According to DefiLlama, weekly on-chain transaction volume has been declining since mid-January, gradually falling from $173 billion to about $90 billion last week. Solana's weekly trading volume dropped the most during this period.
DEX trading volume hit a record high of $173 billion per week from January 11 to 17. Solana is the main driver of this trend, with over $97.5 billion in on-chain trading activity.
The following week, on-chain trading volume remained stable, with DEX trading volume of nearly $171 billion. BSC played a key role, with its weekly trading volume rising 76% to nearly $30 billion.
However, DEX failed to hold its ground in the last week of January, with trading volumes falling to nearly $120 billion, a 30% decrease, a major change also related to Solana, as the network's weekly trading volume dropped by nearly $40 billion , while other blockchains have transaction volumes that remain similar to the previous week.
In the first week of February, weekly trading volume continued to shrink. DEX totaled $107.4 billion, and Solana's trading volume dropped by nearly $10 billion. Weekly on-chain trading volume fell below $100 billion for the first time in five weeks, with just $90 billion between February 8 and February 14.
Additionally, Solana has not led weekly trading activities for the first time since early October. The volume on BSC was nearly $30 billion, while the volume on Solana was $26.2 billion. (CryptoSlate)
