Consensys and Linea Introduce New DEX Etherex, Launch on July 28

DEX:- Consensys’ Ethereum Layer-2 network Linea has partnered with Nile Exchange to introduce a new DEX Etherex. Set to be launched on July 28, the exchange claims to be built on the 2014 vision of Ethereum.

According to the official X article, Etherex is part of the earlier idea of Ethereum leaders like Vitalik Buterin and Joseph Lubin who visualised the decentralized Exchange even before the Ethereum mainnet launch. However, due to specific reasons, then called EtherX project could not be launched then. And now the DEX built on Linea – EthereX – that legacy only.

Interestingly, it is using a solid launchpad for liquidity and user traction as Consensys’ Linea is already gaining momentum among zkEVMs.

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Linea’s New DEX EthereX

Etherex is the next‑generation evolution of Nile Exchange – a Layer 2–native DEX built on Linea that launched in early 2023.

Calling itself as the “most decentralised exchange”, it will enable fully on‑chain, permissionless spot trading of crypto assets on Linea zkEVM. The peer‑to‑peer token swaps or spot trading pairs will be executed entirely via smart contracts, with no off‑chain order books or custodial intermediaries.

Where Nile used a ve(3,3) framework on Linea’s native AMM, Etherex adopts Ramses v3. Ramses v3 is an advanced AMM engine known for powering high-volume DEXs like Shadow (Sonic) and Pharaoh (Avalanche), Its battle‑tested and concentrated‑liquidity engine has helped these DEXs collectively processed over $40 billion in trading volume and $60 million in fees.

Further, Etherex embodies a MetaDEX philosophy, combining on-chain trading infrastructure with user-driven governance. Incentives are aimed at sustainable liquidity pools aligned with the interests of stakeholders rather than yield farming exploits.

Its native token, REX, is distributed immediately to liquidity providers as liquid rewards with no vesting delays. Linea/ Consensys hold 25% of the supply – 80% in xREX tokens, and 20% in liquid.

The Ethereum ecosystem is evolving faster than ever before. ZK-rollups are becoming the default path forward for Ethereum.

New treasury companies are coming out every week. The world is moving onchain, and Linea is the most Ethereum-aligned layer 2.

We are working with…

— Linea.eth (@LineaBuild) July 16, 2025

DEX Market Trends

DEX Etherex is coming in the market when decentralized exchanges (DEXs) are occupying a record 25% of global spot trading volume, totaling over $410 billion. In the past 24 hours only, decentralized exchanges have processed a total of $15.591 billion in spot trading volume.

PancakeSwap leads in the race, commanding roughly 45% of all DEX spot volume at $392.6 billion. Uniswap remains the liquidity and innovation leader, with $3.3 billion daily volume and about 19–23% of DEX market share.

Raydium and Solana-based DEXs have also gained traction, particularly in memecoin trading. This has been driven by Solana’s share of total DEX volume beyond Ethereum in several weeks.

In the Derivatives/Perpetual DEXs, Hyperliquid dominates with over 80% market share in on-chain perpetuals trading. Thus, DEX Etherex built on Linea would have to launch and innovate in this competitive landscape.

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