# DeFi Market Shows Mixed Performance in Early June
The decentralized finance (DeFi) market experienced a week of mixed fortunes in early June, marked by a general decline in trading volume and liquidity, while certain chains exhibited notable upward trends. Particularly, PancakeSwap consolidated its dominance, capturing over 60% of the decentralized exchange (DEX) market share. Meanwhile, emerging chains such as Hyperliquid and Base showcased significant growth in terms of total value locked (TVL) and activity levels.
# Liquidity and Trading Volume Decline Amid Market Adjustment
According to data from DeFiLlama as of June 6, the total value locked (TVL) in DeFi stood at $110.06 billion, reflecting a 2.21% decrease from the previous week. The decline in TVL coincided with reduced volatility in risk assets, leading to a synchronous drop in trading volumes on DEXs and derivative exchanges. Weekly trading volumes on DEXs fell by 11.38% to $87.27 billion, while derivative trading volumes plunged by 20.07% to $77.75 billion. Additionally, ETF-related funds saw a net outflow of $267.1 million over 24 hours, further contributing to the liquidity contraction in the DeFi sector.
# PancakeSwap Maintains Lead While Smaller DEXs Surge
On the DEX front, PancakeSwap, based on Binance Chain, continued its lead, recording approximately $74 billion in trading volume over seven days. This made it the largest player among major DEX platforms, surpassing half of the total DEX trading volume. Its popularity is attributed to its multi-chain expansion and low-fee structure, which have significantly attracted liquidity.
Uniswap followed with a trading volume of $21 billion, capturing 17.7% of the market. Other notable players included Raydium (4.9%), Orca (2.8%), and Aerodrome (2.5%). Among mid-sized DEXs, pump.fun saw a 24.6% increase in trading volume compared to the previous week, while Meteora recorded a 19.7% rise. Axiom Trade demonstrated remarkable growth with an 80.7% surge in weekly trading volume, showcasing robust inflows during its early ecosystem development stage.
# Ethereum Leads in TVL, Hyperliquid and Base Show Prominent Growth
In terms of TVL, Ethereum remained the undisputed leader with $60.55 billion. Solana ($8.35 billion), Bitcoin ($6.03 billion), Binance Smart Chain (BSC) ($5.87 billion), Tron ($4.82 billion), and Base ($3.66 billion) followed. While the rankings of the top chains remained stable compared to the previous week, the rapid growth of chains like Hyperliquid suggests a potential shift in market dynamics.
Hyperliquid (Hyperliquid L1) recorded a 13.96% increase over seven days and an impressive 80.40% rise over the month, marking the highest growth rate among the newcomers. Base also showed a substantial 25.82% increase from the previous month, leading the layer-two category in terms of expansion speed. Although these chains currently hold a relatively small TVL share, their rapid increase in trading volume and user base indicates their growing influence within the DeFi ecosystem.
Overall, the early June DeFi market displayed a landscape of adjustment, with PancakeSwap’s dominance and the rise of emerging chains standing out. Should liquidity and risk appetite recover, the market influence of these platforms and chains is expected to further expand.
