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Honeypot Finance Expands DeFi Platform with New Trading Milestones
Key Takeaways
- Honeypot Finance has achieved over $20 million in cumulative trading volume for its perpetual decentralized exchange (Perp DEX).
- The platform’s total trading volume has surpassed $100 million, with spot trading accounting for more than $89 million of this figure.
- Honeypot Finance plans to introduce AMM-based perpetual contract products in early 2026 to enhance liquidity and trading flexibility.
- The company is developing strategies to accommodate long-tail asset and meme market derivatives.
- Active user engagement on the platform has reached approximately 51,000, with a total of 1.7 million transactions recorded.
WEEX Crypto News, 16 December 2025
Honeypot Finance, a dynamic player in the decentralized finance (DeFi) landscape, is making notable strides toward revolutionizing the industry’s liquidity operations. With its innovative approach to a multi-faceted trading ecosystem, the platform has reached several significant milestones, solidifying its status as a comprehensive liquidity hub.
The platform recently announced that its perpetual decentralized exchange (Perp DEX) has accumulated more than $20 million in trading volume since its launch. This development marks a pivotal transition for Honeypot Finance, as it evolves from providing singular trading products to becoming an integrated liquidity hub with diverse module coordination. This strategic expansion underlines the platform’s commitment to creating a robust environment for seamless and efficient trading.
Moreover, Honeypot Finance’s cumulative platform trading volume has exceeded the $100 million mark, with spot trading representing a substantial share of over $89 million. This achievement highlights the DeFi hub’s growing influence and user engagement, further evidenced by its community of active users, now numbering approximately 51,000, and about 1.7 million recorded transactions.
Innovative Product Planning and Future Prospects
In light of these accomplishments, Honeypot Finance is setting the stage for further innovation. The platform is poised to introduce a perpetual contract product based on the Automated Market Maker (AMM) mechanism in the first quarter of 2026. This product aims to lower the barriers for user participation, enhance the adaptability of liquidity allocation, and expand support for trading derivatives related to long-tail assets and meme markets.
This strategic direction aligns with Honeypot Finance’s vision of creating a comprehensive DeFi liquidity operating system. It seeks to amplify the utility and effectiveness of liquidity within trading, treasury, and ecosystem frameworks. By integrating AMM technology with a perpetual trading model, the platform intends to offer a versatile trading experience that caters to both novice traders and institutional investors.
Building a Strong Foundation in the DeFi Ecosystem
Honeypot Finance’s success can be attributed to its multifaceted approach, which incorporates cutting-edge tools for secure and equitable token launches, trading, and liquidity management. This approach has positioned the platform as a central figure in the DeFi community, fostering innovation and facilitating seamless trading experiences.
The firm has secured a new funding round with the involvement of Mask Network and other key players, valuing the company at $35 million. This injection of capital will support the continued development of Honeypot’s AMM Perpetual DEX, strategically enhancing its capability to serve as a foundation for scalable and composable institutional-grade DeFi infrastructure.
A Closer Look at Perpetual Decentralized Exchanges
Honeypot Finance’s pursuit of a Perp DEX aligns with the broader trend of decentralization in financial trading. Perpetual Decentralized Exchanges (Perp DEXs) allow for the trading of perpetual futures contracts without an expiry date, enabling traders to maintain their positions indefinitely while benefitting from decentralized infrastructure. With non-custodial wallets, traders retain control over their funds, which enhances the security and transparency of their transactions.
The technological framework of a Perp DEX integrates smart contracts, liquidity synchronization, and oracle systems to maintain market integrity and provide users with direct access without intermediaries. This model not only promotes trust through on-chain transparency but also increases accessibility to global markets, allowing both individual and institutional users to leverage advanced trading opportunities.
An Integrated Liquidity Hub for a New Generation
Honeypot Finance continues to lead the charge in establishing a seamless, scalable, and institutional-grade ecosystem that enhances capital efficiency and cross-chain accessibility. By offering perpetuals and spot trading capabilities in one unified platform, Honeypot stands out as a pioneer in delivering sustainable yield generation.
As the DeFi landscape evolves, Honeypot’s strategies will undoubtedly contribute to the future of financial decentralization, offering versatile trading solutions and expanding their influence across the cryptocurrency market. The implementation of AMM-based systems, coupled with strategic upgrades, indicates a promising future where adaptability and innovation are at the forefront.
For those interested in exploring trading opportunities on an innovative platform like Honeypot Finance, WEEX may serve as a complementary gateway to further explore the potential of digital assets [sign up on WEEX](https://www.weex.com/register?vipCode=vrmi).
Frequently Asked Questions
What is the current trading volume of Honeypot Finance?
Honeypot Finance has surpassed a cumulative trading volume of $100 million, with the Perp DEX alone reaching over $20 million since its inception.
How many active users does Honeypot Finance have?
The platform has attracted approximately 51,000 active users and recorded 1.7 million transactions, showcasing its growing popularity and user engagement.
What are the upcoming features planned by Honeypot Finance?
Honeypot Finance plans to launch perpetual contract products based on AMM mechanisms in early 2026, aimed at reducing participation barriers and supporting long-tail assets and meme markets trading.
How does a Perp DEX differ from traditional exchanges?
A Perp DEX allows users to trade perpetual contracts without expiry, offering leverage and non-custodial control, differentiating itself with decentralized operations and increased security through smart contracts.
What strategic advantages does Honeypot Finance bring to DeFi?
Honeypot Finance is pioneering an integrated liquidity hub concept, enhancing scalability and efficiency while providing a comprehensive trading ecosystem that includes AMM technology and perpetual trading models.
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On March 16, 2026, in Dallas, Texas, USA, CanGu Company (New York Stock Exchange code: CANG, hereinafter referred to as "CanGu" or the "Company") today announced its unaudited financial performance for the fourth quarter and full year ended December 31, 2025. As a btc-42">bitcoin mining enterprise relying on a globally operated layout and dedicated to building an integrated energy and AI computing power platform, CanGu is actively advancing its business transformation and infrastructure development.
• Financial Performance:
Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.
Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.
Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.
• Mining Operations and Costs:
A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.
The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;
The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.
As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.
• Strategic Progress:
The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.
CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."
"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."
The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."
The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.
The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.
This includes:
· Cost of Revenue (excluding depreciation): $1.553 billion
· Cost of Revenue (depreciation): $38.1 million
· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)
· Mining Machine Impairment Loss: $81.4 million
· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million
The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.
The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.
The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.
The total revenue for the full year was $6.881 billion. Of this, the revenue from the Bitcoin mining business was $6.755 billion, with a total output of 6,594.6 Bitcoins for the year. Revenue from the international automobile trading business was $9.8 million.
The total annual operating costs and expenses amount to $1.1 billion.
Specifically, they include:
· Revenue Cost (excluding depreciation): $543.3 million
· Revenue Cost (depreciation): $116.6 million
· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)
· Miner Impairment Loss: $338.3 million
· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million
The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.
The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.
As of December 31, 2025, the company's key assets and liabilities are as follows:
· Cash and Cash Equivalents: $41.2 million
· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million
· Miner Net Value: $248.7 million
· Long-Term Debt (related party): $557.6 million
In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.
As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.
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