Solana’s decentralized exchanges (DEXs) are making waves, recording unprecedented daily trading volumes.
According to DeFiLlama, Solana DEXs surpassed $5 billion in daily trading volume for three consecutive days, marking a historic first. For the week of November 10-16, these platforms achieved a staggering total trading volume of $15.898 billion.
According to DeFiLlama, Solana DEX's daily trading volume has exceeded $5 billion for three consecutive days, the first time in history. During the week (November 10-16), Solana DEX's trading volume reached $15.898 billion. Raydium accounts for about 60% of Solana DEX's trading…
— Wu Blockchain (@WuBlockchain) November 14, 2024
Raydium, a leading Solana-based DEX, has been a key driver of this surge, accounting for approximately 60% of the network’s trading activity. Impressively, Raydium is rapidly closing the gap with Uniswap in weekly spot trading volume. Raydium reported $20 billion in spot volume compared to Uniswap’s $26 billion, highlighting Solana’s growing prominence in the DEX landscape.
Top 10 DEX Protocols by 7D Spot Volume
Raydium is catching up to Uniswap in spot trading volume, with $20B compared to $26B. DEX protocols on Solana, Aptos, and Sui continue to show strong trading volumes.
👉 https://t.co/TCe6X3azSE pic.twitter.com/djK4KPySZi
— CryptoRank.io (@CryptoRank_io) November 14, 2024
Not Just Solana, Aptos And Sui Shows Strong Growth
This momentum extends beyond Solana, as other chains like Aptos and Sui also posted strong trading volumes. Among the top 10 chains by net flow performance, Solana, Base, and Sui emerged as leaders, showcasing positive inflow trends. This is in contrast to Ethereum and Arbitrum, which, despite receiving major inflows of $3.1 billion and $1.1 billion respectively, saw even larger outflows over the same period.
Top 10 chains by Net Flows Performance
Despite major inflows in Ethereum ($3.1B) and Arbitrum ($1.1B), both chains experienced higher outflows, while Base, Solana and Sui lead in netflow metrics.
👉 https://t.co/efCOMIdNQx pic.twitter.com/Kuc0VIeSWU
— CryptoRank.io (@CryptoRank_io) November 14, 2024
The consistent growth in trading volumes and positive net flows for Solana-based protocols underscores the network’s increasing utility and adoption within the DeFi ecosystem. With Raydium narrowing the gap with Uniswap and Solana outpacing competitors in key metrics, the ecosystem is solidifying its position as a major player in decentralized finance.
These developments highlight a broader shift in DeFi, with newer chains and protocols gaining traction as they address scalability and cost concerns, setting the stage for further growth and innovation.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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