The DeFi landscape is constantly evolving, with new trends emerging in the market. One way to identify these trends is by analyzing activity on decentralized exchanges (DEXs), which are at the heart of DeFi activity.
In the last seven days, DEXs have experienced significant activity, with a total trading volume of $31.56 billion. According to data from Dune Analytics, there were 103,830 unique traded pairs during this period, and approximately 1.292 million new traders joined the market.
A notable development in the DeFi space is Solana’s rise to the top, surpassing Ethereum in trading volume. With a total volume of $10.98 billion over the past week, Solana accounts for 34.8% of the entire DEX market volume. This shift highlights Solana’s growing ecosystem and appeal as a preferred trading platform.
Despite a slight decrease in volume, Solana continues to lead in terms of active traders, hosting 2.542 million users compared to Ethereum’s 470,704. The blockchain also supports 50,707 active pairs, the highest in the market, offering users a diverse range of trading options.
Following Solana, Ethereum trails closely behind with a volume of $9.01 billion and 28.5% market share. Binance’s BNB ranks third in volume with $4.56 billion and a 14.5% market share. Other blockchains like Arbitrum and Base also play significant roles in the DeFi market.
In the realm of DEXs, Uniswap leads the market with a 7-day volume of $10.91 billion, constituting 34.6% of the total market volume. Raydium on Solana blockchain has shown impressive growth, while Pancakeswap continues to be a significant player on the BNB chain.
The DeFi market remains highly liquid, with a wide range of options for traders. Solana’s dominance reflects users’ preference for speed and low transaction costs, despite occasional hiccups. While there have been significant drops in volume across blockchains and DEXs, platforms like Pancakeswap and BNB demonstrate resilience during times of high volatility.
