以太坊 (ETH) 仍是 2024 年 DEX 活动的领先者

Uniswap V3 合约是全年使用最广泛的合约之一，为打包的 ETH 和稳定币提供最佳的流动性。

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 活动的主导力量，至少就交易量而言是这样。 Uniswap V3 合约是全年使用最广泛的合约之一，为打包的 ETH 和稳定币提供最佳的流动性。

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 活动和交易量仍然超过其他链。尽管 Meme 代币的发布滞后，但以太坊通过 Uniswap V3 托管了大量流动性，而 Uniswap V3 仍未在 L2 链或任何其他网络上被取代。

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.

在过去 12 个月中，以太坊 DEX 的交易量达到了 $674B，仍然超过了 Solana 的 $626B。 BNB Chain 以 $352B 排名第三。 Solana 在上个季度引领 DEX 活动后形成了年终业绩。

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.

一年来，DEX 活动主要集中在 15 条链上，这反映了每日活跃钱包和交易数量等其他指标。总共有 8 个 L1 链占据了 DEX 流量的很大一部分。除了 Solana 和以太坊之外，DEX 活动还集中在 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 代币推动了大多数顶级链上的 DEX 活动，其中最活跃的专用市场是以太坊、Solana、BNBChain 和 TON。 DEX 也有不同的特点，混合了模因活动和高流动性的蓝筹资产对。 2024 年的趋势尚未反映 Hyperliquid，该公司最近才推出其原生 HYPE 代币并增加了其活动。

DEX activity is back to 2022 levels

DEX 活动恢复至 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 锁定金额尚未恢复到 2021 年的水平。目前，所有链上的 DEX 锁定金额为 $24.46B，近期达到年度峰值。以太坊保留了 DEX 整体流动性的 8.46%，并在一些领先的稳定币中提供了资金池。

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.

整个市场和以太坊的 DEX 活动都已将其价值重建至 2022 年底以来的最高水平。整个 DEX 行业将在 12 月份出现连续扩张，从而结束今年。

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.

总体 DEX 活动正在逐渐恢复。虽然流动性提供者仍然可以获得奖励，但可用的 DEX 中的农业代币已经减少。 2024年，DEX还承载了更多优质、高流动性的交易对。

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 年最后两个月，Uniswap 的交易量超过了 $90B，是第三季度活动的两倍。根据 TokenTerminal 数据，净存款增长至 $7.25B，为下半年最高水平。

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 增长的原因之一也是 Base，它提供了更便宜的交易。总体而言，Uniswap 在以太坊和 L2 上的交易量均有所增长，提高了所有 DEX 的总体得分。

Just checked the chain:

刚刚检查了链条：

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

Uniswap 协议的每月 L2 交易量刚刚创下历史新高

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

这是结束这一年的方式🦄 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.

在这一年中，大多数 DEX 都处于激烈的竞争之中，具体取决于当前可行的趋势。 Solana 在 meme 代币和 AI 代理方面的活动使 Raydium 和 Jupiter 跻身表现最佳的行列，但以太坊保留了相对于稳定币的较旧且流动性较高的货币对。

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) 和稳定币之间转换的关键，帮助 Uniswap V3 的日交易量达到近 10 亿美元。

Solana saw a migration of protocols in 2024

Solana 将于 2024 年实现协议迁移

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 的最初想法之一是与以太坊竞争，可能是通过自己的应用程序集合来竞争。过去一年，DEX 和其他协议的迁移，导致稳定币流动性流入增加。

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 崩溃后，Solana 多年没有重要的应用程序和 DeFi。作为重新获得信任的标志，Solana 吸引了多个协议。 Sky Protocol（以前称为 Maker DAO）是 2024 年开始的最引人注目的迁移之一。 Ondo Finance 是最大的 RWA 代币化协议之一，也在 Solana 上推出了其应用程序。 Renzo Protocol 还与 JitoSOL 合作在 Solana 上构建了其重新抵押版本。

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 还吸引了桥接 cbBTC，这是 Coinbase 的比特币 (BTC) 包装版本。 Pudgy Penguins 还选择 Solana 来推出其原生代币 PENGU。西蒙猫（CAT）也因其高调的模因代币而选择该网络。

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 活动的增加依赖于 Raydium，同时还使用了 Jupiter 的路由和优化服务。 Solana 交易仍然严重依赖机器人，承担着超过 86% 的机器人流量。