Which sectors drove volumes this week?

TLDR

This week, volumes and attention concentrated in perps DEXs and the Solana ecosystem, with DePIN and Gaming also leading while L2s and Lending lagged.

1. Perps venues competed for flow, with Lighter outpacing Hyperliquid on weekly volume per a sector recap. See the perps overview in this market note.
2. DePIN and Gaming led weekly sector gains, up about 13% and 12% respectively, per a sector roundup in this report.
3. L2s and Lending were weak, and chain flow skewed to Solana while Base cooled per an analyst summary in this update.

Deep Dive

1. Perps and Solana DeFi

Perps DEXs drew disproportionate activity, with a highlighted race where Lighter outpaced Hyperliquid on weekly volume, and Solana ecosystem tokens led sector indices. A sector recap noted Solana Ecosystem outperformed, while perps and DEX cohorts posted gains; tokens like JUP, ORCA and DRIFT were cited among weekly movers in this perps and sector note.

2. DePIN and Gaming Leadership

Flows rotated into infrastructure plus consumer-on-chain themes. A weekly sector roundup flagged DePIN and Gaming as the weeks leaders, up roughly 13.1% and 12.6% respectively, while L2s and RWAs trended lower in the same window in this sector review.

3. L2s and Lending Softness, Venue Skew

Underperformance clustered in L2s and Lending, and chain-level activity showed a venue skew. An analyst summary noted year-end trading slowed, Base DEX activity pulled back after a strong run, and Solana remained the dominant venue for on-chain trading by volume in the recent week in this market update.

Conclusion

This weeks flow was led by perps DEXs and Solana DeFi, with DePIN and Gaming showing clear leadership, while L2s and Lending saw softer activity. If this rotation persists, expect liquidity and price discovery to remain concentrated in perps venues and Solana-linked sectors, with chain and sector breadth improving only when L2 participation and lending activity recover.