Solana’s 24-hour DEX volume beats Ethereum, base plus
The Solana network has surpassed Ethereum and Bitcoin in 24-hour decentralized exchange (DEX) trading volume, according to data from Defilama.
According to Defillama, daily trading volume on each Solana-based DEXs reached $3.8 billion on January 6, with $1.7 billion for Ethereum and $1.2 billion for Base, Ethereum's most popular layer-2 scale network.
The increasing transaction volume shows that the Solana network is growing in popularity as a decentralized finance (DeFi) and a serious challenger to Ethereum.
In terms of value, Solana (SOL) will outpace Ether (ETH) by roughly eight times as of 2023, according to data from TradingView.
Solana's Total Value Locked (TVL) is also higher than Ethereum. In the year By 2024, Solana's TVL will almost quintuple, from around $1.4 billion to $9.5 billion, Defilama said.
“Retailers are increasingly entering the crypto market through Solana. [as] Speculation around Solana-based memecoins and AI agent tokens will intensify,” Grayscale Research said in December.
Source: Defillama
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Increase in transaction volumes
In the year In 2024, the 24-hour trading volume in Radium, Solana's leading DEX, increased more than 10 times, from around $180 million in January to more than $3 billion by December 31, according to Defillama.
In November, Radium Uniswap beat Ethereum's leading DEX by 30%, or about $30 billion, in monthly trading volume, according to a December report by Messari Research.
That figure changed in December, when Uniswap volume reached $92 billion, compared to roughly $61 billion for radium, Defillama said.
Radium's “success largely depends on its dominance in the Solana ecosystem,” Messari's report says, adding that DEX consistently accounts for more than 60% of daily DEX volume on the Layer-1 blockchain network.
Especially “[m]Memecoin trading has been a major driver of Raydium volume, with memecoins up 65% of monthly Radium volume in November,” the report added.
Source: Defillama
Scanned by venture capital funds and political speculators, memecoins now command a market capitalization of nearly $130 billion, according to CoinGecko.
In November, Solana's top memecoin platform, Pump.fun, was the eighth highest-grossing blockchain protocol, ranking just below giants like Uniswap and Circle, the USD Coin (USDC) issuer.
In the last 30 days, Pump.fun generated nearly $250 million in business, according to data obtained by Defillama.
After raising enough liquidity, memecoins produced on Pamp.fun are typically traded for radium.
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