Solana’s Monthly DEX Volume Breaks $70B for the First Time

Solana has started the new week by reaching a new milestone: the monthly trading volume in its decentralized exchange (DEX) ecosystem has surpassed $70 billion for the first time in the network’s history.

The uptick in monthly trading activity was pushed by consistently high daily volumes, including breaking past $5 billion for three consecutive days.

Growth Fueled by Major Players

According to data from the decentralized finance (DeFi) analytics platform DefiLlama, key DEXs, such as Raydium, Orca, and Lifinity, were behind Solana’s impressive growth.

Raydium led the charge with its best-ever performance, contributing a staggering $43 billion in volume in the last 30 days. Orca followed with $11.55 billion, although it was far from its best returns, having managed $22.8 billion in March. Lifinity came third, racking up about $4.48 billion in monthly trading volume, which was also markedly lower than its all-time high (ATH) of $9.145 billion, also attained in March.

Regarding weekly trading volumes, the three DEXs still recorded the highest numbers, with Raydium posting $27.82 billion in the last seven days, a 127% jump from the week before.

Orca came next again with $7.66 billion, representing a 140% weekly increase. In comparison, Lifinity managed a slightly more modest $3.04 billion, although it still represented a much higher percentage improvement at 214%.

Before this latest data, the best monthly performance collectively registered by Solana DEXs was in March, when monthly trading volumes were just under $60 billion. Since then, the closest it came to those levels was in July when it went past $54 billion, and in October, when it hit $52.49 billion.

As stated earlier, Solana also hit another milestone last week when its daily volumes surged past $5 billion for three consecutive days, the first time it had achieved such a feat.

Solana Outshines Ethereum

Interestingly, in the last 24 hours, Solana bested Ethereum in terms of 24-hour trading volume. DefiLlama data shows that Solana conducted seven times more business in that period than Ethereum, recording a volume of $6.24 billion to the latter’s $850 million.

To further compound the network’s recent dominance, Raydium alone had more than $4 billion in daily volume, dwarfing Ethereum’s top performer Uniswap, which facilitated trades worth $1.5 billion in that time.

Notably, meme coins have also helped boost Solana’s appeal. Data shows that two meme coins based on the blockchain are now among the top 40 biggest cryptocurrencies by market capitalization.

With values of $3.49 billion and $3.36 billion, dogwifhat (WIF) and Bonk (BONK) are currently holding the #39 and #40 positions, according to information from CoinGecko.