Trading activity on Solana-based decentralized exchanges (DEXes) has reached record levels as memecoin enthusiasm sweeps the crypto market.
According to DeFi Llama, Solana DEXes processed $33 billion in trades over the past week, marking a significant leap from the previous week’s record of $18.1 billion.
Daily trading volumes peaked at $6.88 billion on November 12 and have consistently exceeded $6 billion since.
Solana’s DEX Sector Outperforms Ethereum’s
Notably, Solana’s DEX sector has outperformed Ethereum’s by a considerable margin, with Ethereum-based platforms recording $17.7 billion in trades over the same period.
Base followed with $11.9 billion, trailed by BNB Chain at $10.6 billion and Arbitrum at $9.3 billion.
However, Ethereum’s broader DEX ecosystem, encompassing its Mainnet, Base, and Arbitrum, still leads with a combined $38.9 billion in weekly trading.
Raydium, a prominent Solana-based DEX, has emerged as the primary driver of this surge, accounting for 66% of Solana’s DEX activity with $22.4 billion in weekly trades—a 149% increase.
Raydium’s success is closely tied to the popularity of PumpFun, a memecoin launchpad on Solana, which has helped tokens like PNUT and GOAT achieve significant traction.
Solana DEX volume is hitting previously unheard of dominance levels. Currently Solana DEXs are responsible for 38% of onchain volume.
I predict that soon this metric is going to stop being relevant as memecoins seem to be capable of generating volumes at a scall all their own. pic.twitter.com/ozjwGl6V2p— Patrick Scott | Dynamo DeFi (@Dynamo_Patrick) November 14, 2024
PNUT and GOAT pairings rank third and fourth in Raydium’s 24-hour trading volumes, totaling $48.6 million and $47.2 million, respectively.
PumpFun has also climbed the ranks in daily fee revenue, generating $1.52 million, placing it seventh among web3 protocols.
Raydium follows with $627,500 in revenue while collecting $11.3 million in 24-hour fees.
The activity boom extends beyond Raydium.
Orca, another Solana-based DEX, reported $6.62 billion in weekly trading—a 169% increase.
Lfinity and Phoenix also surpassed $1 billion in weekly volumes, growing by 118% and 70%, respectively.
Institutional Investments in Solana DApps Reach $173M in Q3
As reported, institutional investment in Solana-based blockchain applications rebounded in the third quarter of 2024, with Solana’s decentralized applications (DApps) attracting $173 million across 29 funding rounds.
This marks a 54% rise from the previous quarter, signaling renewed interest in the Solana ecosystem despite a 37% decline in the number of funding rounds, according to a recent Messari report.
Per the report, this influx of capital represents the highest investment level in Solana projects since Q2 2022.
The third quarter also saw a dramatic increase in Solana’s fee-related metrics.
Average daily fee payers reached 1.9 million, an impressive 109% increase quarter-over-quarter, while new fee payers surged 430% to 1.3 million.
However, the network’s daily transaction volume, excluding voting-related activity, dropped by 12% to 62 million transactions.
The average transaction fee rose 6% to 0.00015 SOL (roughly $0.023), while the median transaction fee decreased 19%.
By the quarter’s end, Solana ranked third among blockchains by tokenized treasury assets, with $123 million, trailing Stellar’s $422 million and Ethereum’s $1.6 billion.
Just recently, Phantom, a popular cryptocurrency wallet compatible with assets on the Solana blockchain, released an urgent update for its iOS app following reports of app resets that locked users out of their wallets unless they had their recovery phrases.
The issue, which surfaced earlier this week, caused alarm among users who feared the loss of funds due to inaccessible accounts.
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