Solana DEX Trade Volume Soars To $109.8 Billion In November

(MENAFN- The Arabian Post) Decentralized exchanges on Solana achieved a groundbreaking milestone, with their collective trade volume reaching $109.8 billion in November. This figure nearly doubles the $55 billion recorded on Ethereum-based DEXs during the same period, showcasing a remarkable surge in activity on Solana's blockchain. The network's user-friendly structure, low transaction fees, and a recent memecoin trading frenzy contributed significantly to this growth. A significant share of this volume was driven by Solana's decentralized exchanges, notably Raydium, Orca, and Aerodrome Finance. Raydium alone registered an impressive $4.2 billion in 24-hour trade activity, overshadowing Ethereum's leading DEX, Uniswap, which managed $1.52 billion in the same timeframe. Orca and Aerodrome Finance also contributed significantly, with volumes exceeding $1 billion each, reflecting the ecosystem's increasing traction among traders seeking efficiency and cost-effectiveness. The momentum of Solana's ecosystem is reflected in its address activity, which is on track to surpass October's record of 123 million unique active addresses. This growth underscores the network's growing appeal as a scalable alternative to Ethereum for decentralized finance (DeFi) and other blockchain applications. The rising trade volume also benefited Solana's native token, SOL, which has rallied by 18% over the past week, pushing its market capitalization to approximately $116 billion. This price movement signals renewed investor confidence in Solana's potential as a major player in the crypto space, even as Ethereum retains a larger market share in the broader DeFi sector. Experts attribute Solana's success to its emphasis on enhancing user experience and its focus on creating accessible blockchain applications. Unlike Ethereum's infrastructure-centric development approach, Solana prioritizes building applications that deliver tangible value to end users, making it a preferred choice for developers and traders.">

MENAFN01122024000152002308ID1108943478