In early 2026, the cryptocurrency market reached a pivotal turning point. The “Old Guard” after 2018—privacy coins like Monero (XMR), Zcash (ZEC), and Dash (DASH)—are seeing their influence wane under the pressure of global regulation. In their place, a new era of high-performance decentralized finance is emerging, and the rise of dex tokens is capturing the market’s capital and imagination.
While privacy coins struggle with exchange delistings, the trend for dex tokens like Aster (ASTER), Avantis (AVNT), and hyperliquid mainlys is surging due to their transparent yet non-custodial nature.
Decline of Privacy Coins: End of an Era?
For years, privacy coins were the “rebel” assets of crypto. However, in 2026, several factors have led to a significant contraction in their market dominance.
Price Performance & Volume
- Despite a brief early-January surge to $799, Monero (XMR) has faced aggressive profit-taking and delisting fears, dropping nearly 38% to trade below $500.
- ZCash (ZEC) saw a dramatic 26% weekly crash in January 2026, falling from $432 to $378 after news of major developer shifts and protocol governance uncertainty.
- Once a top-10 contender, Dash (DASH) has struggled to maintain its “payment coin” narrative, with prices retreating from a local high of $120 down to the $50–$60 range, with trading volume shifting away from “anonymous payments” toward yield-bearing dex tokens.
The Reasons Behind the Fall
- In 2026, the FIU (India), MiCA (Europe), and the SEC (USA) have tightened the noose. Exchanges are being forced to delist coins with “anonymity-enhancing” features to keep their licenses.
- Why hold a dedicated privacy coin when Layer 2s (like Polygon or Arbitrum) now offer “Privacy-as-a-Service” using Zero-Knowledge proofs for standard tokens?
- For Zcash specifically, the exit of key leadership from the Electric Coin Company has rattled investor trust in the coin’s long-term roadmap.
DEX Trending Era: Aster, Avantis, and Pump
As capital exits “black-box” privacy coins, it is flowing into transparent but non-custodial Perpetual DEX tokens. These platforms offer the leverage of a centralized exchange without the risk of an FTX-style collapse.
“Big Three” DEX Tokens of 2026
|
Token |
Ecosystem | 24h/Weekly Surge |
Key Catalyst |
| Aster Chain (L1) |
15-20% Surge |
Upcoming Mainnet Launch in Q1 2026 & “Shield Mode.” | |
| Base (Coinbase L2) |
62% Weekly Rally |
Massive Asian retail demand (Upbit) and Real-World Asset (RWA) trading. | |
| Solana / Multichain |
3x (24h Spike) |
The “Meme-to-DEX” pipeline and Seeker phone integrations. | |
| Hyperliquid ecosystem |
70% weekly surge |
The surge is attributed to the successful HIP-3 upgrade, which has enabled trading of non-crypto assets like commodities. Retail sentiment on Stocktwits flipped “extremely bullish,” with chatter predicting a $36+ breakout and an “incoming supply shock.” |
Why DEX Tokens Are Exploding in 2026?
Institutional-Grade Performance
Decentralized trading is no longer “slow and expensive.” Aster is transitioning to its own Layer-1 (Aster Chain), designed specifically for high-frequency trading with 1000x leverage. As investors hunt for the next big infrastructure play, dex tokens have become the preferred vehicle for betting on the future of permissionless exchanges.
The “Base” Effect
Avantis (AVNT) has become the darling of the Base ecosystem. Backed by Coinbase Ventures and Pantera Capital, AVNT isn’t just for crypto; it allows users to trade Forex and Commodities on-chain. In January 2026, its transaction count spiked to over 1,460 per hour, with average transaction sizes exceeding 200,000 AVNT, signaling massive “whale” accumulation.
Real-Yield & Buybacks
Unlike the privacy coins of old, these DEX tokens have deflationary mechanics.
- Aster uses up to 80% of platform fees for aggressive token buybacks.
- AVNT stakers receive a direct share of protocol revenue, creating a “Real Yield” that makes the tokens attractive even in volatile markets.
The Migration of Liquidity
Investors are realizing that dex tokens offer a superior risk-reward profile compared to privacy assets. In 2026, the market values transparency and yield over absolute anonymity. As the total value locked (TVL) in platforms like Avantis crosses the $104 million threshold, it’s clear that dex tokens are no longer speculative niches—they are the new backbone of the digital asset economy.
Conclusion
The market in 2026 has sent a clear message: Utility and Transparency beat Anonymity. While Monero and Zcash may always have a niche for the “hardcore” privacy advocate, the smart money has migrated to DEX protocols. Platforms like SunCrypto (for Indian retail) and Aster/Avantis (for on-chain pros) are the new gatekeepers of the 2026 bull run.
Disclaimer: Crypto products & NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.