Solana reached a historic milestone in November 2023 as its decentralized exchanges (DEXes) surpassed $70.9 billion in trading volume, driven by growing interest in meme coins among crypto enthusiasts.
Surge in Trading Activity
Solana's decentralized finance (DeFi) sector has experienced explosive growth. Weekly trading volumes reached $41.39 billion, more than doubling from October 29 to November 3 when volumes were $18.1 billion. Peak trading activity occurred on November 12, with daily volumes hitting $6.88 billion. Since then, Solana's DEX volumes have consistently exceeded $5.7 billion daily, surpassing Ethereum's DEX ecosystem.
Raydium Leads the Charge
At the heart of this surge is Raydium, Solana's leading decentralized exchange. It accounts for 69% of Solana's total DEX trading volume, translating to $27 billion in weekly trades—a 127% increase from the previous period. Raydium's success is linked to PumpFun, a memecoin launchpad that has propelled tokens like PNUT and GOAT. Additionally, other Solana-based platforms like Orca and Lfinity have shown significant trading volume growth.
Memecoin Mania Fuels Growth
PumpFun, a memecoin-focused launchpad, significantly boosted its daily fee revenue, placing it among the top 10 web3 protocols by this measure. In one day, PumpFun generated $1.65 million, while Raydium accrued $11.79 million in 24-hour fees. The growing enthusiasm for memecoins reinforces Solana's position in the DeFi market, helping the project attract increasing attention.
Solana has not only achieved a new historical high in DEX trading volumes but is also seeing increased interest in its ecosystem token, SOL. Solana's success emphasizes growing interest from investors and users alike.
