When you look at the crypto exchanges, platforms where users trade digital assets like Bitcoin, Ethereum, and niche tokens. Also known as decentralized exchanges (DEXs), they range from trusted giants to abandoned shells with zero liquidity. In November 2025, the market didn’t just move—it cleaned house. Dozens of once-hyped platforms vanished overnight: BiONE, O3 Swap, Ultron Swap, and StarSharks all turned into digital ghosts. Their tokens? Worth pennies. Their communities? Silent. Meanwhile, real infrastructure like THORChain and SushiSwap on Polygon kept running, proving that trustless, non-custodial systems still matter when the hype dies.
The blockchain, a distributed ledger technology that records transactions across many computers without central control. Also known as distributed ledger, it’s the foundation of everything from Bitcoin to DeFi apps isn’t just about speed or low fees anymore. It’s about structure. Modular blockchains—like those used by Polkadot and Cosmos—split tasks into layers, letting each part scale independently. That’s why projects like THENA FUSION and SakePerp can offer 60x leverage and instant settlements without collapsing under load. And it’s why Bitcoin’s 10-minute block time still works: it’s not slow, it’s deliberate. High hash rates make mining harder, which keeps the network secure. No one controls it. No one needs to.
Then there’s regulation. In the U.S., crypto businesses now need more licenses than a taxi driver. FinCEN registration, BitLicense, money transmitter permits—it’s a maze. In Singapore, Binance offers low fees but no MAS license. In Iran, traders use VPNs and get caught. In Turkey, the 2021 payment ban still stands, but $170 billion in trading keeps the doors open. These aren’t theoretical risks—they’re daily realities for users. And they’re why the Bitcoin ETF, a regulated fund that tracks Bitcoin’s price without requiring users to hold the actual coin. Also known as spot Bitcoin ETF, it’s become the gateway for traditional investors and the Ethereum ETF, a similar product that tracks Ethereum’s price, approved by the SEC in early 2025. Also known as spot Ethereum ETF, it’s the first major step toward institutional adoption of DeFi assets changed everything. They didn’t make crypto safer—they made it legal. And that’s why even meme coins like GM Wagmi and LEE still have users: people are betting on culture, not just charts.
What you’ll find below isn’t a list of trending tokens. It’s a graveyard and a toolkit. You’ll see exactly which exchanges are dead, which DeFi tools still work, and how to spot the next scam before you lose money. No fluff. No promises. Just what happened, why it matters, and what to do next.
O3 Swap was once promoted as a cross-chain crypto swap tool, but today it's a dead protocol with zero liquidity, no updates, and no community. Here's why you should avoid it entirely.
StarSharks (SSS) never had a CoinMarketCap airdrop. The project is dead, with zero liquidity, abandoned development, and a token worth less than 1% of its peak. Learn why the airdrop rumors are scams and what to do if you own SSS.
BiONE crypto exchange is no longer operational and is considered dead or a scam. Learn why it failed, how to spot similar platforms, and which exchanges to use instead in 2025.
THORChain lets you swap Bitcoin for other blockchains without giving up custody. Slow but trustless, it’s the only decentralized exchange that handles real BTC-no wrapped tokens. Perfect for large swaps and Bitcoin maximalists.
Modular blockchain design splits functions like execution, consensus, and data storage into separate layers, enabling faster transactions, lower fees, and greater flexibility without sacrificing security. Discover why this is the future of scalable Web3.
Learn how to earn Sake Points by trading on SakePerp, lending on Sake Finance, and using SakeSwap to qualify for the upcoming SAKE token airdrop. Step-by-step guide with pro tips and pitfalls to avoid.
lisUSD is a decentralized, overcollateralized stablecoin on BNB Chain that lets you borrow against crypto like BNB or ETH while still earning staking rewards. Unlike USDT or USDC, it's fully on-chain and optimized for DeFi users who want liquidity without selling assets.
Binance offers low fees and 500+ cryptos in Singapore, but lacks MAS licensing-making it risky. Compare fees, safety, and alternatives before trading.
Hash rate and mining difficulty are locked in a self-adjusting cycle that keeps Bitcoin's block time at 10 minutes. Higher hash rate means higher difficulty, ensuring security and stability without central control.
GM Wagmi (GM) is a meme crypto token built on Ethereum that turns the 'good morning' greeting into a cultural symbol across crypto communities. Learn how it works, where to buy it, and why it's survived when other meme coins faded.
Bitcoin and Ethereum ETFs were approved in the U.S. in 2024, with major upgrades in 2025. Learn how they work, their key differences, fees, market trends, and what's next for crypto regulation.
ApeSwap on BSC offers high-yield DeFi farming and multi-chain support, but comes with high risk and low liquidity. Ideal for experienced users seeking rewards, not beginners.