Solana DEX volume breaks 100B dollars for the first time
Solana's monthly trade volume on decentralized exchanges (DEX) surpassed $100 billion for the first time.
Last week, amid the recent market surge, the cryptocurrency Solana (SOL) broke through its 2021 peak to reach a new high of $263. With a market capitalization of $114.79 billion and a 24-hour trading volume of $5.70 billion, SOL was down by 2.02% and trading at $241.80 in the last 24 hours at the time of writing, according to CoinMarketCap.
Solana’s Growth
DefiLlama data indicates that the network's DEX trade volume for November to date has amounted to approximately $109.8 billion. This is a significant increase of more than 100% over October's trading volume of $52.5 billion, and it is almost twice the monthly DEX volume of $55 billion on the Ethereum mainnet.
This performance demonstrates Solana's remarkable momentum, particularly in comparison to Bitcoin. SOL's price has increased by more than 50% since Donald Trump's election victory on November 5th, while Bitcoin has increased by 47% during that same period.
Ongoing memecoin frenzy
Memecoins have undoubtedly increased Solana's user base and elevated its profile as a platform. According to market watchers, the rally occurred at the same time as the ecosystem's unusual on-chain activity, which is a result of the current memecoin frenzy. According to DeFillama data, Solana's network has set a new record by processing $100 billion in decentralized exchange trading volume. This month, the platform's daily trading volume averages more than $5 billion.
Platforms such as pump.fun and Raydium generated record-high fees of $71.5 million and $182 million, respectively, as a result of the memecoin frenzy.
Solana network’s low transaction fee
Due to its low fees, Solana has become a desirable playground for these speculative assets. Alongside Solana's remarkable trading volume, monthly active addresses have increased from 123 million in October to 107.5 million. This growth is in line with the general trend of users increasingly moving toward Solana due to its low transaction costs and scalability, which makes it a desirable choice for DeFi protocols and decentralized applications.
Looking at transaction numbers further demonstrates Solana's dominance. According to data from the blockchain analysis platform Artemis, Solana processes an absolutely staggering 53 million transactions every day, whereas the majority of layer-1 blockchains handle less than 5 million. Its robust infrastructure is becoming more and more popular, as evidenced by this massive activity.
Solana ETF might be available by the end of next year
By the end of 2025, it is possible that a Solana exchange-traded fund will be available in the U.S. market. VanEck, 21Shares, Bitwise Asset Management, and Canary Capital submitted four applications for spot Solana ETFs on Thursday to the Cboe BZX equity exchange. According to reports, the U.S. Securities and Exchange Commission is "engaging" with S-1 applications.
If the SEC accepts it, the last deadline will be in early August, according to James Seyffart, an ETF analyst with Bloomberg Intelligence.
Disclaimer
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