Solana's 24-Hour DEX Volume Beats Ethereum and Binance Combined

According to recent data from DefiLlama, the Solana network has achieved a significant milestone by surpassing both Ethereum and Base in 24-hour decentralized exchange (DEX) trading volume. On January 6, daily trading volume across Solana-based DEXs approached $3.8 billion, outpacing Ethereum’s $1.7 billion and Base’s $1.2 billion.

Growing Trading Volume Highlights Solana’s Expanding Role in DeFi

The increasing trading volume on the Solana network highlights its expanding role in decentralized finance (DeFi) and its position as a competitor to Ethereum. This development is significant, as it indicates that more users are turning to Solana for their DEX needs.

Price Performance: Solana Outpaces Ethereum

From a price perspective, Solana’s SOL token has outperformed Ethereum’s ETH by approximately eight times since 2023, according to data from TradingView. This impressive performance is a testament to the growing adoption and confidence in the Solana network.

Total Value Locked (TVL) on Solana Surpasses Ethereum

Solana’s total value locked (TVL) has also outpaced Ethereum’s. In 2024, Solana’s TVL rose roughly five times, from around $1.4 billion to upward of $9.5 billion, according to DefiLlama. This surge in TVL is a clear indication that more users are locking their funds into the Solana ecosystem.

Retail Traders Flock to Solana

Grayscale Research noted in December that retail traders increasingly enter the crypto market through Solana, as speculation intensifies around Solana-based memecoins and AI agent tokens. This trend is expected to continue, with more investors looking to capitalize on the growing popularity of Solana.

Rising Trading Volumes on Raydium

In 2024, 24-hour trading volumes on Raydium, Solana’s leading DEX, increased by more than 10 times, from around $180 million in January to more than $3 billion on December 31, according to DefiLlama. This significant increase in volume highlights the growing adoption of Raydium and its dominance within the Solana ecosystem.

Memecoin Trading Fuels Raydium’s Success

Memecoin trading has become a substantial driver of Raydium’s volume, with memecoins accounting for an all-time high of 65% of Raydium’s monthly volume in November, according to Messari Research. This trend is expected to continue, as more investors look to capitalize on the growing popularity of Solana-based memecoins.

Pump.fun Generates Significant Trading Volume

Pump.fun, Solana’s top memecoin platform, generated nearly $250 million in trading volume in the past 30 days, according to data from DefiLlama. This significant increase in volume highlights the growing adoption of Pump.fun and its importance within the Solana ecosystem.

Conclusion

The Solana network has surpassed Ethereum and Base in 24-hour DEX trading volume, highlighting its expanding role in decentralized finance (DeFi) and its position as a competitor to Ethereum. With increasing trading volumes on Raydium and significant growth in memecoin trading, it is clear that Solana is becoming an increasingly popular choice for investors looking to capitalize on the growing popularity of DeFi.