The Solana network recorded nearly $3.8 billion in 24-hour trading volume across its decentralized exchanges (DEXs) on Jan. 6, according to data from DefiLlama.
The Solana network recorded nearly $3.8 billion in 24-hour trading volume across its decentralized exchanges (DEXs) on Jan. 6, according to data from DefiLlama. This figure surpasses the combined trading volume of Ethereum and Base, which stood at approximately $1.7 billion and $1.2 billion, respectively.
Solana’s rise in trading volume reflects its growing influence in the DeFi sector, highlighting its competitive position against Ethereum.
Additionally, Solana’s total value locked (TVL) has seen substantial growth, rising from around $1.4 billion to over $9.5 billion in 2024, marking an increase of approximately five times during the year.
Raydium, Solana’s leading DEX, has experienced a dramatic increase in trading volumes, achieving over $3 billion by the end of December 2024, up from about $180 million at the beginning of the year. In November, Raydium outperformed Uniswap, Ethereum’s top DEX, in monthly trading volumes by approximately 30%, with figures around $30 billion.
However, Uniswap reclaimed its lead in December, recording a trading volume of $92 billion compared to Raydium's $61 billion.
The surge in trading volume on Raydium has been attributed to a significant rise in meme coin trading, which accounted for an all-time high of 65% of Raydium's volume in November. Meme coins, driven by speculation and venture capital funding, now hold a market capitalization of approximately $130 billion.
In the past month, Pump.fun, a prominent meme coin platform on Solana, generated nearly $250 million in trading volume, ranking as the eighth-highest-earning blockchain protocol.
Once sufficient liquidity is established, meme coins minted on Pump.fun are predominantly traded on Raydium.
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