The Solana network reported over $109 billion in decentralized exchange (DEX) trading volume for November 2023, marking the first time it has surpassed the $100 billion threshold.
The Solana network reported over $109 billion in decentralized exchange (DEX) trading volume for November 2023, marking the first time it has surpassed the $100 billion threshold.
This figure nearly doubles the Ethereum mainnet's DEX volume of approximately $55 billion for the same month.
Data from DefiLlama reveals that Solana's DEX trading volume significantly increased over 100% compared to October's total of $52.5 billion. The surge in trading activity is attributed to a combination of factors, including a growing interest in meme coins and the network's low transaction fees, which enhance user experience.
Eden Au, Research Director at The Block, noted that the recent uptick in volume will likely attract more retail investors, particularly as the cryptocurrency market appears poised for a potential bull run in 2025.
Retail speculators are expected to seek opportunities in the meme coin sector as liquidity from larger markets begins to flow downwards.
Additionally, Solana-based token platforms such as Pump.fun and Raydium have seen significant increases in monthly fees, reaching record highs of $71.5 million and $182 million respectively, according to DefiLlama data.
The Block's data dashboard also indicates that Solana's monthly active address count has reached 107.5 million, with the potential to surpass October's record of 123 million by the end of November.
Meanwhile, the price of Solana’s native cryptocurrency, SOL, is currently trading at $255, following a recent market rally that saw it exceed its previous all-time high of $263 set in 2021.
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