According to DefiLlama, on-chain derivatives volumes have fallen for the third week in a row, indicating that risk appetite may have weakened. This week's volume was just $5.11 billion and is expected to record its lowest weekly volume since early 2023. The reasons for the decline in transaction volume include the uncertainty of the outcome of the US Presidential Election, rising tensions in the Middle East, and macroeconomic factors such as the expectation that the Federal Reserve may not cut interest rates next month. Nonetheless, the average monthly transaction volume of the on-chain derivatives market in 2024 increased by 357% year-on-year, indicating the continued growth of the decentralized derivatives market this year. The addition of new platforms such as Blast and Hyperliquid has also contributed to the expansion of the market size. However, the trading volume of decentralized platforms is still much lower than that of centralized exchanges. For example, Binance has traded $46.20 billion in the past 24 hours, while the total trading volume of decentralized platforms is only $5.10 billion, accounting for about 11%.