On-chain data from DeFiLlama reveals that Solana’s decentralized exchange (DEX) trading volume has skyrocketed to a record-breaking $78.24 billion monthly volume, marking a significant increase of 31% from its previous all-time high of $59.79 billion. With November still underway, users may anticipate the volume continuing to grow, surpassing the $100 billion milestone.
DEX trading volume refers to the total value of transactions (buy and sell orders) processed on decentralized exchanges over a specific period. Unlike traditional centralized exchanges, DEXs are peer-to-peer platforms that enable crypto trading between users without intermediaries.
What’s Driving Solana’s DEX Volume?
Solana’s DEX volume is driven primarily by meme coin trading activity within its ecosystem. Raydium is the leading contributor, accounting for 72% of Solana’s DEX activity with $27.89 billion in trades. Other notable platforms, Orca, Lfinity, and Phoenix, also saw significant growth, with $7.6 billion, $2.5 billion, and $1.7 billion in trading volume, respectively.
Another notable driver for the ecosystem’s DEX volume month increase is Pump.fun, the memecoin launchpad, with tokens like PNUT and GOAT leading the charge. This surpasses Ethereum’s DEX volume of $38.48 billion and Base Network’s $26.70 billion, highlighting Solana’s position as a leading decentralized finance (DeFi) platform.
Generally, Solana’s growing prominence in the DeFi space is fueled by other factors, including low fees, user-friendly interfaces, and strong community engagement. Its scalability, developer adoption, and innovative projects also contribute to its rise. Most users believe Solana will challenge other established players in the blockchain sector.
Solana Sees More Growth
Apart from ranking first in DEX volume, Solana has also achieved other significant milestones. With over 3 million addresses actively engaging with its platform, it emerged as the blockchain project with the highest daily active addresses, surpassing other major networks in August.
Last month, Solana’s liquid stake token (LST) market capitalization soared to $5.5 billion, according to Dune analytics. Jupiter, a decentralized protocol on the network, ranked second in October’s most visited DEX, with 2.9 million visits, marking a 59% increase from its September record.
Meanwhile, Geoffrey Kendrick, Global Head of Digital Assets Research at Standard Chartered, predicted that Solana’s value could increase by 500% by 2025. SOL is currently trading at $245 with a 7-day increase of over 13%.
