Decentralized exchanges (DEX) have hit a major milestone, surpassing $1 trillion in monthly trading volume for the first time in July. This significant achievement showcases the growing popularity and adoption of decentralized trading platforms in the cryptocurrency space.
According to data from DefiLlama, spot trading volume saw a 29.4% increase, reaching nearly $514 billion last month. While this was slightly below January’s all-time high of $568 billion, it still represents substantial growth in trading activity. Additionally, perpetual futures trading volume surged 33.6% to a new record high of $487 billion, with Hyperliquid setting a new record for monthly perpetual trading.
BNB Chain continued to dominate spot trading volumes for the third consecutive month, with volumes totaling $196.3 billion in July. PancakeSwap played a significant role in this growth, accounting for $188.2 billion in spot trading volume. This surpasses the combined volume of the other top DEXs, highlighting BNB Chain’s strong position in the market. Uniswap followed with the second-largest spot volume of $96.4 billion, while Solana-based DEXs rounded out the top five.
Ethereum maintained its position as the second-largest blockchain by monthly trading volume, reaching nearly $86 billion, a 49.3% increase from June. Solana slipped to third place despite a 36.6% growth, totaling $85.1 billion in spot trading volume. Base and Arbitrum maintained their positions as the fourth- and fifth-largest blockchains by volume, with Base surpassing $40 billion for the first time since January.
Hyperliquid emerged as the leader in perpetual trading volume, surpassing $300 billion in July with a 48.3% growth. This significantly outpaced Ethereum’s perpetual volume of $48.7 billion, highlighting Hyperliquid’s dominance in this market. When considering decentralized exchanges for perpetuals, Hyperliquid accounted for 64.3% of the market, posting 16 times Jupiter’s volume of $19.4 billion. Solana, BNB Chain, and Arbitrum rounded out the top five in perpetual trading volumes.
Overall, the growth and diversification of trading volumes across different blockchains and decentralized exchanges demonstrate the increasing interest and activity in the decentralized trading space. As the cryptocurrency market continues to evolve, decentralized exchanges are likely to play an increasingly important role in facilitating secure and efficient trading for users worldwide.