Published on CentBit.Online – Your Premier Crypto & Blockchain Resource in Bangladesh
Trading volumes on Solana-based decentralized exchanges (DEXes) have surged to all-time highs, driven by an ongoing memecoin craze that has captured the crypto market’s attention.
Record-Breaking Activity on Solana DEXes
Data from DeFi Llama reveals that Solana DEXes processed a staggering $33 billion in trades over the past week, marking a dramatic leap from the prior week’s record of $18.1 billion.
Daily trading volumes peaked at $6.88 billion on November 12, with figures consistently surpassing $6 billion in the days that followed.
Solana Outshines Ethereum in DEX Performance
Solana’s DEX ecosystem has notably outperformed Ethereum’s in terms of trading volume. Over the same period:
- Solana DEXes: $33 billion
- Ethereum DEXes: $17.7 billion
- Base: $11.9 billion
- BNB Chain: $10.6 billion
- Arbitrum: $9.3 billion
However, Ethereum’s broader ecosystem, including Mainnet, Base, and Arbitrum, still leads with a combined $38.9 billion in weekly trading.
Key Drivers: Raydium and PumpFun
Raydium, a leading Solana DEX, has been the main catalyst for the surge, accounting for 66% of Solana’s DEX activity with $22.4 billion in weekly trades—representing a 149% increase.
Raydium’s success is closely linked to PumpFun, a popular memecoin launchpad on Solana. Tokens like PNUT and GOAT, launched via PumpFun, have gained immense traction, ranking third and fourth in Raydium’s 24-hour trading volumes at $48.6 million and $47.2 million, respectively.
PumpFun has also climbed to seventh in daily fee revenue among Web3 protocols, generating $1.52 million, while Raydium follows with $627,500 in revenue.
Other Solana DEXes, such as Orca, Lfinity, and Phoenix, also saw impressive growth:
- Orca: $6.62 billion (169% increase)
- Lfinity: $1.2 billion (118% increase)
- Phoenix: $1.1 billion (70% increase)
Institutional Investments Surge in Solana Ecosystem
In Q3 2024, Solana-based blockchain applications attracted $173 million across 29 funding rounds, signaling renewed interest despite a 37% decline in the number of deals. According to a Messari report, this represents the highest investment level in Solana projects since Q2 2022.
Solana’s Metrics at a Glance
- Average daily fee payers: 1.9 million (+109% QoQ)
- New fee payers: 1.3 million (+430%)
- Daily transaction volume: 62 million (-12%)
- Average transaction fee: $0.023 (+6%)
- Tokenized treasury assets: $123 million (3rd among blockchains, behind Stellar and Ethereum)
Phantom Wallet Update Addresses User Concerns
Meanwhile, Phantom, a popular Solana wallet, recently issued an urgent update for its iOS app following reports of app resets that locked users out unless they had their recovery phrases. The incident caused alarm among users, although no reports of fund losses have emerged.
The Memecoin Craze and Solana’s Bright Future
The memecoin mania has undeniably revitalized Solana’s DEX ecosystem, setting the stage for continued growth and innovation. With record-breaking trading volumes and rising institutional investments, Solana cements its position as a leader in the crypto space.
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