以太坊 (ETH) 仍是 2024 年 DEX 活動的領先者

Uniswap V3 合約是全年使用最廣泛的合約之一，為包裝好的 ETH 和穩定幣提供最佳的流動性。

Ethereum (ETH) remained the dominant force in DEX activity for 2024, at least in terms of trading volumes. The Uniswap V3 contract was among the most widely used throughout the year, offering the best liquidity for wrapped ETH and stablecoins.

以太坊（ETH）仍然是 2024 年 DEX 活動的主導力量，至少就交易量而言是如此。 Uniswap V3 合約是全年使用最廣泛的合約之一，為包裝好的 ETH 和穩定幣提供最佳的流動性。

Ethereum still surpassed other chains in its yearly DEX activity and volumes. Despite lagging meme token launches, Ethereum hosted significant liquidity through Uniswap V3, which still has not been replaced on L2 chains or any other network.

以太坊的年度 DEX 活動和交易量仍然超過其他鏈。儘管 Meme 代幣的發布滯後，但以太坊透過 Uniswap V3 託管了大量流動性，而 Uniswap V3 仍未在 L2 鍊或任何其他網路上被取代。

In the past 12 months, Ethereum DEX achieved $674B in trading volumes, still surpassing Solana’s $626B. BNB Chain took the third spot with $352B. The year-end results formed after Solana led DEX activity for the last quarter.

在過去 12 個月中，以太坊 DEX 的交易量達到了 $674B，仍然超過了 Solana 的 $626B。 BNB Chain 以 $352B 排名第三。 Solana 在上個季度引領 DEX 活動後形成了年終業績。

Over the year, DEX activity was mostly concentrated on 15 chains, which reflected other metrics such as daily active wallets and transaction counts. In total, eight L1 chains took up a significant part of the DEX traffic. In addition to Solana and Ethereum, DEX activity concentrated on BNB Chain, Avalanche, SUI, TRON, Aptos, and TON.

一年來，DEX 活動主要集中在 15 條鏈上，這反映了每日活躍錢包和交易數量等其他指標。總共有 8 個 L1 鏈佔據了 DEX 流量的很大一部分。除了 Solana 和以太坊之外，DEX 活動還集中在 BNB Chain、Avalanche、SUI、TRON、Aptos 和 TON。

Meme tokens drove DEX activity on most top chains, with the most active dedicated markets on Ethereum, Solana, BNBChain, and TON. DEX also had a different profile, with a mix of meme activity and high-liquidity pairs of blue-chip assets. The 2024 trend does not yet reflect Hyperliquid, which only recently launched its native HYPE token and increased its activity.

Meme 代幣推動了大多數頂級鏈上的 DEX 活動，其中最活躍的專用市場是以太坊、Solana、BNBChain 和 TON。 DEX 也有不同的特點，混合了迷因活動和高流動性的藍籌資產對。 2024 年的趨勢尚未反映 Hyperliquid，該公司最近才推出其原生 HYPE 代幣並增加了其活動。

DEX activity is back to 2022 levels

DEX 活動恢復至 2022 年水平

DEX value locked is yet to return to the levels of 2021. Currently, DEX on all chains lock in $24.46B, recently reaching a yearly peak. Ethereum retains $8.46% of overall DEX liquidity, with pools available in some of the leading stablecoins.

DEX 鎖定金額尚未恢復到 2021 年的水平。以太坊保留了 DEX 整體流動性的 8.46%，並在一些領先的穩定幣中提供了資金池。

Both the market as a whole and Ethereum’s DEX activity have rebuilt their value to levels not seen since the end of 2022. The overall DEX sector will end the year with an expansion streak for December.

整個市場和以太坊的 DEX 活動都已將其價值重建至 2022 年底以來的最高水平。

Overall DEX activity has been recovering gradually. While liquidity providers still receive rewards, the available DEX have seen a decrease of farming tokens. In 2024, DEX also carried more high-quality, high-liquidity pairs.

整體 DEX 活動正在逐漸恢復。雖然流動性提供者仍然可以獲得獎勵，但可用的 DEX 中的農業代幣已經減少。 2024年，DEX也承載了更多優質、高流動性的交易對。

In the last two months of 2024, Uniswap achieved more than $90B in trading volumes, double the activity compared to Q3. Net deposits grew to $7.25B, the highest level in the second half of the year, based on TokenTerminal data.

在 2024 年最後兩個月，Uniswap 的交易量超過了 $90B，是第三季活動的兩倍。根據 TokenTerminal 數據，淨存款成長至 $7.25B，為下半年最高水準。

One of the reasons for Uniswap’s growth is also Base, which offers much cheaper transactions. As a whole, Uniswap’s volumes grew on both Ethereum and L2, boosting the overall score for all DEX.

Uniswap 成長的原因之一也是 Base，它提供了更便宜的交易。總體而言，Uniswap 在以太坊和 L2 上的交易量均有所增長，提高了所有 DEX 的總分。

Just checked the chain:

剛剛檢查了鏈條：

Monthly L2 volume on the Uniswap Protocol just hit a new all-time high

Uniswap 協議的每月 L2 交易量剛剛創下歷史新高

What a way to end the year 🦄 pic.twitter.com/TrygEaa2OS

這是結束這一年的方式🦄 pic.twitter.com/TrygEaa2OS

Over the course of the year, most DEX were in close competition, depending on the currently viable trend. Solana’s activity with meme tokens and AI agents put Raydium and Jupiter among the top performers, but Ethereum retained older and highly liquid pairs against stablecoins.

在這一年中，大多數 DEX 都處於激烈的競爭之中，具體取決於當前可行的趨勢。 Solana 在 meme 代幣和人工智慧代理商方面的活動使 Raydium 和 Jupiter 躋身表現最佳的行列，但以太坊保留了較舊且流動性高的穩定幣對。

Ethereum DEX was also key for moving between Wrapped ETH (WETH) and stablecoin, helping Uniswap V3 reach nearly $1B in daily volumes.

以太坊 DEX 也是 Wrapped ETH (WETH) 和穩定幣之間轉換的關鍵，幫助 Uniswap V3 的每日交易量達到近 10 億美元。

Solana saw a migration of protocols in 2024

Solana 將於 2024 年協議遷移

One of the initial ideas of Solana was to compete with Ethereum, possibly with its own collection of apps. The past year saw a migration of DEX and other protocols, leading to the increased inflow of stablecoin liquidity.

Solana 的最初想法之一是與以太坊競爭，可能是透過自己的應用程式集合來競爭。過去一年，DEX 和其他協議的遷移，導致穩定幣流動性流入增加。

After the crash of FTX, Solana spent years without significant apps and DeFi. As a sign of regained trust, Solana attracted several protocols. One of the most notable migrations that started in 2024 was Sky Protocol, formerly Maker DAO. Ondo Finance, one of the largest RWA tokenization protocols, also launched its app on Solana. Renzo Protocol also built its re-staking version on Solana, partnering with JitoSOL.

FTX 崩潰後，Solana 多年沒有重要的應用程式和 DeFi。作為重新獲得信任的標誌，Solana 吸引了多個協議。 Sky Protocol（以前稱為 Maker DAO）是 2024 年開始的最引人注目的遷移之一。 Ondo Finance 是最大的 RWA 代幣化協議之一，也在 Solana 上推出了其應用程式。 Renzo Protocol 還與 JitoSOL 合作在 Solana 上建立了其重新抵押版本。

Solana also attracted bridged cbBTC, Coinbase’s wrapped version of Bitcoin (BTC). Pudgy Penguins also chose Solana for the launch of its native token, PENGU. Simon's Cat (CAT) also chose the network for its high-profile meme token.

Solana 也吸引了橋接 cbBTC，這是 Coinbase 的比特幣 (BTC) 包裝版本。 Pudgy Penguins 也選擇 Solana 來推出其原生代幣 PENGU。西蒙貓（CAT）也因其高調的模因代幣而選擇該網絡。

The increased Solana activity depended on Raydium, while also using the routing and optimization services of Jupiter. Solana trading remains heavily dependent on bots, carrying more than 86% of bot traffic.

Solana 活動的增加依賴 Raydium，同時也使用了 Jupiter 的路由和最佳化服務。 Solana 交易仍然嚴重依賴機器人，承擔著超過 86% 的機器人流量。