Solana has reached a historic $70.9 billion trading volume in decentralized exchanges (DEX), fueled by memecoin enthusiasm.
A Surge in Trading Activity
Solana’s decentralized finance (DeFi) sector has experienced explosive growth, with weekly trading volumes reaching $41.39 billion. This is a sharp increase from the October 29 to November 3 period, which saw volumes of $18.1 billion. Trading peaked on November 12, with daily volumes at $6.88 billion. Since then, Solana's DEX volume has consistently exceeded $5.7 billion daily, outpacing Ethereum's DEX ecosystem by a significant margin. Over the same period, Ethereum’s decentralized exchanges processed $14.27 billion in trades, with other networks trailing behind.
Raydium Leads the Charge
At the heart of this surge is Raydium, Solana’s leading decentralized exchange, responsible for 69% of Solana's total DEX trading volume, with $27 billion in weekly trades—a 127% increase from the previous period. Its growth is closely linked to the success of PumpFun, Solana’s memecoin launchpad which has propelled tokens like PNUT and GOAT to the fore. Orca, another Solana-based DEX, similarly saw a significant 169% increase in its weekly trading volume, reaching $7.5 billion. Other exchanges like Lfinity surpassed $3 billion in weekly volumes.
Memecoin Mania Fuels Growth
PumpFun, the memecoin-focused launchpad, has seen a surge in daily fee revenue, reaching $1.65 million, placing it among the top 10 web3 protocols by this metric. As memecoin speculation rises, Raydium has also benefited from increased transaction fees, generating $11.79 million in 24-hour fees. The boom in Solana’s DEX activity coincides with major price movements for the native SOL token, which has surged to $242, nearing its all-time high of $259. Solana’s market capitalization stands at $115 billion, marking a 44% increase over its previous all-time high in November 2021.
Solana's DEX success is part of a larger trend of increased activity across the ecosystem, with tokens like Dogwifhat gaining significant traction and listings on major exchanges, securing Solana's position as a DeFi hotspot.
