According to DefiLlama data, since entering November, the total trading volume on decentralized exchanges (DEX) on Solana has reached 109.8 billion USD, marking the first time the monthly trading volume of Solana DEX has surpassed 100 billion USD, showcasing explosive growth momentum.
In November, Solana's DEX trading volume reached 109.8 billion USD, which is not only double the 52.5 billion USD from the previous month but also far ahead of Ethereum's mainnet at 55.3 billion USD, firmly holding the leading position.
The meme coin frenzy and low fees drive the surge in trading volume.
Eden Au, the research director of The Block, analyzes that the surge in trading volume is mainly due to the recent meme coin frenzy, coupled with the low transaction fees and user-friendly experience of the Solana network.
Data from DefiLlama shows that in November this year, the two major trading platforms on Solana, pump.fun and Raydium, generated fee revenues of 71.5 million USD and 182 million USD respectively, both setting new historical highs.
Eden Au predicts that Solana will continue to attract more retail users in the coming years. He points out:
As we may enter a bull market in 2025, retail speculators seeking high returns will collectively flock to the meme coin market as liquidity gradually withdraws from the mainstream cryptocurrency market.
Active addresses continue to soar, and SOL price reaches a historic high.
The user base of Solana is also steadily expanding. Data from The Block shows that the number of monthly active addresses on Solana has reached 107.5 million, and if the growth trend continues, it is likely to break the new high of 123 million set in October this month.
At the same time, the price of Solana's native token SOL has also surged with the market, breaking the historical high of 263 USD set in 2021 last week. Currently, SOL is priced at around 254 USD, showing a slight correction but still maintaining a high range.