Monthly DEX turnover on Solana: what’s behind the record $100 billion?
Solana continues to surprise: a new record in the DEX market
In November 2024, decentralized exchanges (DEX) on the Solana platform reached a staggering $109.8 billion in trading volume. This figure broke even previous records, leaving most competitors behind. For example, Ethereum, with its rich ecosystem, during this period showed a result almost half as large – $55.3 billion.
According to data from analytics platform DeFi Llama, October DEX trading volume on Solana totaled $52.9 billion. The growth for November amounted to an impressive 107.6%, which was the most significant jump in the platform’s history.
What contributes to this growth?
- Memcoins as a catalyst
The memcoin market has been one of the main reasons for such rapid growth. The surge of interest in these assets has led to an increase in transaction activity and a general increase in liquidity. - Pump.fun and record fees
One prime example is Pump.fun, which collected a record $75.4 million in transaction fees in November, driving additional user interest in the network. - Victory in the US election and its impact on SOL
The impact of political events cannot be underestimated either. After the election of Donald Trump on November 5, the SOL price began to grow actively and reached a new all-time high of $264.
Onchain metrics: new heights
Not only trading volumes, but also other metrics show Solana’s steady growth. The number of active addresses on the platform reached 24.48 million in November, a new record for the ecosystem.
These numbers confirm that Solana is becoming one of the most sought-after blockchain platforms, able to handle huge workloads without degrading performance.
How can you capitalize on this trend for capital appreciation?
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In an era when Solana is setting records, it is important to stay on trend and use the best tools for asset management. With ALX, you can not only preserve but also multiply your capital.
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