On-Chain Perps Smash Records with $1T Trading Volume

On-chain perpetual-focused decentralized exchanges have achieved over $1 trillion in total trading volume this month, a significant increase from $739 billion in September. This unprecedented volume coincides with a surge in market volatility, particularly on October 10, when major cryptocurrencies underwent substantial declines, resulting in around $20 billion in forced liquidations. Hyperliquid, a leading on-chain perpetual DEX, was notably impacted, liquidating 1,000 wallets, including 205 with losses exceeding $1 million each. Additionally, on October 10, these decentralized exchanges recorded a peak single-day trading volume of $78 billion, highlighting the growing confidence among traders in permissionless, high-leverage markets. This trend indicates that decentralized exchanges are rapidly closing the performance gap with centralized exchanges, showcasing their increasing prominence in the cryptocurrency ecosystem.

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