Solana’s decentralized exchange (DEX) reached a groundbreaking milestone in November, with monthly trading volumes exceeding $100 billion for the first time.
Solana DEX Volume Hits $100 Billion Record in November
Important Statistics
- November DEX Volume: $109.8 billion (as of now).
- Comparison to Ethereum Mainnet: Almost double Ethereum’s $55 billion DEX volume this month.
- Month-over-Month Growth: Up over 100% from $52.5 billion in October.
Cryptocurrency analyst Eden Au attributes this increase to Solana’s low transaction fees and user-friendly infrastructure, along with the ongoing memecoin craze.
Platforms like Pump.fun and Raydium have contributed significantly to this growth:
- Pump.fun Monthly Fees: $71.5 million.
- Raydium Monthly Fees: $182 million.
- Both reached record highs in November, according to DefiLlama data.
Solana recorded 107.5 million active addresses in November and has the potential to surpass October’s record of 123 million before the month is out.
Au sees continued retail user growth in the coming years, especially with a possible bull market in 2025. “Retail speculators looking for higher yields will likely flock to the memecoin space as liquidity flows down from major cryptocurrencies,” he said.
Solana’s native cryptocurrency, SOL, is currently trading at $251 after a record-breaking market rally. Last week, SOL surpassed its 2021 record and reached an all-time high of $263.
With its growing user base and innovative ecosystem, Solana continues to establish itself as a major player in the cryptocurrency market, surpassing Ethereum in DEX volumes and driving increasing retail and institutional interest.
*This is not investment advice.