In December, Solana $SOL continued to outperform Ethereum in the decentralized exchange (DEX) industry for the third consecutive month. Thanks to the growing popularity of memecoins, Solana recorded record transaction volumes, thus consolidating its position against crypto giants like Ethereum.
Solana surpasses Ethereum for the third consecutive month
In December 2024, the transaction volume of Solana reached over $97 billion, far exceeding the $22.6 billion recorded in the same period the previous year. Notably, this was the third consecutive month that Solana outperformed Ethereum, which had dominated the crypto industry for years. Ethereum protocols recorded a volume of over $74 billion, while Base and Arbitrum processed $42 billion and $37 billion, respectively.
In November, Solana also performed well, with a volume of $129 billion on its DEX networks, surpassing Ethereum’s $70.6 billion. A month earlier, Solana had processed a volume of $52 billion, compared to $41 billion for Ethereum.
The increase in Solana’s DEX volume is due to the memecoin industry, which continued to thrive this year. Solana attracted thousands of memecoins this year, aided by the creation of Pump.fun, the largest token generator. All Solana crypto memes have a market capitalization of over $14.1 billion, led by Bonk, Dogwifhat, Popcat, and Peanut the Squirrel.
Crypto – SOL towards new heights ?
This growth has been extremely profitable for Solana and its native applications, which generated a record revenue of $365 million in November, a historic record. All of this could well propel the SOL crypto to new heights at the end of this year. Furthermore, this momentum, combined with lower fees and increased liquidity, strengthens Solana’s position as a potential market leader.
In summary, Solana’s exceptional performance on DEX, supported by the popularity of memecoins, could propel SOL to new heights, thus consolidating its leadership position against Ethereum and other crypto giants.
