WHERE IS ONCHAIN VOLUME ROTATING?

Summary from the TLDR Crypto newsletter

DEX trading hit an all-time high of $380 billion in January 2025 before plunging 35% by February. The top ten DEXs accounted for 80% of volume, with Uniswap and PancakeSwap driving 40% and five of the top ten being Solana-native. Base's DEX share is 7%, Ethereum's is 26%, and Solana's is 21%. Centralized exchanges captured 80% of spot volume at the January peak and Hyperliquid held 60% of the perpetuals market share.