# Bitcoin’s Record-Breaking Surge Energizes DeFi Market
The price of Bitcoin has surged past $76,000, reaching an all-time high and injecting fresh momentum into the decentralized finance (DeFi) market. According to DeFiLlama, the trading volumes on the top 10 decentralized exchanges (DEX) on major chains saw significant increases from November 1 to November 7.
Ethereum and Solana maintained their leading positions by chain volume, while Polygon registered a notable surge with a 109% weekly increase in trading volume. Ethereum’s weekly trading volume hit $11.846 billion, marking a 17.46% increase from the previous week, securing its position with a 23.13% market share in the DEX arena.
Solana led with a weekly trading volume of $14.142 billion, although it recorded a modest 3.7% growth compared to the previous week. Base followed with $884 million in weekly trading volume, a 3.54% increase, solidifying its market share at 14.46% and positioning itself alongside Arbitrum as a network to watch.
# U.S. Presidential Election Bolsters Polymarket, Propels Polygon
The most notable change this week was Polygon’s dramatic rise. Polygon’s weekly trading volume soared 107% to $3.385 billion. This surge can be attributed to the heightened activity on Polymarket, a prediction platform based on the Polygon network, which gained traction with predictions related to the U.S. presidential election.
According to Blockworks, Polymarket processed approximately 2.92 million transactions on election day alone, with daily trading volumes reaching $240 million. Polymarket operated at a transaction speed of about 33.8 transactions per second and demonstrated robust performance with a low 7% reprocessing rate.
Despite the high trading volumes, Polygon’s token fee revenue was relatively modest at approximately $10,571. The price of POL (formerly MATIC) rose 7% to $0.30 on that day, although it remains down about 54% compared to the start of the year.
# Sui Sees 40% Surge as Mantle and Dexalot Decline
Meanwhile, Sui and Thorchain showed significant growth, with weekly trading volumes increasing by 40.75% and 21.5%, respectively. In contrast, Dexalot and Mantle experienced declines of 9.99% and 9.52%, respectively, indicating a lag in the competitive landscape.
The intensifying competition among chains in the DEX market is driving diversification within the ecosystem. While Ethereum maintains a stable market share, the growth trajectories of Solana, Base, and others are fostering a more varied marketplace. As chains differentiate themselves through transaction fees, speed, and other factors, DEX users are spreading across multiple networks—a trend that is expected to persist.
