Over $116 billion worth of decentralized exchange (dex) trades have been placed on the Solana network in November.
Record Volume for Solana DEXs
As of Nov. 25, Solana’s monthly trade volume on decentralized exchanges (dexs) surpassed $100 billion for the first time. The network’s dex trade volume so far in November has reached $116.7 billion with the daily trading volume over the past 24 hours at $4.4 billion.
This was according to data from Defillama, a total value locked (TVL) aggregator. Compared to October’s trading volume of $52.5 billion, this is a substantial rise of over 100% and nearly doubles the monthly dex volume of $61 billion on the Ethereum blockchain.
Base, Binance Chain, and Arbitrum made up the top five with monthly trading volumes of $40.6 billion, $32.5 billion, and $29.3 billion respectively.
A deep dive into the dex platforms on Solana showed that Raydium and Orca contributed 83% of the total monthly volume recorded with $77.2 billion and $22.4 billion respectively. Raydium and Pumpfun, both popularly known as preferred platforms for high-frequency meme coin trading posted significant revenue from fees. Raydium hit $191.12 million in fees while Pumpfun registered $77.3 million.
The significant rise in Solana’s trading volume can be attributed to the meme coin frenzy along with the network’s ease of use and cheap transaction fees. With SOL recently hitting an all-time high of $264, the network can expect to see more record volumes, as speculators flock to the meme coin market.
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