TLDR
DEX volumes are rotating toward Solana for spot trading, while derivatives liquidity is fragmenting across newer perp DEXs; Base and Sui are gaining activity as Ethereum L1 spot volumes cool.
- Solana leads spot DEX volumes this week, supported by rising USDC usage and new access via Coinbases Solana DEX rails. See the market updates.
- Perp DEX share is shifting from Hyperliquid toward Aster and Lighter as incentives kick in and volumes expand. See the Binance Research summary.
- Base and Sui show rising on-chain flows while Ethereums 7?day DEX volumes fell, with L2 growth offsetting mainnet softness. See the analysis.
Deep Dive
1. Solana Spot Leadership
Solana (SOL) has taken the top seat in spot DEX volumes across chains this week. Coverage cites roughly $3.8 billion in 24?hour Solana DEX activity and a double?digit weekly increase, paired with a higher share of decentralized trading versus centralized venues, signaling organic participation rather than leverage-driven flow market updates.
Access keeps improving. Coinbase integrated Solanas DEX rails so users can trade Solana tokens in?app without formal listings, a move that broadens retail entry points and can reinforce liquidity depth on Solana DEXs integration note.
Lower fees plus easier access have funneled retail and stablecoin flows into Solanas spot DEXs, sustaining its leadership in non?custodial trading.
2. Perp DEX Rotation
Decentralized derivatives are in flux. Hyperliquids market share reportedly shrank from near 80% in May to around 12% recently, while Aster and Lighter gained ground via airdrop?driven incentive programs. Aggregate perp volumes tripled in H2 2025, pointing to deeper competition and broader institutional interest Binance Research summary.
For context, DeFi liquidity has been consolidating in larger venues even as overall activity recovers, with DEX volumes regularly hitting multi?billion daily totals across chains sector overview.
Perps liquidity is more competitive and mobile. Watch incentive changes and product speed, as they can quickly redirect order flow.
3. Base and Sui Momentum, Ethereum L1 Softness
Ethereums base?layer 7?day DEX volumes declined from about $23.6 billion to $13.4 billion over four weeks, even as activity migrated to L2s such as Base, where transactions surged and helped offset mainnet fee and activity drops analysis.
Newer L1s are seeing bursts too. Sui reportedly surpassed Ethereum in daily bridged inflows and showed roughly $227 million in daily DEX volume, an indicator of increasing real usage and capital rotation into high?throughput environments flows snapshot.
As fees and UX drive behavior, activity is tilting to L2s and newer high?speed chains. Ethereums role persists, but execution may increasingly sit off L1.
Conclusion
Spot DEX liquidity is clustering on Solana thanks to lower fees, stablecoin rails, and new distribution, while derivatives volumes are fragmenting as incentives and execution drive rapid share shifts. Activity is also rotating to L2s like Base and to fast L1s such as Sui, with Ethereums L1 volumes softer even as its broader ecosystem remains central through scaling layers.
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