Solana Tops DEX Volume Charts with $115B, Beating Ethereum

Solana's $115B DEX Boom: Is Meme Coin Mania the Secret?

Decentralized finance (DeFi) has been on an incredible rise over the past few years, but this year, there's a new leader in the game—Solana. With its growing influence in the memecoin space, Solana has been steadily climbing the ranks, and now it’s making waves in a major way.

In an impressive milestone, Solana has shattered expectations by surpassing $100 billion in volume on decentralized exchanges for the first time ever. And here's the kicker: Solana’s DEX traffic now outshines that of Ethereum and its Layer 2s combined. 

November’s DEX King: Solana

Solana is making waves again, breaking records and leaving Ethereum in the dust. On November 26, the Solana network hit an all-time high with over $115 billion in DEX transaction volume. That’s right—Solana has outpaced both Ethereum and Binance Smart Chain (BSC), taking the top spot for the month.

To put it into perspective: Ethereum’s DEX volume for November sits at $55.4 billion, while Solana’s massive surge eclipses not only Ethereum but its entire ecosystem of Layer-2 networks. Ethereum, Base, Arbitrum, and other L2s together have only reached $91.99 billion in transactions. 

Solana’s dominance in the DEX arena is undeniable and shows just how much the network has grown—powered, in part, by the rising popularity of memecoins!

Is Solana the New Memecoin Playground? Here's Why It's Dominating the DEX Market

Solana’s major driving force behind its success is the explosive rise of memecoins. Memecoins like BONK, dogwifhat, Popcat, and PNUT have become a phenomenon on Solana, attracting billions in transactions from both retail investors and bots, flooding the network with liquidity.

But what's fueling this memecoin mania? Enter Pump.fun, the platform making it ridiculously easy for anyone to create their own memecoin. With such accessibility, it's no wonder that Pump.fun saw a jaw-dropping $100M in revenue this past September—proving there's serious trader interest behind these quirky tokens.

Yet, despite all the buzz, Solana still has a way to go before it catches up to Ethereum in terms of total value locked (TVL). Solana’s TVL currently sits at $8.7 billion, while Ethereum reigns supreme at $63.9 billion. Still, Solana's rise is undeniable, and the memecoin boom is only adding fuel to the fire.