Thomas Daniels
Crypto markets saw a resurgence in both centralized (CEX) and decentralized exchanges (DEX), driven by a rebound across several key assets. Among the top-performing networks, Solana, Base, and Sui saw a significant uptick in decentralized trading volume.
Solana, Base, and Sui DEX Volume Surge
Data from DeFi Llama highlights that DEX activity across Solana, Base, and Sui experienced a sharp recovery, with volumes rising by 40%, 20%, and 30%, respectively. Solana’s DEXes processed $7.13 billion over the past seven days, while Base handled $3.92 billion and Sui recorded $597 million. Despite this short-term rally, overall DEX and CEX volumes for September hit their lowest point since February.
In September, decentralized exchanges managed $114 billion in volume, a drop from the $172 billion recorded in August. The highest DEX volumes were seen on Ethereum, Solana, and BNB Smart Chain. Meanwhile, CEX platforms processed $895 billion in trades during September, down from $1.2 trillion the previous month. Binance continued to dominate the centralized trading space, followed by Bybit, OKX, and Coinbase.
Market Rebound Driven by Macro Events
The recovery in the last week coincides with broader crypto market gains. Bitcoin briefly touched $66,000, while Ethereum rose to $2,700. This rally followed the U.S. Federal Reserve’s announcement to begin cutting interest rates and China’s introduction of new stimulus measures. Additionally, markets reacted positively to news that Binance’s founder, Changpeng Zhao, had been released from prison.
Meme Coin Surge Boosts Solana Ecosystem
Solana’s DEX volume spike was partly fueled by the recovery of meme coins in its ecosystem. According to CoinGecko, Moo Deng (MOODENG) saw its price surge by 700% over the past week, pushing its market cap above $300 million. Mother Iggy (MOTHER), linked to rapper Iggy Azalea, climbed 96%, bringing its valuation to over $112 million. Altogether, the market cap of Pump.fun tokens increased to $1.06 billion, with associated fees rising to $148 million.
Leading Networks and Tokens
Base’s Aerodrome DEX was the most active in the past week, with total value locked (TVL) surpassing $1 billion for the first time and volume reaching $2.66 billion. PancakeSwap and Clober followed closely in Base’s network. In the Sui ecosystem, key platforms like Cetus, DeepBook, Turbos, and Kriya led trading activity. Other top performers across the broader DEX landscape included BNB Chain, Arbitrum, Optimism, and Polygon.
