Decentralized Exchanges (DEX) reached a monthly trading volume of $1 trillion each month in July for the first time.
According to Defilama dataspot trading volume rose 29.4% to nearly $514 billion last month.
At the same time, Perpetual Futures’ monthly volume rose 33.6% to register a new all-time high of $487 million, and new records in monthly permanent transactions.
BNB advantage on the spot
For the third consecutive month, the BNB chain has dominated spot trading volume. The chain’s volume rose 15.3%, totaling $196.3 billion in July, accounting for a monthly total of 38.2%.
Pancakeswap was the main driver of growth, a spot trading volume of $188.2 billion. The BNB-Native Exchange volume is larger than the other four top Dexs combined, which is around $168 billion.
UNISWAP registered the second-largest spot volume among DEXS in July, reaching $96.4 billion. Meanwhile, the Solana-based decentralized exchange concluded the top five.
Raydium, Meteora, and Orca registered $31.8 billion, $20 billion and $19.5 billion, respectively. The five biggest blockchains remained the same between June and July, with minor changes.
runner-up
Ethereum registered its second-largest monthly monthly for nearly $86 billion, up 49.3% since June.Olana slid from 2nd to 3rd in monthly spot trading volume, despite an increase of 36.6% to $85.1 billion.
Base and Arbitrum maintained their posts as the fourth and fifth largest blockchains by spot trading volume since June, respectively.
Base volume increased 46.8% to $41.6 billion. This was the first time that Layer-2 blockchain has exceeded $40 billion since January. At the same time, Arbitrum is the only chain in the top five to grow in single digits, reaching a volume of $19.2 billion after jumping 7.4%.
The Permanent Rebellion of Hyperliquid
High lipids reached $323.4 billion in July after a 48.3% growth, making it the first blockchain to surpass the permanent amount of $300 billion.
The volume surpassed Ethereum’s $48.7 billion by a large margin, holding the second-largest chain location in perpetual trading volume last month. Despite the differences, Ethereum has grown almost 56% since June.
The difference becomes even greater when permanent volume distributed exchange is considered. High lipids reached $313.4 billion, dominating 64.3% of the market, 16 times the amount of Jupiter’s $19.4 billion.
Solana, BNB Chain, and Arbitrum will forever envelop the top five with volumes of $37.2 billion, $21.6 billion and $19 billion, respectively.