Solana DEX is recording dizzying daily volumes, surpassing those of Ethereum and Base combined. In the last 24 hours, the trading volume of Solana-based DEX has been 3.98 billion dollars, compared to $1.70 billion of Ethereum and $1.20 billion of Base.
Summary
Solana DEX surpasses Ethereum and Base combined: daily volumes of 3.98 billion dollars
According to the data reported by DefiLlama, the decentralized exchanges (DEX) developed on the Solana network are recording staggering volumes, surpassing Ethereum and Base combined.
In fact, in the last 24 hours, the Solana DEX recorded a trading volume of 3.98 billion dollars.
On the other hand, the DEX on Ethereum recorded a daily volume of $1.70 billion and the DEX on Base of $1.20 billion, for a total of $2.90 billion, lower than the performance of the DEX on Solana.
Not only that, even in the last seven days, the volumes of DEX on Solana are increasing by +47.66%, also surpassing the weekly volumes of DEX on Ethereum (+6.19%) and on Base (+8.18%).
Remaining in the world of DeFi, then, we must also consider the TVL – or Total Value Locked – of the networks. Here, the ranking changes, with Ethereum having a TVL of 71.55 billion dollars against the almost 9.5 billion dollars of TVL of Solana.
In this regard, however, it is necessary to note that the TVL of Solana a year ago (January 7, 2024) was 1.29 billion dollars, while the TVL of Ethereum was 30 billion dollars. This means that, proportionally, the TVL of Solana has grown 7 times in 2024, compared to the mere doubling of the TVL of the Ethereum network.
Solana DEX: the performance of Raydium that beats Uniswap
The main DEX developed on the Solana network is Raydium, which has recorded good performances in 2024, even surpassing the famous Uniswap.
In fact, in 2024, the 24-hour trading volumes on Raydium increased by more than 10 times, going from about 180 million dollars in January to over 3 billion dollars on December 31.
Last October, something unusual was already happening, with the DEX on Solana by Raydium that had reached a daily revenue from fees higher than the Ethereum network. In fact, Raydium had at that time generated $3.4 million in fees, compared to the $3.35 million generated by Ethereum.
Not only that, in November, Raydium would have beaten Uniswap, the main DEX of Ethereum, for monthly trading volumes by about 30%, which is approximately 30 billion dollars.
Another success factor of Raydium and Solana is, in part, due to the trading of memecoin.
The price of Solana (SOL) and the success of the dApp Pump.fun
Remaining in the world of DeFi and Solana, one cannot help but talk about the incredible success that the dApp on Solana is experiencing: Pump.fun.
In fact, last November, Pump.fun, the memecoin launchpad would have driven a series of earnings surges recorded by the dapps on Solana. This is a total revenue of 365 million dollars.
In particular, Pump.fun has emerged as the dapp for its revenue of 106 million dollars.
In any case, Solana (SOL) also seems to be regaining ground. At the time of writing, SOL is worth $216 and is in a pump of +14% compared to seven days ago. However, its ATH is above $255.
The sixth crypto in the ranking now has a total of over 104 billion dollars in market cap.
