he spot trading volume in Solana blockchain surged to approximately $450.5 billion in December. Up approximately 19% from the previous record set in November. Hence , this makes the month of December a historic one in the DEXs spot trading industry. Level of Trading in derivatives also reached new heights of $325.3 billion reflecting 25 % monthly growth.
Solana’s dominance of the spot market
For the third month consecutively, Solana remained dominant in spot trading with the overall processing value of $111.7 billion. This was higher than the $96.2 billion in Binance Smart Chain and $86.6 billion recorded in Ethereum though it plunged 15.7% from the prior month.
Market Performance Analysis
Nonetheless, it was reported that Solana had dipped slightly from its earlier record high of $132.3 billion in November could be due to trader’s seeking for other opportunities and hence changing market liquidity around different exchanges.
Derivatives Trading Growth
There was lots of fluctuation in the derivative market throughout the year 2023. Overall, Hyperliquid dominated the sector with $152.4 billion in turnover, while Solana retained the second position taking $34.1 billion volume but 21% less than in November.
Record-Breaking DEX Volumes
Even though a certain amount of volume oscillation can be observed in many cases, Solana remains a clear leader for spot markets and maintains noticeable presence in derivatives trading to affirm its sound standing in the DEX ecosystem. They have indicated growing use of decentralized trading facilities through the ability to demonstrate a general rise in trading volumes.
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