This month, the Solana (SOL) blockchain achieved a remarkable milestone by recording over $109 billion in decentralized exchanges (DEX) trading volume. Notably, this is the first time it has crossed the $100 billion mark in a month. This increase shows that more people are using and trusting ecosystem, which is becoming a strong player in decentralized finance (DeFi).
Solana Continues in its Push for Great Achievements
Solana had a DEX trading volume of $109.8 billion, according to DefiLlama data. This is almost double Ethereum’s monthly DEX volume of $55 billion. It also shows a significant increase of over 100% compared to October’s trading volume of $52.5 billion.
One reason for November’s record-breaking transaction volume is that the Solana network processes transactions faster than many competitors, like Ethereum. In addition, new DeFi protocols and trading incentives have boosted Solana’s growth. Beyond institutional interest, the protocol’s popularity continues to grow due to its suitability for minting low-cost memecoins, an area of speculative trading that has gained traction this cycle.
Undoubtedly, the network’s $109 billion achievement has set a high standard for its future in the competitive blockchain market. With this progress, it is in a strong position to continue growing in the months ahead. SOL is trading at $249, up 0.44% in 24 hours.
Solana Hits Record High as Altcoins Soar
Recall that some days ago, Solana reached a new all-time high of $264.31 after a prolonged recovery from its lows following the FTX collapse in late 2022. This achievement comes after an 11% surge within a single day. It also cements SOL as one of the year’s standout altcoins, with a year-to-date gain of 160%.
Notably, the catalyst for this surge is likely a series of filings from prominent asset managers, including Bitwise, VanEck, 21Shares, and Canary Capital, to launch spot Solana exchange-traded funds (ETFs). The anticipation surrounding these ETFs has boosted investors’ confidence, leading analysts to project a $400 climb for SOL soon.
Likewise, anticipating a more crypto-friendly environment under Donald Trump’s administration has sparked a rally across altcoins. On the same day, Solana hit its peak, and total cryptocurrency market capitalization reached a record $3.42 trillion.
SOL Topped in Stablecoin Volume Performance
Meanwhile, at the beginning of the year, Solana became the most transacted stablecoin. The stablecoin registered $103 billion worth of transfers on Solana. A popular Web3 influencer, Degen News, noted that it was the first time SOL had outperformed Ethereum in stablecoin volume.
Qiao Wang, a former Messari researcher, also stated that Solana-based USDC has overtaken Tron-based USDT to become the most transacted stablecoin in terms of only volume. While Solana had $366.6 million in trades, Ethereum had $353.2 million. Now that Solana is picking up pace, the network and SOL are expected to outperform other altcoins in 2025.
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