Solana Faces Rising Competition in Derivatives Despite DEX Dominance

[chainsniff]

Blockchains ranked by 7-day perpetual contracts volumes. Source: DefiLlama

While Solana remains a leader in decentralized exchange activity, it is losing ground in the fast-growing perpetual futures market.

Platforms like Hyperliquid now dominate more than 80% of perpetual trading volume, drawing attention away from Solana’s ecosystem.

Combined with declining network revenue and weak derivatives sentiment, the competitive pressure could delay any major price recovery for SOL, even as the network maintains strong fundamentals in other areas.

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SOL losing ground while Hyperliquid takes 80%? Speedrunning irrelevance