Chainfeeds Summary:
Blockworks Research analyzed the competitive landscape of DEX markets among Solana, Hyperliquid, and Base. While Solana currently dominates trading volume, users may shift their attention to Hyperliquid and Base as the platforms face increasing competition and adverse conditions.
Source:
https://x.com/blockworksres/thread/1867705575511142874
Author:
Blockworks Research
Viewpoint:
Blockworks Research: Solana currently dominates DEX trading volume (reaching $130 billion in November, compared to $71 billion for ETH). As competition intensifies and Solana faces internal turmoil, users may seek other opportunities. We believe on-chain attention on Solana may shift to Hyperliquid and Base. Hyperliquid's activity growth has been exceptionally rapid, with its DEX trading volume now exceeding Solana's, even excluding spot trading. With the platform expected to launch an EVM product next year, we anticipate strong growth in spot market activity. Base reached $46 billion in DEX trading volume in November and has achieved robust fee revenue. Currently at the core of the Ethereum ecosystem, its distribution advantages and deepening liquidity may accelerate the attraction of ETH-based capital from competing ecosystems.
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