Solana-Based Perpetual Futures DEXs Top $20 Billion in Weekly Volume for First Time
Summary
- Solana-based decentralized perpetual futures exchanges recorded weekly trading volume above $20 billion for the first time.
- Daily trading volume rose to about $5.781 billion, with GMTrade leading the increase.
- The market is watching the expansion of Solana-based DeFi and derivatives ecosystems as demand for on-chain derivatives trading grows relative to centralized exchanges (CEXs).
Forecast Trend Report by Period
Weekly trading volume on Solana-based decentralized perpetual futures exchanges climbed to a record, underscoring continued growth in the on-chain derivatives market.
Crypto media outlet Wu Blockchain reported on May 19 that weekly volume on Solana-based perpetual futures DEXs surpassed $20 billion for the first time.
Daily trading volume rose to about $5.781 billion as of May 18.
GMTrade drove the increase in volume. The platform recorded about $4.9 billion in trading volume over the past 24 hours.
Demand for on-chain derivatives trading has been rising relative to centralized exchanges, or CEXs, supporting continued growth in decentralized exchanges.
Market participants are also watching how the expansion of Solana-based DeFi and derivatives ecosystems could affect the structure of on-chain trading.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
