Weekly on-chain volume of trading has declined since the middle of January, falling gradually from $173 to $90 last week. The following are some of the most effective ways to increase your ROI:. Solana’s weekly volumes suffered the largest decrease in the period.
The trading volume in the decentralized exchanges reached an all-time weekly high of $173 Billion between Jan. 11-17. Solana, who registered over $97.5 in trading on the chain, was the main driver of this trend.
In the week following, trading volume on DEXs remained constant, with nearly $171 Billion being processed. Binance Smart Chain, or BSC for short, played an important role in the volume of trading. Its weekly activity grew 76% from almost $30 billion to over $171 billion.
DEXes, however, failed to maintain their position in the final week of January. Volumes dropped to $120 billion, which is a 30 percent decrease.
Solana struggling
The movement in the market was again attributed to Solana. This time, it lost nearly 40 billion dollars of trading volume each week, while the other blockchains maintained their weekly volumes.
Volumes continued to decline in the first weeks of February. Dexes totaled $107,4 billion and Solana experienced a decline of almost $10 billion. DEXes totaled $107.4 billion, and Solana lost nearly $10 billion in activity.eekly on-chain volumes fell below $100 billion for the first time in five weeks, recording only $90 billion between Feb. 8 to Feb. 14, w
For the first time in early October, Solana did not lead the trading activity on a weekly basis. Traders moved nearly $30 billion on BSC compared to Solana’s $26.2 billion.
However, BSC’s momentum seems short-lived, as Solana is leading again in on-chain volume for the week starting Feb. 15.
The decline in weekly on-chain volume highlights the fact that decentralized exchanges still heavily depend on Solana.
Still overall strong
Even though the volume is down, it’s still higher than the central exchanges.
As of the time of publication, on-chain data shows that 16.7% of volume has been traded between decentralized and central platforms.
Despite a 3.3% pullback from last month’s peak of 20%, the percentage is still above last year’s peak of 13.9%, which was registered in October.
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