DEXs recorded new month-to-month buying and selling quantity data in December throughout spot and derivatives markets, with Solana-based protocols dominating the sector, in response to DefiLlama.
As of December 30, on-chain spot buying and selling volumes reached $451.5 billion, a rise of 19% from November, which held the earlier month-to-month buying and selling quantity file at $379.5 billion.
In the meantime, on-chain derivatives moved $325.3 billion throughout the identical interval, a 25% month-to-month improve and over $10 billion from the earlier all-time excessive recorded in March.
Solana maintained its spot quantity dominance for the third consecutive 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. This is a rise of 166% from final month.
Ethereum was the third most used blockchain by spot market merchants, with month-to-month quantity of $86.6 billion, a rise of 21.5% from November.
Though it retains the lead within the spot market, Solana has misplaced floor to BSC and Ethereum, with its volumes falling 15.7% this month.
Merchants spinning liquidity in the hunt for new crypto narratives may very well be the rationale for Solana’s spot buying and selling quantity reducing. The chain peaked at $132.3 billion final month, the all-time excessive for on-chain spot buying and selling, so a slight decline in buying and selling quantity is predicted.
Rise of on-chain derivatives
On-chain derivatives buying and selling has notably grown this 12 months. In 2023, these DEXs noticed roughly $73 billion in transactions. Compared, the bottom month-to-month on-chain derivatives buying and selling quantity this 12 months was $138.3 billion in October.
Just like Solana's spot market dominance, Hyperliquid holds the crown within the on-chain derivatives marketplace for the fourth month in a row.
Utility-specific blockchain has seen regular development in quantity, peaking at $152.4 billion on December 30. This quantity is 101% larger than the quantity recorded final month.
Along with Hyperliquid's distinctive efficiency in on-chain derivatives buying and selling, Solana has retained the second place since October.
Though Solana's derivatives buying and selling quantity fell 21% since November, it nonetheless recorded a month-to-month buying and selling quantity of $34.1 billion as of December 30.
