$SOL Solana DEX continues to dominate despite the cooling of the Memecoin market

Solana's decentralized exchanges (DEX) have shown strong success even with recent price volatility and the overall cooling in the memecoin market. Solana has retained its leading position in DEX volume for the fifth consecutive month, generating $109 billion in monthly volume, 24% higher than Ethereum's $88 billion and nearly 300% greater than Arbitrum's $25 billion according to DeFiLlama data.

Driving the dominance of this DEX are key protocols such as Raydium ($41 billion), Meteora ($25 billion), and Orca ($22 billion). Although Solana's memecoin sector has seen a correction - Pump.fun platform volume decreased 63% from January to February - overall trading activity within the Solana ecosystem remains strong. This indicates a shift towards stablecoins and a resurgence in DeFi activity balancing out the slowdown in memecoins, thus allowing Solana to maintain its commanding presence in the decentralized finance landscape. With 54% of the market captured and generating $285 million, Solana Floor claims that income from the application has also overshadowed all other chains combined.