For the first time, Solana just became the first crypto to pass a $100 billion monthly decentralized exchange (DEX) trading volume milestone.
According to data from Defi Llama, another player in the field, the blockchain Solana, notched nearly $110 billion in DEX volume in November 2024. As trading on it has increased, Solana is pushing ahead of other bigger crypto networks like Ethereum (ETH), Base (BASE), and Binance Smart Chain (BSC).
It gets even more impressive, too, when you consider that there’s been around $55.4 billion traded on the Ethereum DEX in the same quarter. Arbitrum and Base layer 2 network volumes sit at $91.99 billion, while Binance Smart Chain volumes were at $91.99 billion despite the record-making volumes on Solana.
That’s a huge uptick over Solana’s DEX volume of $52.49 billion from a month prior. Now, it is the highest growth volume that the blockchain has ever seen, with a 50% growth from October to November volume at its highest, which indicates traction in the decentralized finance (DeFi) ecosystem.
Much of Solana’s jump in trading volume can be attributed to the memecoin explosion. Rising and being pumped were a bunch of SOL-based meme coins like Peanut the Squirrel (PNUT), Goatseus Maximus (GOAT), DOGEN, and BONK, which have pumped the overall volume on the crypto platform.
Amidst the meme coin mania, the big players also attempt to ditch the bagged Cardano (ADA) and Ripple (XRP). But many have taken the plunge and invested in rising meme coins, some of whom have even decided that the DOGEN on the Solana blockchain can rise up to 700 percent before a Solana-based pre-sale ends.
The recent Solana DEX volume spike is partly due to the rise of the pump.fun platform, the Solana community’s de facto meme coin trading platform. By January 2024, a large amount of explosive force has been pumped into the already reeling meme coin market in the Solana ecosystem, attracting new and established traders to speculate.
Pump.fun has minted around 500,000 meme coins on the Solana blockchain during the past month, and data from Dune Analytics shows the $1.4M in fees from Solana tokens they’ve already racked in and over $3.9B in pump.fun’s volume has not been seen in the last two weeks.
This means that pump. fun has generated 3.8 million tokens in the DeFi space so far. The platform’s explosive growth has already given extra legitimacy to what is already the number one decentralized ecosystem blockchain for meme coin activity.
Solana’s Future: This is a strong contender for DeFi and Meme coins
The blockchain showing out regarding DEX volume in decentralized finance speaks volumes about how quickly Solana is soaring. The low transaction fees and fast transaction times she offers make Solana a strong player in the DeFi space and a competitor to Ethereum’s throne, attracting users eager to use her power.
Another layer of investors and traders is taking advantage of the ongoing trend: Solana adds another layer of meme coins. This shows that Solana meme coins like DOGEN, BONK, and more are making a strong niche in Solana Meme coins, as we are getting more volatile of Web3 and DeFi Ecosystems.
Nevertheless, Solana’s virtual currency lead could intensify over the next few months, as analysts expect more wins for Solana-based meme coins, the blockchains’ robust infrastructure, and a growing user base. Solana will become a long-term central player in the crypto space, a center of new projects and tokens, and an expanding ecosystem.
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