Solana's Monthly DEX Volume Hits Records $70B as $SOL Nears ATH

A Surge in Trading Activity

Solana’s decentralized finance (DeFi) sector has experienced explosive growth, with weekly trading volumes reaching a staggering $41.39 billion. This represents a sharp increase from the Octobrer 29 to Nov. 3, which saw volumes of $18.1 billion. 

Trading activity hit a peak on November 12, with daily volumes reaching $6.88 billion. Since then, Solana's DEX volume has consistently exceeded $5.7 billion daily, outpacing Ethereum's DEX ecosystem by a significant margin.

Over the same period, Ethereum’s decentralized exchanges processed $14.27 billion in trades, far below Solana’s numbers. Other networks like Base ($11.9 billion), BNB Chain ($11.73 billion), and Arbitrum ($9.57 billion) followed.

Raydium Leads the Charge

At the heart of this surge is Raydium, Solana’s leading decentralized exchange. The platform is responsible for 69% of Solana's total DEX trading volume, with an incredible $27 billion in weekly trades—an increase of 127% from the previous period. Raydium's growth has been closely linked to the success of PumpFun, Solana’s memecoin launchpad, which has helped propel tokens like PNUT and GOAT to prominence.

The memecoin frenzy is not limited to Raydium. Orca, another Solana-based DEX, also saw a massive 169% increase in its weekly trading volume, reaching $7.5 billion. Other exchanges like Lfinity surpassed $3 billion in weekly volumes.

These memecoins have become major players in the market, with their pairings ranking third and fourth in Raydium’s 24-hour trading volumes. PNUT and GOAT have generated $48.6 million and $47.2 million in daily volume, respectively, reflecting the growing appetite for memecoins in the Solana ecosystem.

Memecoin Mania Fuels Growth

The Bigger Picture: Solana's Market Growth

Notably, Solana’s recent success is not just about DEX volume; it also reflects a broader trend of increased activity across the Solana ecosystem. With tokens like Dogwifhat (WIF) gaining significant traction and being listed on major exchanges like Coinbase, Solana is firmly in the spotlight as a DeFi hotbed.