Daily trading volume plummets 37%, Solana regains top position in DEX

According to WooFunai, with DEX trading volume of US$1,637 billion within 24 hours, Solana regained its leading position in the decentralized exchange sector against the backdrop of a significant cooling in overall market activity, surpassing the previous short lead in the Robinhood (HOOD.US) Chain.

Although the popularity of transactions on mainstream networks such as Solana, Ethereum, and BSC declined, this ranking change revealed deep changes in the market structure. DeIllama's data tracking shows that although Solana has an advantage in the single-day dimension, other public chains, including Ethereum, have maintained strong competitiveness over a longer period of time, indicating that the current shift to the top of the list is more a result of short-term liquidity distribution than a fundamental reversal of long-term fundamentals.

Judging from the latest 24-hour data, the overall market showed obvious signs of contraction. The total transactions processed by the four major networks Solana, RobinHoodChain, Ethereum, and BSC were around $4.4 billion, a sharp drop of 37% from last week's average daily transaction volume.

According to data compiled by WooFunai, Solana ranked first with a turnover of US$1,637 million; RobinHoodChain followed, recording US$1,379 million; Ethereum ranked third with US$721.6 million; and BSC ranked fourth with US$659.41 million.

Notably, Ethereum is trading around $62 million more than BSC in volume. This ranking pattern is not static. On September 5, a report based on Defillama data indicated that Robinhoodchain's daily DEX trading volume reached 1.89 billion US dollars, once surpassing Solana and BSC to top the list.

However, this lead was extremely short-lived. Solana quickly regained first place, while the overall transaction volume of the four major blockchain networks was below their recent weekly average, indicating a rapid shift in market sentiment.

If the time span is extended to 7 and 30 days, the ranking logic is significantly reversed, which explains why single-day data is insufficient to measure the real demand for blockchain. Over the past 7 days, BSC's DEX volume was $9,934 billion, higher than Ethereum's $8.562 billion; however, over a longer period of 30 days, Ethereum once again took the lead, with a cumulative transaction volume of US$39.263 billion, compared to BSC of US$37.153 billion.

This difference shows that sharp fluctuations in daily rankings are often driven by specific factors, such as large-scale stablecoin transactions, specific trading incentives, new token issuance, and temporary increases in activity on a certain platform. These factors can quickly change rankings within 24 hours, but 7-day and 30-day data can more accurately determine whether this change is a temporary phenomenon or an overall shift in activity levels. Therefore, it is easy to misjudge market trends by simply relying on single-day data; long-term stability is the key indicator.

The nature of RobinHoodChain's business further reveals the complexity behind the data. The network initially aimed to support the digitalization of financial products such as stocks, but most of its cumulative DEX transaction volume, which surpassed 25 billion US dollars in August, stemmed from exchanges between meme coins, stablecoin pairs, and other cryptocurrencies, and the share of stock-related tokens was extremely small. Since DeIllama aggregates all tracked DEX transaction data, stablecoin, meme coin, and stock related token transactions are included in the same total value, it is difficult to distinguish exactly what kind of transactions led to a decrease in trading volume on the day.

Currently, RobinHoodChain's daily trading volume has declined from recent highs, while Solana recorded the highest total DEX trading volume in the recent statistical period. To confirm whether demand for meme coins is actually rising, we need to observe the number of active wallets, the issuance of new tokens, and liquidity conditions. A continuous decline in speculative trading activity can only be confirmed when trading volume is sluggish for many consecutive days, wallet activity declines, and liquidity weakens.