The Solana layer-one network has seen nearly $3.8 billion in 24-hour trading volume on decentralized exchanges (DEXs), outpacing both Ethereum and Base combined, according to DefiLlama. On January 6, Solana-based DEXs saw a daily trading volume of $3.8 billion, compared to $1.7 billion for Ethereum and $1.2 billion for Base. The surge highlights Solana’s growing influence in decentralized finance (DeFi) and its challenge to Ethereum’s dominance. The Solana network’s total value locked (TVL) has also increased significantly, rising from $1.4 billion to over $9.5 billion in 2024. Raydium, the leading exchange on the Solana network, saw a tenfold increase in 24-hour trading volumes in 2024, driven by memecoin trading, which accounted for 65% of its trading volume in November. Solana’s meme coin platform, Pump.fun, is the eighth-highest-grossing blockchain protocol, generating nearly $250 million in trading volume over the past 30 days.