DEXs registered new month-to-month buying and selling quantity information in December on spot and derivatives markets, with Solana-based protocols dominating the sector, in keeping with DefiLlama.
As of Dec. 30, on-chain spot buying and selling volumes reached $451.5 billion, a 19% enhance from November, which held the earlier report of month-to-month buying and selling quantity at $379.5 billion.
In the meantime, on-chain derivatives moved $325.3 billion in the identical interval, a 25% month-to-month enhance and over $10 billion over the earlier all-time excessive registered in March.
Solana maintained its dominance in spot volumes for the third consecutive month, registering almost $112 billion. That is $15 billion greater than Binance Sensible Chain (BSC), the second-most used chain for spot buying and selling, with a complete quantity of $96.2 billion. It is a 166% enhance from final month.
Ethereum was the third most used blockchain by spot market merchants, with a month-to-month quantity of $86.6 billion, a 21.5% enhance from November.
Regardless of retaining the lead on the spot market, Solana misplaced floor to BSC and Ethereum, as its volumes slid 15.7% this month.
Merchants rotating liquidity in the hunt for new crypto narratives may very well be the explanation behind Solana’s lower in spot buying and selling quantity. The chain peaked at $132.3 billion final month, absolutely the all-time excessive for on-chain spot buying and selling, so a slight decline in buying and selling quantity is anticipated.
Rise of on-chain derivatives
The buying and selling of derivatives on-chain has grown significantly this 12 months. In 2023, these DEXs registered roughly $73 billion in transactions. As compared, the bottom month-to-month buying and selling quantity for on-chain derivatives this 12 months was $138.3 billion in October.
Like Solana’s spot market dominance, Hyperliquid has held the crown on the on-chain derivatives buying and selling marketplace for the fourth consecutive month.
The appliance-specific blockchain registered regular progress in quantity, peaking at $152.4 billion on Dec. 30. This quantity is 101% bigger than the quantity registered final month.
Along with Hyperliquid’s stellar efficiency within the on-chain derivatives buying and selling, Solana has stored second place since October.
Though Solana’s derivatives buying and selling quantity has dropped 21% since November, it nonetheless registered $34.1 billion in month-to-month buying and selling quantity as of Dec. 30.
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