The cryptocurrency market continues to evolve at a rapid pace, with monthly trading volumes serving as a critical barometer of user activity, platform performance, and broader market sentiment. From decentralized exchanges (DEXs) to centralized platforms and emerging sectors like prediction markets and NFTs, trading volume data reveals powerful trends shaping the future of digital assets.
This article explores the most significant developments in monthly trading volume across major crypto platforms and ecosystems in 2024 and early 2025, highlighting record-breaking milestones, technological upgrades driving adoption, and regional market dynamics.
PancakeSwap Surpasses $530 Billion in Q2 2025 Trading Volume
PancakeSwap, one of the leading decentralized exchanges on BNB Chain, achieved unprecedented growth in the second quarter of 2025. The platform recorded a staggering $530 billion** in trading volume, marking a more than **150% increase** quarter-over-quarter. Notably, June alone accounted for **$325 billion in volume—the highest single-month figure in the platform's five-year history.
Several strategic upgrades fueled this surge:
- Cross-chain swap functionality now enables seamless trading between BNB Chain, Ethereum, and Arbitrum without relying on bridges.
- The PancakeSwap Infinity upgrade significantly reduced gas fees and introduced Hooks, allowing developers to create customizable liquidity pools.
- Implementation of Concentrated Liquidity AMM (CLAMM/LBAMM) improved capital efficiency for liquidity providers.
- A new V3 liquidity pool deployment on Solana, launched July 1, expanded the platform’s multi-chain presence.
Despite its growing footprint, PancakeSwap remains heavily concentrated on BNB Chain, which accounted for 96.7% of total volume in June. Ethereum-based trading represented just 0.3%. According to DefiLlama, PancakeSwap’s 30-day trading volume reached **$153 billion**, surpassing Uniswap’s $83.4 billion during the same period.
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Hyperliquid Dominates Perpetual Contracts Market
In the fast-growing sector of decentralized perpetual futures, Hyperliquid has emerged as a dominant force. As of March 2025, the protocol captured nearly 70% of the on-chain perpetual contract market share, a substantial increase from its position at the beginning of 2024.
March trading volume hit $175 billion**, with an additional **$83 billion recorded in just the first half of April. This level of activity brings Hyperliquid close to 10% of Binance’s perpetual trading volume, a remarkable achievement for a decentralized platform.
The platform’s success is attributed to low-latency execution, deep liquidity, and a user-friendly interface that appeals to both retail and professional traders. Its rise underscores growing demand for non-custodial derivatives trading solutions.
Solana Ecosystem Sees DEX Volume Surge
Solana-based decentralized exchanges have experienced explosive growth. In November 2024, Solana’s DEX trading volume surpassed $100 billion for the first time**, reaching **$109.78 billion according to Solana Floor and DefiLlama data.
Raydium, a flagship DEX on Solana, played a pivotal role in this momentum. It recorded two consecutive months—October and November—where its monthly volume exceeded that of Uniswap. In November alone, Raydium outpaced Uniswap by approximately $30 billion, representing a 30% lead.
A key driver behind Raydium’s growth is the surge in meme coin trading, which accounted for a record 65% of its total monthly volume. The platform now commands over 60% of Solana’s daily DEX trading activity, solidifying its leadership within the ecosystem.
Uniswap Rebounds with Record-Breaking Activity
While facing stiff competition from emerging DEXs, Uniswap remains a cornerstone of the DeFi landscape. In November 2024, the protocol achieved a new monthly trading volume high of **$38 billion**, up nearly **50% from October** and surpassing its previous record of $34 billion.
The primary contributor was Arbitrum, which accounted for $19.5 billion** in volume—making it the first Layer 2 network to exceed **$20 billion in monthly volume on Uniswap.
Total fees generated reached $5.44 million**, ranking Uniswap sixth among DeFi protocols. Meanwhile, UNI token saw a weekly price increase of over **44%**, with market capitalization climbing to **$7.7 billion, reflecting renewed investor confidence and rising on-chain engagement.
Centralized Exchanges Regain Momentum
Centralized exchanges (CEXs) also demonstrated strong performance. Global CEX trading volume reached $1.2 trillion in August 2024, a 6.6% month-over-month increase.
Binance led the pack with $448.45 billion** in volume, followed by regional powerhouses like Upbit and OKX. North America showed particularly strong growth, with monthly volume hitting **$166.84 billion—a 21.6% increase—driven largely by Crypto.com’s dominance in the region.
Bitcoin continued to outpace Ethereum in trading activity, with a 7-day average daily volume of $10.27 billion** compared to Ethereum’s **$6.52 billion, highlighting BTC’s enduring appeal as a primary trading asset.
Regional and Niche Market Highlights
Hong Kong Bitcoin ETFs Set Trading Records
Hong Kong’s three spot Bitcoin ETFs achieved a combined monthly trading volume of HK$1.2 billion (~$153 million USD) in November 2024—the highest since launch. OSL-backed offerings from CSOP and Harvest Funds accounted for 88% of the total, signaling strong institutional and retail interest in regulated crypto products.
Polymarket Outpaces NFT Trading
Prediction markets gained traction ahead of the 2024 U.S. presidential election. Polymarket recorded **$463 million in August 2024**, exceeding the total $377 million in on-chain NFT trading volume for the same period.
Active traders have steadily increased since May, with over $770 million wagered on election outcomes—Trump leading Harris at 50% vs. 48%.
Turkish Lira (TRY) Shows Resilience
Amid global volatility, Turkish lira (TRY)-denominated crypto trading demonstrated resilience, maintaining monthly volumes above $10 billion for eight consecutive months—the longest such streak on record (per Kaiko).
Frequently Asked Questions
Q: What factors contributed to PancakeSwap’s record Q2 2025 volume?
A: Key upgrades like cross-chain swaps, gas fee reductions via PancakeSwap Infinity, concentrated liquidity models, and expansion onto Solana drove user adoption and transaction growth.
Q: Why is Raydium outperforming Uniswap on monthly volume?
A: Raydium benefits from Solana’s high-speed, low-cost infrastructure and a surge in meme coin trading, which accounted for 65% of its volume in November 2024.
Q: How does Hyperliquid compete with centralized perpetual exchanges?
A: By offering low-latency trading, deep liquidity pools, and a non-custodial model that appeals to users seeking control over their assets without sacrificing performance.
Q: Are NFTs losing relevance based on declining OpenSea volumes?
A: While OpenSea’s monthly volume dropped to ~$190 million (from a $5B peak), this reflects market maturation rather than irrelevance. New use cases in gaming, identity, and IP licensing are emerging beyond pure speculation.
Q: Can prediction markets like Polymarket sustain high volumes post-election?
A: Long-term sustainability will depend on expanding event categories (e.g., sports, economics) and integrating with DeFi primitives like staking and yield generation.
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Core Keywords Integration
Throughout this analysis, key themes emerge around trading volume, DEX performance, Layer 2 adoption, meme coin activity, perpetual contracts, prediction markets, and regional crypto trends. These keywords reflect current user interests and search behaviors across crypto analytics platforms.
Platforms achieving sustained volume growth often combine technical innovation with community-driven narratives—such as meme coins on Solana or political betting on Polymarket—to capture attention and liquidity.
Final Thoughts
Monthly trading volume remains one of the most reliable indicators of health and momentum in the crypto ecosystem. Whether it's PancakeSwap breaking records, Solana DEXs surpassing Uniswap, or niche markets like prediction platforms gaining traction, volume trends reveal where users are allocating time and capital.
As infrastructure improves and new financial primitives emerge, expect further shifts in volume leadership across chains and categories.
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