.jpg)
DEX exchanges set new records for monthly trading volume in December in the spot and derivatives markets, with… SolanaProtocols based on sector control, According to To Devilama.
As of December 30, cross-chain spot trading volumes reached $451.5 billion, an increase of 19% from November, which held the previous record for monthly trading volume at $379.5 billion.
Meanwhile, cross-chain derivatives moved $325.3 billion in the same period, a 25% month-on-month increase and more than $10 billion compared to the previous all-time high set in March.
Solana maintained its dominance in spot trading volumes for the third month in a row, recording nearly $112 billion. This is $15 billion more than the Binance Smart Chain (BSC), the second most widely used chain for spot trading, with a total volume of $96.2 billion. This represents an increase of 166% from last month.
Ethereum It was the third most used blockchain by spot market traders, with a monthly volume of $86.6 billion, an increase of 21.5% from November.
Despite retaining the lead in the spot market, Solana lost ground to BSC and Ethereum, with its trading volumes falling by 15.7% this month.
Traders circulating liquidity in search of new crypto narratives could be the reason behind Solana’s low spot trading volume. The chain peaked at $132.3 billion last month, the absolute highest level ever for cross-chain spot trading, so a slight decline in trading volume is expected.
The rise of on-chain derivatives
Cross-chain derivatives trading has particularly grown this year. In 2023, these direct transactions recorded approximately $73 billion in transactions. In comparison, the lowest monthly cross-chain derivatives trading volume this year was $138.3 billion in October.
Such as Solana’s dominance of the spot market, Excess fluid It retained the crown in the online derivatives trading market for the fourth month in a row.
The application blockchain has recorded steady growth in volume, peaking at $152.4 billion on December 30. This volume is 101% larger than the amount recorded last month.
In addition to Hyperliquid’s excellent performance in cross-chain derivatives trading, Solana has maintained the second position since October.
Although Solana’s derivatives trading volume is down 21% since November, it still recorded $34.1 billion in monthly trading volume as of December 30.
