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Decentralized Derivatives Surge as DeFi TVL Climbs in Mid-July

The decentralized exchange (DEX) market experienced a pivotal milestone during the third week of July (July 11–18), with perpetual derivatives trading volume overtaking spot trading for the very first time. Leading the charge was Hyperliquid, a dominant player capturing a commanding 70% share of all derivatives transactions. Concurrently, the broader decentralized finance (DeFi) sector surged, fueled by significant inflows into liquid staking and lending protocols—a trend that many are now referring to as the start of a "DeFi Summer."

According to DeFiLlama, the total value locked (TVL) in DeFi climbed to $138.19 billion as of July 18, representing a 3.84% week-over-week gain and marking the third consecutive week of TVL growth. Stablecoin market capitalization also expanded, rising 1.43% to $260.72 billion, with Tether (USDT) maintaining its dominance at 61.99%.

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Perpetual Derivatives Volume Soars to $124.1 Billion in Weekly Activity

The week was defined by explosive growth in perpetual derivatives trading, which surged 74.69% week-over-week to reach an immense $124.13 billion. For the first time ever, derivatives trading volumes surpassed spot trading, which also saw robust growth with a 35.69% increase to $123.43 billion.

The uptick in trading activity was primarily driven by interest in PUMP, a token launched by the meme coin platform PumpFund. PUMP's rapid turnover injected momentum into DEX activity, boosting trading volumes significantly. Hyperliquid dominated decentralized derivatives platforms during this period, achieving an astounding $86.75 billion in weekly transaction volume on a single chain. It also recorded impressive daily figures, with 24-hour trading volume soaring to $18.56 billion, solidifying its position as the leader in the derivatives space.

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BNB Chain Captures DEX Spot Market Lead Amid Ethereum's Rebound

In the DEX spot market, weekly trading volumes rose sharply to $123.43 billion—a 35.69% week-over-week increase. BNB Chain stood out as the leader, accumulating $47.2 billion in trading volume and commanding a 47.8% market share. Solana ranked second with $17.9 billion (18.1%), while Ethereum secured third place with $15.2 billion (15.4%), aided by a notable 24.8% growth in weekly trading activity.

Among individual platforms, PancakeSwap continued to reign supreme as the top DEX spot trading platform, recording $45.6 billion in trading volumes and a dominant 46.2% market share. Uniswap and Raydium followed, generating $21.9 billion and $8.3 billion in spot transactions, respectively.

Token Terminal data revealed significant trading volume growth across multiple chains. Ronin emerged as the fastest-growing chain (+42.7%), followed closely by Sonic (+41.5%), Solana (+38.5%), Polygon (+25.2%), and Ethereum (+24.8%). The rally was not limited to major chains, as smaller platforms also demonstrated encouraging momentum.

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Ethereum Leads DeFi TVL Growth While Smaller Chains Shine

Ethereum maintained its stronghold in DeFi TVL, reaching $81.21 billion as of July 18—a whopping 14.87% increase that topped all other chains. Solana followed with $9.98 billion (+8.51%), Bitcoin claimed $7.16 billion (+4.78%), and Binance Smart Chain (BSC) hit $6.67 billion (+6.61%).

Among smaller chains, Sui distinguished itself with a remarkable 14.38% week-over-week gain, climbing to $2.32 billion in TVL. This marked its third consecutive week of double-digit growth. Base (+10.92%) and Tron (+12.42%) also continued their upward trajectories, indicating sustained investor confidence in emerging chains.

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Liquid Staking and On-Chain Lending Drive DeFi Expansion

From a category perspective, liquid staking emerged as the standout driver of growth across DeFi protocols, with TVL surging 20.08% week-over-week to $69.04 billion. Lending protocols also showed robust performance, seeing an 8.89% increase in TVL to $67.23 billion. Analysts highlighted a continued recovery in on-chain lending activities, as simultaneous increases in collateral deposits and borrowing strengthened the lending ecosystem.

As decentralized finance evolves, the upward trajectory in TVL and renewed vigor in both derivatives and spot trading highlight the enduring potential of this space. The growing enthusiasm for a potential "DeFi Summer" underscores the industry's readiness for innovation and expansion, promising transformational changes in the weeks and months ahead.

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