For the first time, Solana’s monthly trade volume on decentralized exchanges (DEX) crossed over $100 billion.
According to DefiLlama data, the network had a total of $109.8 billion in DEX trade volume so far in November. This is nearly double Ethereum mainnet's monthly DEX volume of $55 billion and represents a significant increase of over 100% compared to October's trading volume of $52.5 billion.
The Block’s Research Director Eden Au attributed the surge in volume to the ongoing memecoin frenzy coupled with the network’s low transaction fee and user-friendliness. The monthly fees generated by Solana-based token platforms pump.fun and Raydium both hit record highs in November, $71.5 million and $182 million, respectively, according to DefiLlama data.
Au said it is likely that Solana will continue to add more retail users in the coming year — “As we likely enter a bull market in 2025, retail speculators who seek higher returns will flock to the memecoin space as liquidity trickles down from the major cryptocurrency market.”
The Block’s data dashboard also shows that Solana's latest monthly active address count stands at 107.5 million, which could potentially break October's record of 123 million by the end of November.
According to The Block’s price page, the network's native cryptocurrency, SOL, currently trades at $255. Amidst the recent market rally, Solana cryptocurrency broke its 2021 all-time high to set a new record of $263 last week.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
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