Record-Breaking Trading Volumes in December
DEXs saw a surge in trading volumes in December, setting new records in both spot and derivatives markets. Solana-based protocols emerged as the leaders in the sector, according to DefiLlama.
Spot Trading Volume
- On-chain spot trading volumes reached $451.5 billion by the end of December, marking a 19% increase from the previous month.
- Solana maintained its dominance in spot volumes, recording nearly $112 billion in trading volume.
- Binance Smart Chain (BSC) followed Solana with a total volume of $96.2 billion, marking a 166% increase from the previous month.
Derivatives Trading Volume
- On-chain derivatives trading reached $325.3 billion in December, a 25% increase from the previous month.
- Hyperliquid led the on-chain derivatives market for the fourth consecutive month, with a peak volume of $152.4 billion.
- Solana ranked second in derivatives trading, registering $34.1 billion in monthly trading volume as of Dec. 30.
Rise of On-Chain Derivatives
The trading of derivatives on-chain has witnessed significant growth, with DEXs registering approximately $73 billion in transactions in 2023.
Hyperliquid continued its strong performance in on-chain derivatives trading, reaching a peak volume of $152.4 billion in December.
Despite a slight decline in trading volume, Solana maintained its position as the second-largest player in the on-chain derivatives market.
