The Solana community has surpassed Ethereum and Base mixed in 24-hour decentralized change (DEX) buying and selling quantity, in response to information from DefiLlama.
According to DefiLlama, every day buying and selling quantity throughout Solana-based DEXs neared $3.8 billion on Jan. 6, versus $1.7 billion for Ethereum and $1.2 billion for Base, Ethereum’s hottest layer-2 scaling community.
The rising buying and selling quantity displays the Solana community’s growing prominence in decentralized finance (DeFi) and its emergence as a critical challenger to Ethereum.
From a value perspective, Solana (SOL) has outperformed Ether (ETH) by roughly eight instances since 2023, in response to information from TradingView.
Solana’s whole worth locked (TVL) can be outpacing Ethereum’s. In 2024, Solana’s TVL rose roughly 5 instances, from round $1.4 billion to upward of $9.5 billion, in response to DefiLlama.
“Retail merchants more and more enter the crypto market by Solana [as] hypothesis intensifies round Solana-based memecoins and AI agent tokens,” Grayscale Analysis said in December.
Supply: DefiLlama
Associated: DeFi TVL nears 2021 highs on liquid restaking, Bitcoin L2s
Rising buying and selling volumes
In 2024, 24-hour buying and selling volumes on Raydium, Solana’s main DEX, elevated by greater than 10 instances, from round $180 million in January to greater than $3 billion on Dec. 31, in response to DefiLlama.
In November, Raydium beat Uniswap, Ethereum’s main DEX, in month-to-month buying and selling volumes by roughly 30%, or roughly $30 billion, in response to a December report by Messari Analysis.
That determine reversed in December, with Uniswap’s quantity reaching $92 billion in comparison with roughly $61 billion for Raydium, in response to DefiLlama.
Raydium’s “success is essentially attributed to its dominance inside the Solana ecosystem,” the Messari report mentioned, including that the DEX persistently captures over 60% of every day DEX quantity on the layer-1 blockchain community.
Particularly, “[m]emecoin buying and selling has change into a considerable driver of Raydium’s quantity, with memecoins accounting for an all-time excessive of 65% of Raydium’s month-to-month quantity in November,” the report added.
Supply: DefiLlama
Fueled by enterprise capital funding and political hypothesis, memecoins now command roughly $130 billion in market capitalization, in response to CoinGecko.
In November, Solana’s prime memecoin platform, Pump.enjoyable, was the eighth-highest-earning blockchain protocol, rating slightly below giants comparable to Uniswap and Circle, the issuer of USD Coin (USDC).
Up to now 30 days, Pump.enjoyable generated practically $250 million in buying and selling quantity, in response to information from DefiLlama.
After bootstrapping adequate liquidity, memecoins minted on Pump.enjoyable are usually traded on Raydium.
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