Decentralized exchanges (DEX) reached $1 trillion in month-to-month buying and selling quantity for the primary time in July.
In keeping with DefiLlama data, spot buying and selling quantity grew 29.4% and reached almost $514 billion final month, bested solely by January’s all-time excessive of $568 billion.
On the identical time, perpetual futures’ month-to-month quantity elevated 33.6% to register a brand new all-time excessive of $487 billion, with Hyperliquid registering a brand new report in month-to-month perpetual buying and selling.
BNB dominance on spot
For the third consecutive month, BNB Chain dominated spot buying and selling volumes. The chain’s volumes grew 15.3% and totaled $196.3 billion in July, representing 38.2% the month-to-month whole.
PancakeSwap was the principle driver behind progress, which amounted to $188.2 billion in spot buying and selling quantity. The BNB-native trade quantity is bigger than the opposite 4 prime DEXs mixed, which is roughly $168 billion.
Uniswap registered the second-largest spot quantity amongst DEXs in July, with $96.4 billion. In the meantime, Solana-based decentralized exchanges wrapped up the highest 5.
Raydium, Meteora, and Orca registered $31.8 billion, $20 billion, and $19.5 billion, respectively. The 5 largest blockchains by quantity remained the identical between June and July, with only one slight change.
Runner-ups
Ethereum registered the second-largest month-to-month quantity at almost $86 billion, rising 49.3% from June, whereas Solana slid from second to 3rd place in month-to-month spot buying and selling quantity regardless of rising 36.6% to succeed in $85.1 billion.
Base and Arbitrum maintained their posts from June because the fourth- and fifth-largest blockchains by spot buying and selling quantity, respectively.
Base’s quantity elevated by 46.8% and reached $41.6 billion, the primary time the layer-2 blockchain surpassed $40 billion since January. On the identical time, Arbitrum was the one chain within the prime 5 with one-digit progress, reaching $19.2 billion in quantity after leaping 7.4%.
Hyperliquid’s perpetuals reign
Hyperliquid turned the primary blockchain to surpass the $300 billion threshold in perpetual quantity, reaching $323.4 billion in July after a 48.3% progress.
The quantity surpasses Ethereum’s $48.7 billion by a big margin, which held the spot of the second-largest chain in perpetual buying and selling quantity final month. Regardless of the distinction, Ethereum has grown by virtually 56% since June.
The distinction is even bigger when decentralized exchanges for perpetual’s volumes are thought-about. Hyperliquid reached $313.4 billion, dominating 64.3% of the market and posting 16 occasions Jupiter’s quantity of $19.4 billion.
Solana, BNB Chain, and Arbitrum wrap up the highest 5 in perpetuals with $37.2 billion, $21.6 billion, and $19 billion in volumes, respectively.