Solana Defies Bearish December, DEX Trading Volume Surpasses $100B
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Solana had a strong December despite the overall crypto market downturn. Its DEXs processed over $100 billion in volume for the second consecutive month, with Raydium ranking third overall.
Last updated:
27 December 2024 at 21:04 GMT+3
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Solana Defies Bearish December, DEX Trading Volume Surpasses $100B
Solana (SOL) demonstrated resilience during a bearish December, achieving over $100 billion in decentralized exchange (DEX) trading volume for the second consecutive month.
With a $107.865 billion in monthly DEX volume (as of Dec. 27), Solana outpaced its competitors in December, including Binance Smart Chain (BSC) and Ethereum (ETH), which recorded $91.444 billion and $84.168 billion, respectively, according to DefiLlama data.
Source: DefiLlama / DEX monthly volume by chain, YTD
In November, Solana also reigned supreme with $129.736 billion in DEX volume, well ahead of Ethereum’s $70.635 billion.
Raydium Leads Among Single-Chain DEXs
Solana’s performance highlights its growing appeal in the decentralized finance (DeFi) sector.
The surge in activity on Solana-based DEXs like Raydium, Orca, and Lifinity indicates that users and projects are prioritizing the blockchain’s efficiency and scalability.
Raydium and Orca recorded $59.642 billion and $23.252 billion, respectively, in the last 30 days.
In comparison, Uniswap and PancakeSwap processed higher volumes, reaching $110.219 billion and $95.18 billion, respectively.
However, Uniswap and PancakeSwap are multi-chain DEXs, while Raydium is a single-chain DEX operating solely on Solana, which was able to secure the third position in the overall DEX ranking, as per DefiLlama.
Source: DefiLlama / Top 10 DEX by volume over the past 30 days
Solana TVL Soars Despite SOL Price Dip
Solana’s on-chain activity also shows increased interest in this blockchain.
According to Artemis data, Solana’s daily transactions hit an all-time high of 1.5 billion
