- Solana DEX volume surpasses $100B, doubling Ethereum’s trading activity during the same period.
- Solana’s institutional appeal grows with ETF plans and significant adoption in DeFi and meme coin trading.
Solana’s decentralized exchanges (DEXs) have reached an unprecedented milestone, with monthly trading volume exceeding $100 billion. From October’s $52.5 billion, this is a 109% increase and almost doubles Ethereum’s $55 billion during the same month.
Driven by its scalability, cheap transaction fees, and growing user engagement, Solana’s ascent in the decentralized finance (DeFi) space includes Especially, this is a return to levels not seen since March 2024, when Solana last registered with DEX trading volume of $59.8 billion.
Factors Driving Solana Remarkable Growth
Many elements helped to explain this amazing expansion. High throughput and low fees define the network’s effective infrastructure, which keeps drawing developers and traders looking for quicker and less expensive substitutes for Ethereum.
Rising meme coin trading has also greatly increased activity on Solana’s DEXs, attracting institutional as well as retail players. Recent bridging of over $300 million from other blockchains to Solana reflects a change in user inclination toward its ecosystem.
Capturing over 63% of the weekly trade volume and processing about $27 billion in just one week, top platforms like Raydium have been absolutely vital.
Solana’s position as a strong rival in the DeFi space—where it regularly questions Ethereum’s supremacy—is confirmed by this landmark. Its increasing popularity does, however, present difficulties like keeping network stability in face of increasing demand. Solana’s performance shows its adaptability and inventiveness in spite of these challenges.
On the other hand, CNF previously reported that Nate Geraci indicates development on the regulatory front since he projects the Solana ETF to get SEC approval by the end of next year. Leading asset management firm Bitwise is creating a Solana ETF to monitor blockchain performance, therefore proving even further its increasing attraction to institutional investors.
Meanwhile, SOL is swapped hands at about $238.77 as of writing, down 5.47% over the last 24 hours, therefore lowering its market cap under $120 billion.
