Lighter, Paradex, and Pacifica are emerging as key decentralized exchanges (DEXs) to watch in 2025 for token airdrops and mining opportunities. Lighter, backed by a16z and Lightspeed, has achieved over $7 billion in daily trading volume, offering zero-fee trading with points valued at $50 OTC. Paradex, supported by Paradigm and Jump, boasts nearly $100 billion in historical trading volume, allocating 57.6% of its token supply to the community, despite criticism for its extended quarterly schedule. Pacifica, developed on Solana by former FTX members, is in closed beta but ranks among top exchanges, with points trading at $0.80 OTC. These DEXs utilize a points system convertible to tokens at their token generation event, focusing on zero fees and competitive liquidity.