Solana DEX has recorded a remarkable surge in trading volumes, outpacing Ethereum and Base over the past 24 hours.
Solana-based decentralized exchanges achieved $3.98 billion in daily trading volume, compared to $1.70 billion on Ethereum and $1.20 billion on Base, Ethereum’s popular layer-2 scaling network. According to DefiLlama, Ethereum and Base’s daily volume reached $2.90 billion, falling short of Solana’s performance.
Solana DEX Raydium outpaces Uniswap with 10x volume growth
Over the past seven days, Solana’s DEX volumes grew by 47.66%, significantly outpacing Ethereum’s 6.19% and Base’s 8.18% growth. This steady rise underscores Solana’s growing role in decentralized finance (DeFi) and its competitive edge against Ethereum. The network’s total value locked (TVL) has also grown substantially, increasing from $1.4 billion in early 2024 to over $9.5 billion by the year’s end.
One of the primary contributors to Solana’s success is Raydium, the main DEX on the network. In 2024, Raydium’s 24-hour trading volumes surged tenfold, rising from $180 million in January to more than $3 billion by Dec. 31. This impressive performance has even seen Raydium surpass Ethereum’s Uniswap in monthly trading volumes by approximately 30%, reaching $30 billion in November.
Raydium also achieved a significant milestone last October by generating $3.4 million in daily fees, outpacing Ethereum’s $3.35 million during the same period. A portion of this success can be attributed to the trading of memecoins, which have gained popularity on the Solana network.
Pump. fun boosts Solana DeFi with $365M revenue in November
Solana’s decentralized ecosystem has also benefited from the success of Pump .fun, a memecoin launchpad. In November, Pump. fun drove a total revenue surge of $365 million across Solana’s decentralized applications, with the platform alone generating $106 million.
From a price perspective, Solana (SOL) continues to perform well, having increased nearly eightfold since 2023. Despite its current price of $214, the asset remains below its all-time high of $255. Solana’s rising trading volumes and robust DeFi ecosystem signal its growing influence in cryptocurrency.
