TLDR
This week, L1 DEX volumes were led by Solana (SOL), with BNB Chain (BNB) second, and Sui (SUI) emerging among top non?EVM L1s.
- Solana posted near $3.30B daily DEX volume on 24 Dec, with similar prints later in the week (tweet).
- BNB Chain ranked second, with $1.60B$2.44B daily DEX volume across the week (tweet).
- Sui climbed into second behind Solana among non?EVM chains (market note, tweet).
Deep Dive
1. Solana Lead
Solana (SOL) was the dominant L1 venue for on?chain trading this week.
- Multiple snapshots showed SOL leading daily chain DEX volume, including about $3.30B on 24 Dec and $2.93B on 29 Dec (tweet, tweet).
- A broader market note backed the pattern, stating Solana remains the dominant venue for on?chain trading by volume, with BNB Chain a distant second (market note).
If you want liquidity and breadth on DEXs today, Solana pairs offer deep flow and faster execution; watch Jupiter/Drift ecosystems for activity.
2. BNB Chain Second
BNB Chain (BNB) consistently ranked second by daily DEX volume.
- Reported daily DEX volumes were $1.60B$2.44B across the week, sitting behind Solanas prints in the same windows (tweet, tweet).
- Broader commentary aligns with this, describing BNB Chain as second to Solana on on?chain trading volume this week (market note).
BNB DEXs (PancakeSwap and newer perps venues) give large retail flow and steady depth; spreads can widen outside peak Asia sessions.
3. Sui Momentum
Sui (SUI) showed strong momentum, rising into the top non?EVM L1s by DEX volume.
- Observers flagged non?EVM DEX volume exploding on Sui and currently second behind Solana in that segment (tweet).
- Monthly data points indicated Sui flipping Avalanche, Polygon, and Near for December DEX volumes (SUI $5.991B, AVAX $4.991B, MATIC $4.918B) in a recent roundup (tweet).
- Sui perp DEX volume hit a new monthly high near $5.78B, reinforcing rising derivatives activity on the chain (tweet).
Sui is a rising venue for DEX trading outside EVM; liquidity is improving but still more concentrated, so confirm depth on target pairs before sizing.
Risk note: Part of the recent DEX surge reflects on?chain perpetuals growth and occasional incentive?driven spikes; airdrop programs can temporarily inflate volumes on some venues (analysis).
Conclusion
Solana led L1 DEX volumes this week with multiple multi?billion daily prints, BNB Chain followed with steady second?place volumes, and Sui showed notable momentum among non?EVM chains. For practical routing, monitor SOL and BNB pairs for reliable depth, while treating Sui as an emerging high?attention venue and validating liquidity per pair before acting.
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