Solana Leads with $115B DEX Volume in November

Solana has hit $115 billion DEX trading volume so far this November, overtaking Ethereum and BSC.

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  • Solana reaches a DEX volume milestone. 
  • Overtakes Ethereum and BSC.
  • Memecoins drive network traffic. 

Decentralized finance (DeF) has grown significantly in the past few years. This year, Solana has significantly increased its dominance. Thanks to its influence in the memecoin market, Solana has slowly overtaken other networks in this metric. 

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The latest data shows that Solana reached a significant milestone. For the first time, the network surpassed $100 billion in volume on decentralized exchanges. DEX traffic on Solana now exceeds that of all Ethereum and its L2s combined.  

Solana Breaks Records

Memecoins are once again putting Solana in the spotlight. On November 26, the Solana network saw a record volume of DEX transactions. Monthly DEX transactions surpassed $115 billion, placing Solana ahead of Ethereum and BSC. 

Monthly DEX volume by chain
Source: DefilLama

In comparison, Ethereumโ€™s DEX volume in November so far was $55.4 billion. Moreover, Solanaโ€™s volume was higher than the combined volume of Ethereum and all of its level-2 scaling networks. Ethereum, Base, Arbitrum, and other L2 DEX volumes have only reached $91.99 billion this month.

Whatโ€™s Behind Solanaโ€™s DEX Dominance? 

A major factor in Solanaโ€™s DEX volume has been the growth of memecoins. Solana-based memecoins like BONK, dogwifhat, Popcat, and PNUT attracted billions in transactionsโ€”both retail investors and bots attracting substantial liquidity to Solana. 

A large contributor to Solanaโ€™s memecoin dominance is Pump.fun. The platform makes it easier than ever to create memecoins, attracting a lot of traffic. In September, Pump.fun reached $100M in revenue, showcasing trader interest.  

Still, Solana lags behind Ethereum in terms of total value locked (TVL), which represents the value of all assets on the chain. Solana’s TVL is $8.7 billion, compared to Ethereumโ€™s $63.9 billion. 

On the Flipside

  • Solanaโ€™s exposure to memecoins also comes with risks. If the volatile memecoin market drops, Solana could face issues with network stability
  • The Solana network faces ongoing criticism over its supposed centralization. 

Why This Matters

DEX dominance is a key metric of ecosystem strength. If Solana continues to maintain it, it is in a strong position to grow. 

Read more about memecoin markets:ย 
Memecoins Have Gotten โ€œA Little Weird,โ€ Warns CZ

Read more about Pump.fun news:ย 
How a Trading Bot Made $6.8M on Pump.fun Memecoins

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
David Marsanic

David Marsanic is DailyCoinโ€™s journalist, focusing on Solana and crypto exchanges. David currently doesnโ€™t hold any crypto.

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