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Decentralized exchanges (DEX) achieved a historic milestone in July, surpassing $1 trillion in monthly trading volume for the first time. Hyperliquid dominated perpetual futures trading, while BNB Chain led spot volumes.
- BNB Chain dominated spot trading for the third consecutive month, accounting for 38.2% of total volume ($196.3B), with PancakeSwap driving most of the activity.
- Hyperliquid became the first blockchain to exceed $300B in perpetual futures volume ($323.4B), overshadowing Ethereum's $48.7B and capturing 64.3% of the market.
- Base and Arbitrum maintained their positions as top blockchains, with Base surpassing $40B in spot volume for the first time since January, while Arbitrum grew modestly at 7.4%.
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