Trading #سولانا is shifting to decentralized markets, where most recent liquidations occurred on decentralized futures platforms. The volume of perpetual liquidations was double that of trading on centralized exchanges.
The token $SOL is turning.
The original to decentralized demand, where liquidations on decentralized exchanges surpass trading volumes on centralized exchanges. On-chain liquidations were 96% higher compared to trades on centralized exchanges, indicating increasing demand for on-chain perpetual liquidations.
Solana's decentralized markets record a record surge in activity.
During the last market downturn, Solana experienced perpetual exchange liquidations exceeding $94 million, compared to about $47 million in centralized liquidations in derivatives markets. The Jupiter decentralized exchange was the largest conduit for long-term liquidations in the past 24 hours.
The strong demand for trading derivatives #SOL has positioned the Jup, iter D, EX platform among the top 5 platforms for fee collection on Solana, with fees exceeding $3.88 million in the past 24 hours.
The price of $SOL has dropped to $134.33 after a turbulent weekend that caused major assets to lose value. The price of the currency also fell to a local low of $128.30, then quickly recovered to erase buy positions as well.
Solana has been trading in a range since recovering from the 2022 crash, and has been suitable for derivatives trading amid short-term volatility. After the weekend, liquidations reduced open interest from $3.55 billion to $2.9 billion, even as it still led to an expansion of long positions to 76% of total open interest.
Stabble D, EX has enhanced $SOL perpetual swaps.
Until recently, SOL was predominantly used as a primary trading asset, listed in token pairs #meme . While other chains hosted their perpetual decentralized exchanges, SOL was primarily listed in meme trading.
The recent increase in on-chain liquidations is linked to the rising activity of Stabble, one of the currently active perpetual decentralized exchanges on #Solana .
The Solana platform has seen a new trend for decentralized exchange (D,EX) with Stabble, a new decentralized derivatives exchange.
Stabble has seen increased activity since launching its token in June. The decentralized exchange Stabble for decentralized exchange (D,EX) has just started, with locked liquidity of $3 million and a monthly trading volume slightly over $1 billion. However, Stabble has become the most active decentralized exchange, surpassing other Solana-based platforms, including Ray,,dium, Met,,,eora, and Or,,ca.
SOL is also among the trending assets on the #Hyperliquid platform, having entered the list of the top 5 active trading pairs. The SOL-USD pair has traded over $798 million in daily volume, with over $408 million in open positions. This increased activity has also attracted whales with large positions. One whale currently holds a long position on SOL with a notional value exceeding $17 million, representing an unrealized loss of $5.7 million.
Short-term market volatility has attracted a seasoned trader in Hyperliquid who has a history of short-selling SOL. The trader holds $9.3 million in unrealized gains, with additional short positions also in the green. The notional value of the SOL position is $39 million. The large volume of short whale bets may indicate downward pressure on the asset's price, but it could also lead to a short squeeze.
SOL continues to face pressure from regular openings by Alameda Research, in addition to spot selling from fee-generating applications. The expectation of another drop approaching $100 increases activities in both the spot and derivative markets.