{"id":1471,"date":"2024-11-26T06:00:24","date_gmt":"2024-11-26T06:00:24","guid":{"rendered":"https:\/\/ad-doge.com\/blog\/solana-outpaces-ethereum-in-defi-activity-as-monthly-dex-volume-surpasses-100-billion\/"},"modified":"2024-11-26T06:00:24","modified_gmt":"2024-11-26T06:00:24","slug":"solana-outpaces-ethereum-in-defi-activity-as-monthly-dex-volume-surpasses-100-billion","status":"publish","type":"post","link":"https:\/\/ad-doge.com\/blog\/solana-outpaces-ethereum-in-defi-activity-as-monthly-dex-volume-surpasses-100-billion\/","title":{"rendered":"Solana Outpaces Ethereum In DeFi Activity As Monthly DEX Volume Surpasses $100 Billion"},"content":{"rendered":"

Solana (SOL) decentralized finance (DeFi) activity has gained significant momentum, with its decentralized exchanges (DEX) surpassing Ethereum (ETH) DEX in monthly trading volume. So far in November, Solana-based DEXes have recorded over $100 billion in trading volume, marking a major milestone for the ecosystem.<\/p>\n

Solana DeFi Ecosystem Gains Momentum, Outshines Ethereum DeFi<\/h2>\n

Solana, the fourth-largest cryptocurrency with a reported market cap of $118.34 billion has been on a record-breaking price trajectory. Recently, the digital asset established a new all-time-high (ATH) of $263 after having hit as low as $8 at the peak of the FTX fiasco.<\/p>\n

Now, the layer-1 blockchain has achieved another milestone as Solana-based DEXes surpassed $100 billion for the first time in monthly trading volume. According to data<\/a> from DefiLlama, the 30-day cumulative trading volume recorded by Solana DEXes stands at $116.51 billion.<\/p>\n

\"SOL<\/p>\n

In comparison, Ethereum mainnet-based DEXes saw $61.61 billion in trading volume during the same period. This means Solana\u2019s DEX trading volume was more than double that of Ethereum’s.<\/p>\n

On a month-over-month (MoM) basis, Solana\u2019s DEX volume surged over 100% from October, which stood at $52.5 billion. Meanwhile, the total value locked (TVL) in Solana\u2019s DeFi ecosystem has increased to $9.30 billion, up from $6.23 billion a month ago.<\/p>\n

The unprecedented rise in Solana-based DEX trading volume can be attributed to several factors. These include the ongoing memecoin frenzy, the blockchain\u2019s low transaction fees, and an intuitive user interface.<\/p>\n

It is worth highlighting that Solana\u2019s TVL has yet to surpass its ATH TVL of $10.02 billion, which was recorded almost three years ago in November 2021. In January 2023, the blockchain\u2019s TVL hit a low of $210 million, dragged down by the wider crypto bear market exacerbated by the downfall of FTX exchange.<\/p>\n

At the time of writing, $3.58 billion of Solana\u2019s TVL is tied to the liquid staking protocol Jito, while Jupiter DEX holds $2.4 billion. Another prominent Solana-based DEX, Raydium, accounts for $2.37 billion of TVL.<\/p>\n

Where Is SOL Headed?<\/h2>\n

Solana\u2019s growing user adoption has played a crucial role in driving the recovery of its native token, SOL. On a year-to-date (YTD) basis, SOL has gained over 157%, rising from $101 on January 1 to $263 on November 23.<\/p>\n

Despite such extraordinary returns, crypto experts remain bullish on SOL, expecting further gains for the digital asset. According to a recent analysis by Titan of Crypto, SOL may hit $400 as it appears to be breaking out from a prolonged cup-and-handle pattern.<\/p>\n

Additional bullish factors, such as the declining Bitcoin (BTC) dominance and the rising likelihood of a Solana exchange-traded fund (ETF), could further propel SOL to new highs. SOL trades at $248.31 at press time, up 0.5% in the past 24 hours.<\/p>\n

\"Solana\"<\/p>\n","protected":false},"excerpt":{"rendered":"

Solana (SOL) decentralized finance (DeFi) activity has gained significant momentum, with its decentralized exchanges (DEX) surpassing Ethereum (ETH) DEX in monthly trading volume. So far in November, Solana-based DEXes have recorded over $100 billion in trading volume, marking a major milestone for the ecosystem. Solana DeFi Ecosystem Gains Momentum, Outshines Ethereum DeFi Solana, the fourth-largest…<\/p>\n","protected":false},"author":1,"featured_media":1472,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[220,606,300,1015,71,1016,1017,664,174,109,117,878],"class_list":["post-1471","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-altcoin","tag-bitcoin-dominance","tag-defi","tag-dex","tag-ethereum","tag-jito","tag-jupiter","tag-raydium","tag-sol","tag-solana","tag-solusdt","tag-tvl"],"_links":{"self":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/1471","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/comments?post=1471"}],"version-history":[{"count":0,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/1471\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media\/1472"}],"wp:attachment":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media?parent=1471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/categories?post=1471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/tags?post=1471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}