Solana shines amid record-breaking DEX trading volumes in December

DEXs registered new monthly trading volume records in December on 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% increase from November, which held the previous record of monthly trading volume at $379.5 billion. 

Meanwhile, on-chain derivatives moved $325.3 billion in the same period, a 25% monthly increase and over $10 billion over the previous all-time high registered in March.

Solana maintained its dominance in spot volumes for the third consecutive month, registering nearly $112 billion. This is $15 billion more than Binance Smart Chain (BSC), the second-most used chain for spot trading, with a total volume of $96.2 billion. This is a 166% increase from last month.

Ethereum was the third most used blockchain by spot market traders, with a monthly volume of $86.6 billion, a 21.5% increase from November. 

Despite keeping the lead on the spot market, Solana lost ground to BSC and Ethereum, as its volumes slid 15.7% this month.

Traders rotating liquidity in search of new crypto narratives could be the reason behind Solana’s decrease in spot trading volume. The chain peaked at $132.3 billion last month, the absolute all-time high for on-chain spot trading, so a slight decline in trading volume is expected.

Rise of on-chain derivatives

The trading of derivatives on-chain has grown particularly this year. In 2023, these DEXs registered roughly $73 billion in transactions. In comparison, the lowest monthly trading volume for on-chain derivatives this year was $138.3 billion in October.

Like Solana’s spot market dominance, Hyperliquid has held the crown on the on-chain derivatives trading market for the fourth consecutive month. 

The application-specific blockchain registered steady growth in volume, peaking at $152.4 billion on Dec. 30. This volume is 101% larger than the amount registered last month.

In addition to Hyperliquid’s stellar performance in the on-chain derivatives trading, Solana has kept second place since October.

Although Solana’s derivatives trading volume has dropped 21% since November, it still registered $34.1 billion in monthly trading volume as of Dec. 30.

The post Solana shines amid record-breaking DEX trading volumes in December appeared first on CryptoSlate.

  • Related Posts

    France central bank governor says Trump is “sowing the seeds of future upheavals” by supporting crypto

    Francois Villeroy de Galhau, the governor of Banque de France and the European Central Bank Governing Council’s member, believes U.S. president Donald Trump is making a huge mistake by supporting…

    Continue reading
    Thailand seizes 63 illegal crypto mining rigs that stole over $327k in electricity

    Officials of Thailand’s Central Investigation Bureau (CIB) seized 63 illegal crypto mining machines on Friday, according to a report by The Nation. The illegal crypto mining rigs, worth around 2…

    Continue reading

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    France central bank governor says Trump is “sowing the seeds of future upheavals” by supporting crypto

    France central bank governor says Trump is “sowing the seeds of future upheavals” by supporting crypto

    Thailand seizes 63 illegal crypto mining rigs that stole over $327k in electricity

    Thailand seizes 63 illegal crypto mining rigs that stole over $327k in electricity

    AI is powering the fourth industrial revolution – but without blockchain, can we trust it?

    AI is powering the fourth industrial revolution – but without blockchain, can we trust it?

    Layer-3s are a necessary innovation in crypto

    Layer-3s are a necessary innovation in crypto

    Fixing Ethereum’s biggest problems

    Fixing Ethereum’s biggest problems

    Crypto shakeup: How to view the crypto space moving forward?

    Crypto shakeup: How to view the crypto space moving forward?