Over $190M in OnChain Positions Liquidated in Market-Wide Flush

With crypto markets heating up as Bitcoin charges to $100k, Solana is slowly fulfilling co-founder Anatoly Yakovenko’s vision of ‘NASDAQ on the blockchain’.

Contrary to popular opinion, Solana’s DeFi scene expands far beyond memecoins. The network boasts one of the industry’s most active perpetual trading markets, executing higher liquidation volumes than the majority of centralized exchanges.

Solana Perpetual Liquidations Perform at CEX-Level Volume

November has been a wild month in crypto markets. Buoyed by Trump’s victory in the U.S. Presidential Election, crypto assets have soared to new heights, with Bitcoin testing a key psychological barrier at $100,000 and $SOL breaking new all-time highs for the first time since November 2021.

However, nothing goes up forever. Since Bitcoin failed to breach the $100,000 level, markets are entered a period of volatility marked by sharp price fluctuations. Bitcoin and Solana are respectively down 5.32% and 12.16% from new all-time highs, wiping out over-leveraged traders in sudden liquidations.

Based on Ranger Finance data, onchain Solana perpetual markets have witnessed over $190M in liquidations over the last 24 hours, with the vast majority coming from long positions. In comparison, Coinglass data indicates that centralized exchanges collectively processed over $568M in liquidations during the same time period.

While Binance dominated CEX liquidation volume, runner-up ByBit only handled $132M in liquidations in the last 24 hours. Processing over $190M in liquidations, Solana’s onchain perpetual markets are competing with leading centralized exchanges, highlighting the network’s growth and standing as an efficient, high-throughput trading infrastructure.

Onchain Perpetual Trading Volume Up 290% This Month

Decentralized onchain perpetual trading enjoyed a dramatic influx of volume throughout November, with networks across the industry witnessing triple-digit growth.

According to DefiLlama data, Solana ranks second among all blockchains in terms of onchain perpetual trading volume. Within the ecosystem, Jupiter commands the lion’s share of activity, boasting around 75% of market share.

However, perpetual market dominance may be on the cusp of change. Hyperliquid, the industry’s largest network by perpetual trading volume, is now only weeks away from its initial TGE (Token Generation Event). Hyperliquid may suffer reduced trading activity in the wake of the airdrop, as mercenary capital and airdrop farmers seek alternative opportunities.

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