DEXs noticed new month-to-month buying and selling volumes within the spot and derivatives markets in December, with Solana-based protocols dominating the sector, DefiLlama studies.
As of Dec. 30, spot commerce volumes on the chain reached $451.5 billion, a 19% enhance from November, which held the earlier month-to-month file of $379.5 billion.
In the meantime, on-chain derivatives moved $325.3 billion in the identical interval, a 25% month-on-month enhance and greater than $10 billion from the earlier all-time excessive recorded in March.
Solana maintained its dominance in spot volumes for the third straight month, recording practically $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. That's a 166% enhance over final month.
Ethereum was the third most used blockchain by merchants within the spot market with month-to-month quantity of $86.6 billion, a 21.5% enhance from November.
Regardless of sustaining management within the spot market, Solana misplaced floor to BSC and Ethereum as its volumes fell 15.7% this month.
Merchants spinning off liquidity looking for new crypto narratives may very well be the rationale behind Solana's spot commerce quantity decline. The chain peaked at $132.3 billion final month, an all-time excessive for spot buying and selling on the chain, so a slight decline in buying and selling quantity is anticipated.
The rise of on-chain derivatives
Buying and selling in on-chain derivatives grew particularly this 12 months. In 2023, these DEXs noticed roughly $73 billion in transactions. By comparability, the bottom month-to-month quantity of on-chain derivatives trades this October was $138.3 billion.
In addition to Solan's dominance within the spot market, Hyperliquid holds the crown within the on-chain derivatives marketplace for the fourth consecutive month.
The appliance-specific blockchain noticed regular development in quantity, peaking at $152.4 billion on December 30. This quantity is 101% greater than the quantity registered final month.
Along with Hyperliquid's stellar efficiency in on-chain derivatives buying and selling, Solana has held second place since October.
Though Solana's derivatives buying and selling quantity fell 21% since November, it nonetheless recorded month-to-month buying and selling quantity of $34.1 billion as of December 30.
