Solana’s decentralized exchanges (DEX) achieved a groundbreaking milestone in November, with monthly trade volumes surpassing $100 billion for the first time.
Key Statistics
- November DEX Volume: $109.8 billion (as of now).
- Comparison to Ethereum Mainnet: Nearly double Ethereum’s $55 billion DEX volume for the month.
- Month-on-Month Growth: Over 100% increase compared to October’s $52.5 billion.
Driving Factors
Research Director Eden Au, attributed the surge to the ongoing memecoin frenzy combined with Solana’s low transaction fees and user-friendly infrastructure.
Platforms like pump.fun and Raydium have significantly contributed to this growth:
- pump.fun Monthly Fees: $71.5 million.
- Raydium Monthly Fees: $182 million.
Both hit record highs in November, according to DefiLlama data.
User Growth and Market Outlook
Solana recorded 107.5 million active addresses in November, with a potential to surpass the October record of 123 million before the month ends.
Au predicts continued retail user growth in the coming years, especially with a possible bull market in 2025. “Retail speculators seeking higher returns will likely flock to the memecoin space as liquidity trickles down from major cryptocurrencies,” he noted.
SOL Price and Performance
Solana’s native cryptocurrency, SOL, currently trades at $255, following a record-breaking market rally. Last week, SOL set a new all-time high of $263, surpassing its 2021 record.
Solana’s Competitive Edge
With its growing user base and innovative ecosystem, Solana continues to assert itself as a major player in the cryptocurrency market, outperforming Ethereum in DEX volumes and attracting a surge of retail and institutional interest.
