Key Developments in Decentralized Exchange Activity
In the week ending November 16, 2025, the total value locked across decentralized exchanges (DEXs) significantly decreased to $952.29 billion. This represents a 21.6% reduction from the prior week's $1,215.32 billion and a more substantial 44.3% decline from the year's peak of $1,711.04 billion. Solana has emerged as the leader in DEX trading volumes, surpassing other major blockchains like BNB Chain and Ethereum.
This sharp decrease in total value locked highlights potential liquidity concerns across major decentralized finance (DeFi) platforms and is altering the landscape of DeFi trading activities. These changes have led to significant shifts in trading preferences, with Solana processing $238.15 billion in trading volume, securing the top position.
BNB Chain followed with $225.61 billion in trading volume, while Ethereum recorded $168.29 billion. This altered landscape has influenced market dynamics, with liquidity and on-chain activities reflecting the overall downtrend in the DeFi market.
"Active monitoring of liquidity risks and deploying new risk management strategies."
This statement comes from developer commentary found in community forums, indicating a proactive approach to managing the current market conditions.
Historical Context and Solana's Market Position
The recent shift towards Solana as the leader in DEX trading volume mirrors previous periods of drastic market change, such as the surge in Solana's NFT activity in 2021. This historical context suggests that such shifts can be indicators of broader market trends and evolving user preferences within the cryptocurrency space.
According to available data, Solana's current price stands at $135.71, with a market capitalization of $75.21 billion and a 2.36% dominance. Over recent days, Solana has experienced notable declines: 4.90% in the past 24 hours, 16.54% over the past week, and 25.9% over the past month. Despite these price adjustments, Solana remains a significant player, with its market position being influenced by the shifting DEX volumes observed.
The Coincu research team suggests that the decrease in value locked across DEXs could lead to new regulatory conversations. Solana's emerging dominance in trading volume might catalyze innovations and adjustments in protocol offerings, focusing on enhanced trading efficiencies and investment opportunities, despite the current market volatility.