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Cryptocurrency sector’s significant part, the derivatives market, faces considerable growth with several protocols experiencing a noteworthy increase in transaction volume. The rise in activity within protocols that enable derivative transactions indicates investors’ growing interest in seeking new opportunities in the cryptocurrency market, focusing on decentralized finance (DeFi) and derivative trading.
Surge in Daily Transaction Volume of Derivative Protocols
According to data provided by Dune, a collective increase in transaction volume was observed on February 29th for the top 20 on-chain derivative protocols. The total transaction volume of these protocols exceeded $4 billion, reflecting a broader trend of increased participation in cryptocurrency derivatives trading. One of these protocols, APX, recorded a transaction volume of $1.71 billion, significantly contributing to the overall momentum in the derivatives market.
One of the standout performers in terms of activity increase was the protocol Aevo, which saw its weekly transaction volume rise to $25.9 billion. This volume, representing an approximate 300% increase month-over-month (MOM), sets a new record for the protocol. The surge in transaction volume reflects the high confidence and participation in Aevo’s derivatives side.
Another significant player was Hyperliquid, which on February 28th surpassed $3 billion in single-day transaction volume. This high volume demonstrates the protocol’s ability to attract significant trading activity and liquidity in a short period, highlighting its appeal to traders and investors.
The Rise of Protocols
The overall increase in transaction volume for protocols enabling derivative transactions is a result of the growing investor interest in the cryptocurrency market following significant rises in Bitcoin (BTC) and altcoins. As more investors and traders recognize the profit potential in derivatives trading, further increases in activity and transaction volume can be expected in Aevo, Hyperliquid, and other protocols.
Moreover, the rising transaction volume in protocols that enable derivative transactions underscores the importance of DeFi in the broader cryptocurrency market. DeFi protocols attract a diverse range of participants seeking alternative investment opportunities by offering more accessibility, transparency, and control over their financial activities.
