Solana's 24-Hour DEX Volume Beats That of Ethereum and Base Combined

According to the latest data from DefiLlama, a leading DeFi analytics platform, the Solana network has surpassed both Ethereum and Base in terms of 24-hour decentralized exchange (DEX) trading volume. This milestone highlights the expanding role of Solana in decentralized finance (DeFi) and its growing competition with Ethereum.

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Solana’s Dominance in DEX Trading Volume

On January 6th, daily trading volume across Solana-based DEXs reached a staggering $3.8 billion, outpacing Ethereum’s $1.7 billion and Base’s $1.2 billion. This significant growth in trading volume underscores the increasing popularity of Solana as a platform for decentralized exchanges.

Solana Outperforms Ethereum from a Price Perspective

A closer look at price movements reveals that Solana (SOL) has outperformed Ether (ETH) by approximately eight times since 2023, according to data from TradingView. This impressive performance demonstrates the growing confidence in Solana’s potential as a leading cryptocurrency.

Solana’s TVL Surpasses Ethereum’s

The total value locked (TVL) on Solana has also been on the rise, outpacing Ethereum’s growth. In 2024, Solana’s TVL increased by roughly five times, from around $1.4 billion to upward of $9.5 billion, according to DefiLlama.

Retail Traders Flock to Solana

Grayscale Research noted in December that retail traders are increasingly entering the crypto market through Solana, driven by speculation surrounding Solana-based memecoins and AI agent tokens. This growing interest from retail investors highlights the potential of Solana as a platform for mainstream adoption.

Rising Trading Volumes on Raydium

Raydium, Solana’s leading DEX, has seen its 24-hour trading volumes increase by more than 10 times in 2024, from around $180 million in January to over $3 billion on December 31. In November, Raydium even beat Uniswap, Ethereum’s leading DEX, in monthly trading volumes by roughly 30%.

The Rise of Memecoins

Memecoin trading has become a substantial driver of Raydium’s volume, with memecoins accounting for an all-time high of 65% of Raydium’s monthly volume in November. This trend is fueled by venture capital funding and political speculation, which has led to the market capitalization of memecoins reaching approximately $130 billion.

Pump.fun: A Top-Performing Blockchain Protocol

In November, Solana’s top memecoin platform, Pump.fun, was the eighth-highest-earning blockchain protocol, ranking just below giants such as Uniswap and Circle. In the past 30 days, Pump.fun generated nearly $250 million in trading volume.

Conclusion

The Solana network’s dominance in DEX trading volume, combined with its impressive price performance and TVL growth, positions it as a serious competitor to Ethereum. As retail traders increasingly enter the market through Solana and memecoin trading continues to drive volume, it will be exciting to see how this trend unfolds in 2025.

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