Solana’s monthly trade volume on decentralized exchanges (DEXs) has reached a new milestone, particularly driven by the popularity of meme tokens.
On Nov. 25, for the first time, the monthly trading volume on Solana’s DEX platforms exceeded $100 billion, currently standing at $109.78 billion, according to DefiLlama data.
Solana’s monthly DEX volume has grown significantly in November compared to previous months, increasing over 330% from September’s 25.43 billion and 108% from October’s 52.49 billion.
With its new record, Solana also surpassed Ethereum, which has so far reached a monthly DEX volume of $55.5 billion.
Monthly DEX trading volume on Solana. Source: DefiLlama
Daily trading volume on Solana’s DEXs soared to an all-time high of $7.14 billion on Nov. 18, and weekly volume reached a record $41.6 billion for the week ending on Nov. 17.
Raydium Dominates Solana DEXs
Solana-based Raydium clearly holds the top spot, accounting for over 63% of the total trading volume in the past week. This 7-day trading volume reached nearly $27 billion, while the 30-day volume was almost $78 billion. The total value locked (TVL) on the exchange grew to $2.37 billion.
However, Raydium was not able to overtake Ethereum’s Uniswap in terms of trading volume. Over the past 30 days, Uniswap has processed $81.712 billion in trading volume, surpassing Solana’s top DEX.
Following closely behind Raydium is Orca, securing the second. Orca boasts a 7-day trading volume of $6.81 billion and a TVL of $388.88 million. Over the last 30 days, the exchange has reached a volume of $20.5 billion.
Top 10 DEXs on the Solana blockchain by trading volume. Source: DefiLlama
Solana Surges 61% as Trump’s Win Ignites Crypto Rally
Solana’s DEX ecosystem growth is fueled by a potent combination of factors.
First, Solana’s scalability. On Nov. 21, Solana showed the ability to process 54.6 million transactions per day, far outpacing other blockchains with figures under 5 million. This translates into a smooth user experience and fast trade execution.
Second, the recent meme coin frenzy has attracted a surge of retail investors to Solana’s DEXs, further boosting trading activity. On Nov. 21, Solana set a new record with over 77,000 token projects, mainly meme coins, deployed on the chain.
Thirdly, unlike some congested networks, Solana offers users significantly lower transaction fees compared with other chains like Ethereum or Avalanche, making it a cost-effective platform for frequent traders.
Finally, the bullish sentiment around Solana can also be attributed to Donald Trump’s victory in the 2024 presidential election in the United States.
Between Nov. 4 and 21, Solana’s native token, SOL, soared over 61% and reached its new all-time high of $263, further fueling the growing interest in the Solana ecosystem.
SOL is currently trading at $248, up 1% in the last 24 hours.
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