Solana DEX Trading Volume Beats Base and Ethereum Combined
The trading volume on Solana-based decentralized exchanges (DEXs) has exceeded the volume on Base and Ethereum combined in the past 24 hours, DefiLlama data shows.
Solana’s 24-hour Trading Volume Tops $3.8 Billion
Solana DEXs have processed $3.8 billion worth of trading volume, while Ethereum and Base have handled $1.7 billion and $1.2 billion, respectively. The latest trend reflects Solana’s rising prominence in the DeFi sector. Furthermore, the network is now considered a serious competitor of Ethereum.
Notably, Solana’s native token SOL has outperformed Ethereum’s ETH in the past year, with SOL surging 129% and ETH rallying 63%, according to data from CoinGecko. Additionally, the Total Value Locked (TVL) on Solana is growing faster than Ethereum’s. DefiLlama’s data indicates that Solana’s TVL increased five times in 2024, from $1.39 billion to over $9.5 billion.
What’s Driving Crypto Enthusiasts to Solana?
So, why is Solana becoming more popular among crypto users? According to Grayscale Research analysts, the network is experiencing success due to the buzz around its meme coin ecosystem. Also, many developers have selected Solana as their ideal blockchain to launch AI agent tokens, which are currently the most sought-after cryptocurrencies.
Popular token launcher PumpFun has been the primary driver behind the booming Solana meme coin space. Its creator recently announced that over four million tokens were deployed on the Solana blockchain through the platform in 2024. Interestingly, PumpFun has outperformed several protocols in terms of revenue since its launch. It has generated over $335 million in revenue since going live in March 2024.
Raydium vs. Uniswap
When tokens on PumpFun reach a specific market cap, they are transferred to Raydium, a top Solana-based DEX. This explains why the exchange has seen an increase in its 24-hour trading volume since early 2024. Per DefiLlama data, Raydium’s 24-hour volume has grown from $182 million last January to over $3 billion in December. By comparison, Ethereum-based DEX Uniswap had an average daily trading volume of $2.1 billion last year.
While meme coins account for the majority of the trading volume on Raydium, over 50% of Uniswap’s volume comes from utility tokens, according to Messari’s recent report.
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