The term "rekted" is often used to describe a situation where an asset or market has been significantly devalued or is in a state of disarray. In this case, it's referring to the current state of the decentralized exchanges (dexes). Although there is activity on these exchanges, it is indirect, meaning that it does not involve direct trading between buyers and sellers. This lack of direct trading has caused the market to become disorganized and the value of certain assets to drop significantly.
