According to data from DefiLlama, the Solana network has surpassed both Ethereum and Base in 24-hour decentralized exchange (DEX) trading volume. On January 6th, daily trading volume across Solana-based DEXs neared $3.8 billion, compared to $1.7 billion for Ethereum and $1.2 billion for Base.
Growing Trading Volume Highlights Solana’s Expanding Role in DeFi
The growing trading volume on the Solana network highlights its expanding role in decentralized finance (DeFi) and its position as a competitor to Ethereum. From a price perspective, Solana (SOL) has outperformed Ether (ETH) by approximately eight times since 2023, according to data from TradingView.
Solana’s Total Value Locked (TVL) Outpaces Ethereum
Solana’s total value locked (TVL) is also outpacing Ethereum’s. In 2024, Solana’s TVL rose roughly five times, from around $1.4 billion to upward of $9.5 billion, according to DefiLlama.
Retail Traders Flocking to Solana
"Retail traders increasingly enter the crypto market through Solana [as] speculation intensifies around Solana-based memecoins and AI agent tokens," Grayscale Research said in December.
Rising Trading Volumes on Raydium
In 2024, 24-hour trading volumes on Raydium, Solana’s leading DEX, increased by more than 10 times, from around $180 million in January to more than $3 billion on Dec. 31, according to DefiLlama.
Raydium Beating Uniswap in Monthly Trading Volumes
In November, Raydium beat Uniswap, Ethereum’s leading DEX, in monthly trading volumes by roughly 30%, or approximately $30 billion, according to a December report by Messari Research. However, this figure reversed in December, with Uniswap’s volume reaching $92 billion compared to roughly $61 billion for Raydium.
Raydium’s Dominance Within the Solana Ecosystem
The success of Raydium is largely attributed to its dominance within the Solana ecosystem, with the DEX consistently capturing over 60% of daily DEX volume on the layer-1 blockchain network. In particular, "memecoin trading has become a substantial driver of Raydium’s volume, with memecoins accounting for an all-time high of 65% of Raydium’s monthly volume in November," the report added.
Memecoin Trading Volume
Fueled by venture capital funding and political speculation, memecoins now command approximately $130 billion in market capitalization, according to CoinGecko. In November, Solana’s top memecoin platform, Pump.fun, was the eighth-highest-earning blockchain protocol, ranking just below giants such as Uniswap and Circle, the issuer of USD Coin (USDC).
Pump.fun Trading Volume
After bootstrapping sufficient liquidity, memecoins minted on Pump.fun are typically traded on Raydium. In the past 30 days, Pump.fun generated nearly $250 million in trading volume, according to data from DefiLlama.
The Growing Importance of Solana in DeFi
Solana’s growing importance in DeFi is a testament to its ability to provide fast and scalable transactions, which are essential for decentralized applications. With the rise of memecoins and AI agent tokens, Solana is poised to continue its growth in 2025.
Conclusion
The data from DefiLlama highlights Solana’s growing dominance in decentralized exchange trading volume, surpassing both Ethereum and Base. With its expanding role in DeFi and its position as a competitor to Ethereum, Solana is becoming an increasingly important player in the crypto market. As the demand for fast and scalable transactions continues to grow, Solana is well-positioned to continue its growth in 2025.
Further Reading
- DeFi TVL nears 2021 highs on liquid restaking, Bitcoin L2s
- Your guide to crypto in Toronto: Crypto City
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