Ethereum (ETH) was nonetheless the chief of DEX exercise in 2024, no less than by way of buying and selling volumes. The Uniswap V3 contract was probably the most used contracts all year long, providing the most effective liquidity for wrapped ETH and stablecoins.
Ethereum nonetheless outpaced different chains in its annual DEX exercise and volumes. Regardless of lagging meme token launches, Ethereum hosted vital liquidity via Uniswap V3, which nonetheless has not been changed on L2 chains or another community.
Over the previous twelve months, Ethereum DEX has achieved a buying and selling quantity of $674 billion, which nonetheless surpasses Solana’s $626 billion. BNB Chain took third place with $352 billion. The year-end outcomes got here after Solana led the DEX enterprise final quarter.
In the course of the yr, DEX exercise was primarily targeting 15 chains, which mirrored different metrics similar to each day energetic wallets and transaction numbers. In complete, eight L1 chains accounted for a good portion of DEX visitors. Along with Solana and Ethereum, DEX exercise targeted on BNB Chain, Avalanche, SUI, TRON, Aptos and TON.
Meme tokens drove DEX exercise on most high chains, with probably the most energetic specialty markets on Ethereum, Solana, BNBChain and TON. DEX additionally had a distinct profile, with a mixture of meme exercise and extremely liquid pairs of blue chip belongings. The 2024 development doesn’t but replicate Hyperliquid, which solely not too long ago launched its personal HYPE token and elevated its exercise.
DEX exercise is again to 2022 ranges
DEX worth locked has but to return to 2021 ranges. At present DEX is locked on all chains $24.46 billionwhich not too long ago reached an annual peak. Ethereum preserves $8.46% of complete DEX liquidity, with swimming pools obtainable in a number of the main stablecoins.
Each the market as an entire and Ethereum’s DEX exercise have rebuilt their worth to ranges not seen since late 2022. The general DEX sector will finish the yr with an enlargement streak in December.
Total DEX exercise is progressively recovering. Whereas liquidity suppliers are nonetheless receiving rewards, the obtainable DEX has seen a decline in agricultural tokens. In 2024, DEX additionally had extra pairs with top quality and excessive liquidity.
Within the final two months of 2024, Uniswap achieved greater than $90 billion in buying and selling volumes, doubling exercise in comparison with the third quarter. Internet deposits grew to $7.25 billion, the very best stage within the second half of the yr, primarily based on TokenTerminal details.
One of many causes for Uniswap’s development can also be Base, which gives less expensive transactions. Total, Uniswap’s volumes grew on each Ethereum and L2, rising its general rating for all DEX.
Simply checked the chain:
Month-to-month L2 quantity on the Uniswap Protocol simply hit a brand new all-time excessive
What a technique to finish the yr
pic.twitter.com/TrygEaa2OS
— Uniswap Labs
In the course of the yr, most DEXs had been in shut competitors with one another relying on the at the moment possible development. Solana’s actions with meme tokens and AI brokers make Raydium and Jupiter a part of the group high performershowever Ethereum retained older and extremely liquid pairs towards stablecoins.
Ethereum DEX was additionally key to the change between Wrapped ETH (WETH) and stablecoin, which helped Uniswap V3 reaching almost $1 billion in each day volumes.
Solana noticed a migration of protocols in 2024
One in every of Solana’s first concepts was to compete with Ethereum, presumably with its personal assortment of apps. The previous yr has seen a migration of DEX and different protocols, resulting in larger inflows of stablecoin liquidity.
After the FTX crash, Solana spent years with none vital apps and DeFi. As an indication of regained belief, Solana has drawn up numerous protocols. One of the crucial notable migrations that began in 2024 was Sky Protocol, previously Maker DAO. Ondo Finance, one of many largest RWA tokenization protocols, additionally launched its app on Solana. Renzo Protocol additionally constructed its re-staking model on Solana, in collaboration with JitoSOL.
Solana additionally attracted bridged cbBTC, Coinbase’s packaged model of Bitcoin (BTC). Pudgy Penguins additionally selected Solana to launch its personal token, PENGU. Simon’s Cat (CAT) additionally selected the community for its high-profile meme token.
The elevated Solana exercise relied on Raydium, whereas additionally using Jupiter’s routing and optimization companies. Solana buying and selling stays closely depending on bots, offering over 86% of bot visitors.
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