{"id":654838,"date":"2024-11-26T04:00:11","date_gmt":"2024-11-26T04:00:11","guid":{"rendered":"https:\/\/uniquehot.com\/?p=654838"},"modified":"2024-11-26T02:55:39","modified_gmt":"2024-11-26T02:55:39","slug":"solana-outpaces-ethereum-in-defi-activity-as-monthly-dex-volume-surpasses-100-billion","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/solana\/solana-outpaces-ethereum-in-defi-activity-as-monthly-dex-volume-surpasses-100-billion\/","title":{"rendered":"Solana Outpaces Ethereum In DeFi Activity As Monthly DEX Volume Surpasses $100 Billion"},"content":{"rendered":"

Solana (SOL) decentralized finance (DeFi) activity has gained significant momentum, with its decentralized exchanges (DEX) surpassing Ethereum (ETH) DEX in monthly trading volume. So far in November, Solana-based DEXes have recorded over $100 billion in trading volume, marking a major milestone for the ecosystem.<\/span><\/p>\n

Solana DeFi Ecosystem Gains Momentum, Outshines Ethereum DeFi<\/span><\/h2>\n

Solana, the fourth-largest cryptocurrency with a reported market cap of $118.34 billion has been on a record-breaking price trajectory. Recently, the digital asset established a new all-time-high (ATH) of $263 after having hit as low as $8 at the peak of the FTX fiasco.<\/span><\/p>\n

Related Reading: Solana (SOL) Bulls Stay in Control: Rally Far From Over?<\/a><\/div>\n

Now, the layer-1 blockchain has achieved another milestone as Solana-based DEXes surpassed $100 billion for the first time in monthly trading volume. According to <\/span>data<\/span><\/a> from DefiLlama, the 30-day cumulative trading volume recorded by Solana DEXes stands at $116.51 billion.<\/span><\/p>\n

\"SOL
Source: DefiLlama.com<\/a><\/figcaption><\/figure>\n

In comparison, Ethereum mainnet-based DEXes saw $61.61 billion in trading volume during the same period. This means Solana\u2019s DEX trading volume was more than double that of Ethereum’s.<\/span><\/p>\n

On a month-over-month (MoM) basis, Solana\u2019s DEX volume surged over 100% from October, which stood at $52.5 billion. Meanwhile, the total value locked (TVL) in Solana\u2019s DeFi ecosystem has increased to $9.30 billion, up from $6.23 billion a month ago.<\/span><\/p>\n

The unprecedented rise in Solana-based DEX trading volume can be attributed to several factors. These include the ongoing memecoin frenzy, the blockchain\u2019s low transaction fees, and an intuitive user interface.<\/span><\/p>\n

It is worth highlighting that Solana\u2019s TVL has yet to surpass its ATH TVL of $10.02 billion, which was recorded almost three years ago in November 2021. In January 2023, the blockchain\u2019s TVL hit a low of $210 million, dragged down by the wider crypto bear market exacerbated by the downfall of FTX exchange.<\/span><\/p>\n

At the time of writing, $3.58 billion of Solana\u2019s TVL is tied to the liquid staking protocol Jito, while Jupiter DEX holds $2.4 billion. Another prominent Solana-based DEX, Raydium, accounts for $2.37 billion of TVL.<\/span><\/p>\n

Where Is SOL Headed?<\/span><\/h2>\n

Solana\u2019s growing user adoption has played a crucial role in driving the recovery of its native token, SOL. On a year-to-date (YTD) basis, SOL has gained over 157%, rising from $101 on January 1 to $263 on November 23.<\/span><\/p>\n

Related Reading: Solana Records New ATH After 3 Years: Is SOL Ready To Flip USDT?<\/a><\/div>\n

Despite such extraordinary returns, crypto experts remain bullish on SOL, expecting further gains for the digital asset. According to a recent <\/span>analysis<\/span><\/a> by Titan of Crypto, SOL may hit $400 as it appears to be breaking out from a prolonged cup-and-handle pattern.<\/span><\/p>\n

Additional bullish factors, such as the <\/span>declining<\/span><\/a> Bitcoin (BTC) dominance and the <\/span>rising likelihood<\/span><\/a> of a Solana exchange-traded fund (ETF), could further propel SOL to new highs. SOL trades at $248.31 at press time, up 0.5% in the past 24 hours.<\/span><\/p>\n

\"Solana\"
SOL trades at $248.31 on the daily chart | Source: SOLUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from Unsplash, charts from DefiLlama.com and Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Solana (SOL) decentralized finance (DeFi) activity has gained significant momentum, with its decentralized exchanges (DEX) surpassing Ethereum (ETH) DEX in monthly trading volume. So far in November, Solana-based DEXes have recorded over $100 billion in trading volume, marking a major milestone for the ecosystem. Solana DeFi Ecosystem Gains Momentum, Outshines Ethereum DeFi Solana, the fourth-largest cryptocurrency with a reported market cap of $118.34 billion has been on a record-breaking price trajectory. Recently, the digital asset established a new all-time-high (ATH) of $263 after having hit as low as $8 at the peak of the FTX fiasco. Related Reading: Solana (SOL) Bulls Stay in Control: Rally Far From Over? Now, the layer-1 blockchain has achieved another milestone as Solana-based DEXes surpassed $100 billion for the first time in monthly trading volume. According to data from DefiLlama, the 30-day cumulative trading volume recorded by Solana DEXes stands at $116.51 billion. In comparison, Ethereum mainnet-based DEXes saw $61.61 billion in trading volume during the same period. This means Solana\u2019s DEX trading volume was more than double that of Ethereum’s. On a month-over-month (MoM) basis, Solana\u2019s DEX volume surged over 100% from October, which stood at $52.5 billion. Meanwhile, the total value locked (TVL) in Solana\u2019s DeFi ecosystem has increased to $9.30 billion, up from $6.23 billion a month ago. The unprecedented rise in Solana-based DEX trading volume can be attributed to several factors. These include the ongoing memecoin frenzy, the blockchain\u2019s low transaction fees, and an intuitive user interface. It is worth highlighting that Solana\u2019s TVL has yet to surpass its ATH TVL of $10.02 billion, which was recorded almost three years ago in November 2021. In January 2023, the blockchain\u2019s TVL hit a low of $210 million, dragged down by the wider crypto bear market exacerbated by the downfall of FTX exchange. At the time of writing, $3.58 billion of Solana\u2019s TVL is tied to the liquid staking protocol Jito, while Jupiter DEX holds $2.4 billion. Another prominent Solana-based DEX, Raydium, accounts for $2.37 billion of TVL. Where Is SOL Headed? Solana\u2019s growing user adoption has played a crucial role in driving the recovery of its native token, SOL. On a year-to-date (YTD) basis, SOL has gained over 157%, rising from $101 on January 1 to $263 on November 23. Related Reading: Solana Records New ATH After 3 Years: Is SOL Ready To Flip USDT? Despite such extraordinary returns, crypto experts remain bullish on SOL, expecting further gains for the digital asset. According to a recent analysis by Titan of Crypto, SOL may hit $400 as it appears to be breaking out from a prolonged cup-and-handle pattern. Additional bullish factors, such as the declining Bitcoin (BTC) dominance and the rising likelihood of a Solana exchange-traded fund (ETF), could further propel SOL to new highs. SOL trades at $248.31 at press time, up 0.5% in the past 24 hours. Featured image from Unsplash, charts from DefiLlama.com and Tradingview.com<\/p>\n","protected":false},"author":619,"featured_media":654842,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[134,13510,54512,14473,1946,90987,2641,88352,12837,83626,83627,84310],"class_list":["post-654838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-altcoin","tag-bitcoin-dominance","tag-defi","tag-dex","tag-ethereum","tag-jito","tag-jupiter","tag-raydium","tag-sol","tag-solana","tag-solusdt","tag-tvl"],"acf":[],"yoast_head":"\nSolana Outpaces Ethereum In DeFi Activity As Monthly DEX Volume Surpasses $100 Billion<\/title>\n<meta name=\"description\" content=\"So far in November, Solana-based DEXes have recorded over $100 billion in trading volume, marking a major milestone 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Ash\u2019s hands-on involvement has allowed him to analyze the risks, rewards, and broader implications of liquidity pools, giving him a well-rounded perspective on this integral part of DeFi. His understanding of risk management and protocol design allows him to provide insights into how these systems can be navigated effectively, with an emphasis on both opportunity and caution. When it comes to communicating these complex topics, Ash\u2019s writing is grounded in clarity and depth. He excels at breaking down intricate blockchain concepts into easily digestible information for a wide audience. Whether explaining the workings of decentralized exchanges or outlining the future potential of blockchain technology, Ash ensures that his content is accessible to both those new to the space and experienced participants looking for deeper insights. Beyond DeFi and NFTs, Ash explores a wide array of emerging blockchain applications. 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