offs. Capital inflow streak from ETH ETFs has left investors anticipating another ATH in the coming months before November’s election.

Weekly Institutional Insights — ETH ETFs Could Start Trading Next Tuesday. Outperformers: ENA, DYM and PEPE

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