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— Bluefin (@bluefinapp) April 18, 2024
As reported by the on-chain data platform Openblock Labs, the decentralized exchange has facilitated over 65% of the transaction volume within the SUI chain, establishing itself as the reference DEX for derivatives in the ecosystem.
The TVL, which at the beginning of December was just 1 million dollars in locked funds, has skyrocketed to about 24 million dollars today, for an increase of 24X.
Since its launch in October, Bluefin has raised a whopping $4.69 million and caused liquidations of $10.4 million.
The open interest of 4.18 million dollars is significant in the sense that, despite the moment of uncertainty in the market, traders are confident and maintain a high propensity for derivative trading.
Despite all the positive data, it must be acknowledged that volumes are significantly decreasing compared to the first months of 2024, when the 7-day average sometimes exceeded the threshold of 500 million dollars in daily exchange.
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It is also very interesting to observe how the trading activity is distributed within Bluefin: over half of the volume (51%) is led by the ETH perpetual, with the second largest portion managed by the BTC perp (38%)
At the top of the podium, we find the SOL perp (5%), while the SUI perp manages much less value (2%). Overall, the top 4 markets account for 96% of the trading volumes recorded on the DEX.
Even on the open interest front, the story is the same, with trades in ETH, BTC, and SOL being the most popular choices among end users.
It is worth noting this very interesting last piece of data: until yesterday, the open interest on SUI’s perpetual amounted to just $536,000, while today it has more than doubled to $1.39 million.
The influx of money, according to OpenBlock Labs data, seems to be attributable to the opening of new short positions against SUI, which today is losing 6% of its value on the market.
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