Solana DEX is making headlines by hitting impressive daily trading volumes that surpass Ethereum and Base combined. Over the past 24 hours, the trading volume for DEXs on the Solana network reached a staggering $3.98 billion. In comparison, the combined volumes for Ethereum and Base totaled only $2.90 billion, with Ethereum bringing in $1.70 billion and Base contributing $1.20 billion.
This remarkable performance leaves many crypto enthusiasts wondering what’s happening on the Solana network. Recent data from DefiLlama indicates a significant upward trend for Solana DEXs, which have surged by 47.66% over the last week, vastly outpacing the growth on Ethereum (+6.19%) and Base (+8.18%).
Switching gears to Total Value Locked (TVL), Ethereum remains dominant with $71.55 billion, while Solana’s TVL stands at almost $9.5 billion. However, it’s noteworthy that Solana’s TVL has skyrocketed from $1.29 billion just a year ago, marking a 700% increase, while Ethereum’s TVL has merely doubled.
One of the shining stars on the Solana DEX scene is Raydium, which has been outperforming Uniswap, the leading DEX on Ethereum. In 2024 alone, Raydium’s trading volumes have seen a staggering increase of more than 10 times, rising from approximately $180 million in January to over $3 billion by the end of the year. The momentum was already evident last October when Raydium generated around $3.4 million in fees, slightly edging out Ethereum’s $3.35 million.
In November, Raydium continued its impressive run by achieving monthly trading volumes about 30% higher than Uniswap, totaling around $30 billion. This remarkable ascent reflects not only the efficiency of Solana DEXs but also the rising popularity of memecoins, which have contributed to this ever-increasing trading activity.
Speaking of memecoins, the dApp Pump.fun has gained significant traction, leading to spectacular earnings on the Solana network. Last November, Pump.fun launched, pushing total revenues for Solana dApps to an impressive $365 million, with Pump.fun itself earning $106 million.
Currently, Solana’s cryptocurrency (SOL) is making waves with a current price of $216, reflecting a 14% increase in just one week. Although it hasn’t yet reached its all-time high of $255, it holds a strong market cap of over $104 billion.
The impressive statistics behind Solana DEXs demonstrate not only their growing influence within the DeFi ecosystem but also the community’s enthusiasm toward this promising technology. As traders flock to get their slice of the action, the question remains: will Solana keep this upward trajectory, further solidifying its place as a leader in the decentralized finance arena? Only time will tell.
