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Home»DeFi»Solana shines amid record-breaking DEX trading volumes in December
DeFi

Solana shines amid record-breaking DEX trading volumes in December

December 31, 2024No Comments2 Mins Read
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Record-Breaking Month for DEXs in December

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In December, decentralized exchanges (DEXs) set new records for monthly trading volumes on both spot and derivatives markets, with a notable dominance from Solana-based protocols, as reported by DefiLlama.

By the end of December, on-chain spot trading volumes reached $451.5 billion, marking a 19% increase from the previous record set in November at $379.5 billion.

Simultaneously, on-chain derivatives trading saw a significant surge, reaching $325.3 billion in the same period, which represented a 25% monthly increase and surpassed the previous high set in March.

Solana continued to lead in spot trading volumes for the third consecutive month, with nearly $112 billion traded. This was $15 billion more than Binance Smart Chain (BSC), which ranked second with $96.2 billion in total volume, marking a 166% increase from the previous month.

Ethereum secured the third position among spot market traders, with a monthly volume of $86.6 billion, representing a 21.5% increase from November.

Despite its spot market leadership, Solana experienced a 15.7% decline in trading volume, potentially attributed to traders exploring new crypto narratives. The chain had reached an all-time high of $132.3 billion in the previous month.

The Surge of On-Chain Derivatives

The trading of derivatives on-chain has witnessed substantial growth throughout the year. In 2023, DEXs facilitated around $73 billion in derivative transactions, with the lowest monthly volume hitting $138.3 billion in October.

Hyperliquid has consistently led the on-chain derivatives market for the fourth consecutive month, with a steady growth in volume peaking at $152.4 billion on December 30, marking a 101% increase from the previous month.

See also  Solana - Will institutions help SOL after 50% drop in memecoin activity?

Despite a 21% decrease in derivatives trading volume since November, Solana maintained its second-place position, with $34.1 billion traded by the end of December.

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December DEX RecordBreaking shines Solana Trading volumes
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