Alexander Volkanovski fell painfully short in his attempt at becoming a two-weight UFC champion, with Islam Makhachev edging a thrilling battle in Perth.

The blockbuster main event at UFC 284 showcased the pound-for-pound fighters in MMA and it was the Russian who triumphed in enemy territory via a unanimous decision.

In the biggest fight of the year so far, it took a gargantuan effort from Makhachev - without Khabib Nurmagomedov in his corner - to dig in and overcome the fan favourite 28-27, 28-27, 29-26.

Volkanovski had promised his 5ft 6in frame and wrestling pedigree would make it hard for the Dagestani to take him down and maul him, as he has done with almost all his opponents at lightweight.

And for the most part, 'The Great' was right, forcing his rival to stand and trade blows with him.

The opening stanza set the tone for what was to come. Volkanovski roared: 'Let's f***ing go' as he sent Makhachev stumbling backwards with a right hand early on. 

The Russian then exacted revenge and wobbled his challenger, securing a takedown and threatening a choke before the clock intervened. 

Volkanovski looked slick on the feet but Makhachev carried that extra power in his natural weight class so didn't need to land as often. Early in the second round the 34-year-old sent the champion tumbling backwards and it ended up on the ground briefly before the Aussie rose to his feet. Makhachev had the better of the remaining three minutes but not by much and the pace was electric. 

The third was incredibly tight and competitive, with Makhachev sniping away and drawing nods of approval from Volkanovski when he landed a crisp shot, which was often a jab. 

In the first of the championship rounds, Makhachev timed a takedown to perfection and Volkanovski was forced to operate from a body triangle for almost four minutes. 

He landed rabbit punches and impressively resisted attempts at a a choke, speaking to both his constrictor below him and referee Marc Goddard, who he urged to intervene as Makhachev was not upgrading his position. 

Volkanovski's best round was the last, with the pocket rocket able to even briefly take his opponent down before landing his best punch of the fight and spending the following minute launching heavy ground and pound. 

It was not enough to force a finish or alter the result on the scorecards. He sunk to his haunches as the realisation dawned that his dream of a second belt would not become reality. 

The champion, who will surely expect an easier second title defence, whoever he faces, declared: 'You like or you don't like, I am best fighter in the world right now! 

'It was a very good fight, many things happened before the fight but I needed a tough fight to improve. I thought it was going to be easy on the ground but this guy improved a lot. I want a real contender next.'

Volkanovski reflected: 'A lot of people will be happy with that because they didn't give me a chance but I gave myself a chance. 

'I knew he was really good but that I'd prepared properly. It was a fun fight and maybe I could have capitalised on some positions a bit more. He didn't respect my wrestling and grappling but maybe I didn't respect his striking enough either!

'I'll be back at lightweight but for now congrats to Yair and now we build up a big featherweight fight.'

Volkanovski was referring to Yair Rodriguez, who looked sublime in defeating Josh Emmett to win the interim featherweight belt. 

He mixed techniques beautifully to pick the American apart before landing a second-round submission. A clash between the Mexican and Volkanovski for the official 145-pound title will be one to savour but for now the Australian will lick his wounds and watch his pound-for-pound crown shift to Makhachev.