The Solana network has surged ahead of Ethereum and Base in terms of 24-hour decentralized exchange (DEX) trading volume, registering nearly $3.8 billion, as reported by DefiLlama. In comparison, Ethereum accounted for $1.7 billion, while Base, a prominent Ethereum layer-2 scaling network, recorded $1.2 billion.
The uptick in Solana’s DEX trading volume underscores its growing influence in decentralized finance (DeFi) and positions it as a formidable contender against Ethereum. Solana has seen its total value locked (TVL) ascend notably, surging from approximately $1.4 billion to over $9.5 billion in 2024, showcasing its robust DeFi presence.
This growth is partially driven by increased participation from retail traders, drawn by speculative activities surrounding Solana-based memecoins and AI agent tokens. As per a statement from Grayscale Research, retail interest has notably contributed to Solana’s rising profile in the crypto market.
In 2024, Solana’s leading DEX, Raydium, experienced a remarkable rise in daily trading volumes, from around $180 million in January to exceeding $3 billion by year-end. Although Raydium outstripped Ethereum’s Uniswap in DEX trading volumes by approximately 30% in November, this trend reversed in December with Uniswap regaining the lead.
Raydium’s dominance within the Solana ecosystem is attributed to its substantial share of daily DEX volumes, capturing over 60%. A significant portion of its activity is fueled by memecoin trading, constituting 65% of its monthly volume in November.
The influence of memecoins is expanding, with their market capitalization reaching around $130 billion. On Solana, the memecoin platform Pump.fun emerged as a significant revenue generator, ranking below major entities like Uniswap and Circle. Over the last month, Pump.fun achieved nearly $250 million in trading volume, contributing to Raydium’s liquidity and highlighting Solana’s growing prominence in the cryptocurrency landscape.
