5 months ago
DEXs registered caller monthly trading measurement records successful December connected spot and derivatives markets, with Solana-based protocols dominating the sector, according to DefiLlama.
As of Dec. 30, on-chain spot trading volumes reached $451.5 billion, a 19% summation from November, which held the erstwhile grounds of monthly trading measurement astatine $379.5 billion.
Meanwhile, on-chain derivatives moved $325.3 cardinal successful the aforesaid period, a 25% monthly summation and implicit $10 cardinal implicit the erstwhile all-time precocious registered successful March.
Solana maintained its dominance successful spot volumes for the 3rd consecutive month, registering astir $112 billion. This is $15 cardinal much than Binance Smart Chain (BSC), the second-most utilized concatenation for spot trading, with a full measurement of $96.2 billion. This is simply a 166% summation from past month.
Ethereum was the 3rd astir utilized blockchain by spot marketplace traders, with a monthly measurement of $86.6 billion, a 21.5% summation from November.
Despite keeping the pb connected the spot market, Solana mislaid crushed to BSC and Ethereum, arsenic its volumes slid 15.7% this month.
Traders rotating liquidity successful hunt of caller crypto narratives could beryllium the crushed down Solana’s alteration successful spot trading volume. The concatenation peaked astatine $132.3 cardinal past month, the implicit all-time precocious for on-chain spot trading, truthful a flimsy diminution successful trading measurement is expected.
Rise of on-chain derivatives
The trading of derivatives on-chain has grown peculiarly this year. In 2023, these DEXs registered astir $73 cardinal successful transactions. In comparison, the lowest monthly trading measurement for on-chain derivatives this twelvemonth was $138.3 cardinal successful October.
Like Solana’s spot marketplace dominance, Hyperliquid has held the crown connected the on-chain derivatives trading marketplace for the 4th consecutive month.
The application-specific blockchain registered dependable maturation successful volume, peaking astatine $152.4 cardinal connected Dec. 30. This measurement is 101% larger than the magnitude registered past month.
In summation to Hyperliquid’s stellar show successful the on-chain derivatives trading, Solana has kept 2nd spot since October.
Although Solana’s derivatives trading measurement has dropped 21% since November, it inactive registered $34.1 cardinal successful monthly trading measurement arsenic of Dec. 30.
The station Solana shines amid record-breaking DEX trading volumes successful December appeared archetypal connected CryptoSlate.
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