According to DefiLlama, DEXs set new records for monthly volume trading on the spot and derivatives market in December, with Solana protocols dominating.
The on-chain trading volume reached $451 billion as of Dec. 30. This is a 19% growth from November when the monthly trading record was $379.5.
On-chain derivatives also moved $325.3 Billion in the same time period. This is a monthly gain of 25% and an increase by over $10 Billion over the all-time record set in March.
Solana has maintained its dominant position in the spot volume market for the third month running, recording nearly $112 billion. It is 15 billion dollars more than Binance Smart Chain, the second most popular chain used for spot trading with a volume total of $96.2 billion. It is 166% more than last month.
Ethereum was ranked third in terms of spot-market traders’ use of blockchains, with an average monthly volume exceeding $86.6 billion. This represents a 21,5% rise from November.
Solana’s volumes fell by 15.7%, even though it maintained the top spot on the market.
Traders rotating liquidity in search of new crypto narratives could be the reason behind Solana’s decrease in spot trading volume. It is not surprising that the trading volume has decreased slightly since last month’s peak. The on-chain spot market reached an all-time record of $132.3 billion.
The rise of On-Chain Derivatives
In particular, the trading of derivatives has increased this year. By 2023, the DEXs will have a total of approximately $73 billion worth of transactions. The lowest trading volume in on-chain derivatives for the year, compared to other months, was $138.3bn.
Like Solana’s spot market dominance, Hyperliquid has held the crown on the on-chain derivatives trading market for the fourth consecutive month.
Volumes of the application-specific Blockchains have been steadily increasing, reaching a peak at $152.4 Billion on December 30. The volume of this month’s transactions is 100 percent higher than 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.
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