In July 2023, Solana showed significant success in the decentralized exchange (DEX) market, continuing to outpace established platforms like Ethereum.
Solana DEX Trading Volumes in July
According to Dune's data, trading volumes on Solana DEX reached $124.2 billion in July, increasing by 56% compared to the previous month. In contrast, Ethereum posted a volume of $87.1 billion, falling behind Solana by 42%. Solana has maintained its lead for ten consecutive months since October 2022.
Market Leaders and Newcomers on DEX
In July, four new DEXs launched on Solana. Humidifi topped the newcomers' leaderboard with over $6 billion in trading volume, while Tessera secured second place with $2.5 billion. Both new DEXs surpassed other leading platforms such as Lifinity and Phoenix.
Shifts in Trader Preferences
Recently, there has been a shift in trader preferences, with direct trades on DEX increasingly popular compared to trades via aggregators. In July, direct trades amounted to $65.9 billion, exceeding the $7.5 billion from aggregator-based trades.
July 2023 marked a significant milestone for Solana, showcasing not only the growth in trading volumes on decentralized exchanges but also the changing trends in trader preferences. These figures underscore the growing relevance of the DEX ecosystem amidst fast and cost-effective transactions.
