Deep Dive
1. Security Overhaul & Open-Sourcing (June 2025)
Overview: After a $223M exploit caused by a vulnerability in math_u256::checked_shlw, Cetus open-sourced its codebase and introduced multi-layered security audits.
The relaunch included fixes for the overflow flaw, real-time threat detection systems, and a white-hat bounty program. All smart contracts underwent audits by OtterSec and third parties, with 85–99% of exploited liquidity pools restored using a $30M Sui Foundation loan.
What this means: This is bullish for CETUS because transparent, community-audited code reduces exploit risks and rebuilds trust. However, the token’s price remains -35% below pre-hack levels, reflecting lingering caution. (Source)
2. Aggregator Upgrades (July–August 2025)
Overview: The Cetus Aggregator expanded liquidity sources, integrating FullSailFi’s dynamic fee pools and modular swap interfaces.
New features include institutional-grade RFQ pricing (Cetus Tide) and a unified dashboard for tracking LP positions. Trading volume surged to $1B+/week post-upgrade, driven by tighter spreads.
What this means: Neutral for CETUS – while deeper liquidity improves user experience, the token’s 90-day price remains -35.5%, suggesting ecosystem growth hasn’t yet translated to sustained demand. (Source)
3. Cetus Box Launch (December 2025)
Overview: A suite of community-built tools for analytics, liquidity management, and execution optimization.
The toolbox integrates directly with Cetus’ SDK, allowing projects to customize swap interfaces and access aggregated Sui liquidity. Early adopters reported 20% faster trade execution.
What this means: Bullish long-term – increased developer activity (17M+ total accounts) could drive fee revenue, but CETUS’s 365-day return of -90.7% underscores the need for faster adoption. (Source)
Conclusion
Cetus’ codebase updates emphasize security, liquidity depth, and community tooling post-crisis. While technical improvements are substantive, CETUS’s valuation struggles highlight the gap between infrastructure development and market confidence. Can Sui’s DeFi momentum offset the lingering impact of the 2025 exploit?