DEXs set new monthly trading volume records in December in cash and derivatives markets Solanaprotocols based on domain mastery, according to to DefiLlama.
As of Dec. 30, the chain's spot trading volume reached $451.5 billion, up 19 percent from November, when the previous record monthly trading volume was $379.5 billion.
Meanwhile, on-chain derivatives moved $325.3 billion in the same period, a 25 percent monthly increase and more than $10 billion from the previous record high set in March.
Solana maintained its dominance in cash transaction volume for the third consecutive month, recording nearly $112 billion. This is $15 billion more than Binance Smart Chain (BSC), the second most used chain for spot trading, with a total volume of $96.2 billion. This has increased by 166% compared to last month.
Ethereum With a monthly volume of $86.6 billion, up 21.5% from November, it was the third most used blockchain by spot market traders.
Despite maintaining its lead in the cash market, Solana lost ground to BSC and Ethereum as volume fell 15.7% this month.
Traders spinning off liquidity in search of new crypto narratives could be the reason Solana's spot trading volume has dropped. The chain reached $132.3 billion last month, which is the absolute highest price for spot trading on the chain, so trading volume is expected to decline slightly.
Increasing derivatives on the chain
Derivative chain transactions have grown especially this year. In 2023, these DEXs recorded approximately $73 billion in transactions. By comparison, the lowest monthly trading volume for on-chain derivatives this year was $138.3 billion in October.
Like Solana's dominance over the cash market, Hyper fluid For the fourth consecutive month, it has retained the crown in the chain derivatives trading market.
The app-specific blockchain recorded steady growth in volume, reaching $152.4 billion on December 30. This volume is 101% more than the amount recorded last month.
In addition to Hyperliquid's outstanding performance in chain derivatives trading, Solana has maintained the second position since October.
Although trading volume for Solana derivatives has fallen 21% since November, it still recorded monthly trading volume of $34.1 billion as of December 30.
