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The retail speculation frenzy has driven up DEX trading volume.
Solana, BNB Chain, and Hyperliquid have become the main battlegrounds, with clear core advantages—high throughput, ample liquidity, and extremely low fees. These three factors are practically standard for the memecoin craze and perpetual contract trading. Throughout most of this year, Solana has maintained a leading position in L1 DEX trading volume rankings, with a pretty obvious edge. This concentration reflects market participants' real demand for chain performance and cost efficiency, especially in high-frequency trading and volatile markets.