TL;DR
- Solana surpassed $100 billion in monthly DEX trading volume for the first time, reaching a total of $109.8 billion in November.
- Factors such as the memecoin frenzy and low transaction fees have driven its remarkable growth, doubling Ethereum’s volume.
- The network also stands out with 107.5 million active addresses and new all-time highs for SOL.
The Solana ecosystem has reached a significant milestone by surpassing $100 billion in trading volume on decentralized exchanges (DEX) for the first time in a single month.
According to DefiLlama data, the total trading volume recorded in November reached $109.8 billion, more than double the $55 billion registered by Ethereum’s mainnet. This figure also represents a 100% increase compared to the $52.5 billion recorded in October. This growth reflects a substantial rise in user activity within the network.
The Overwhelming Success of Solana
Experts attribute this surge to several factors, most notably the recent memecoin frenzy, which has fueled interest among retail users. Additionally, Solana’s technical features, such as its low transaction fees and ease of use, have greatly contributed to its success and adoption.
In November, Solana-based platforms like pump.fun and Raydium achieved record-breaking fee revenues, with $71.5 million and $182 million, respectively. These platforms are playing a critical role within the SOL ecosystem and its ongoing growth.
New All-Time Highs for SOL
In terms of active users, Solana is also showing exceptional performance. The network currently has 107.5 million active addresses for November and could potentially surpass the record of 123 million reached in October if the trend continues. This surge in activity aligns with a favorable market, in which Solana’s native cryptocurrency, SOL, has set new all-time highs. SOL is currently trading at $247 after reaching $263 last week.
With a bullish market expected in 2025, the network is likely to attract more retail users seeking the profitability potential of memecoins and other decentralized applications. Solana’s position as a leader in DEX trading volume and its growth in active users underscore its significant relevance within the crypto market and the broader ecosystem.
