Solana DEXs' 24-Hour Trading Volume Tops $3.8B, Outperforming Base and Ethereum Combined

Solana (SOL)-based decentralized exchanges (DEXs) have processed more trading volume than Base (BASE) and Ethereum (ETH) combined over the last 24 hours, according to data from DefiLlama.

Solana DEXs Surpass ETH, Base in 24-Hour Trading Volume

As per the data, Solana DEXs have handled $3.8 billion in trading volume, while Ethereum and Base have processed $1.7 billion and $1.2 billion, respectively. This latest trend highlights Solana’s growing significance within the decentralized finance (DeFi) space and its emergence as a strong competitor to Ethereum.

Interestingly, over the past year, Solana’s native token SOL has outperformed Ethereum’s ETH, surging 129% compared to ETH’s 63% rally, according to data from CoinGecko. Moreover, Solana’s Total Value Locked (TVL) is also growing at a faster pace than Ethereum’s. Data from DefiLlama shows that Solana’s TVL increased five times in 2024, growing from $1.39 billion to over $9.5 billion.

What’s Driving Crypto Enthusiasts to Solana?

So, what’s driving crypto users to Solana? According to analysts at Grayscale Research, the network’s success can be attributed to the hype surrounding its meme coin ecosystem. Many developers have also chosen Solana as the blockchain of choice to launch AI agent tokens, which have become some of the most popular cryptocurrencies this year.

Specifically, the booming Solana meme coin space is largely driven by popular token launcher PumpFun. Its creator recently announced that over four million tokens were deployed on the Solana blockchain through the platform in 2024. Notably, PumpFun has outpaced several protocols in terms of revenue since its launch. It has generated over $335 million in revenue since going live in March 2024.

Raydium vs. Uniswap

As tokens on PumpFun reach a certain market capitalization, they usually get listed on Raydium, a leading Solana-based DEX. This explains the surge in 24-hour trading volume that the exchange has witnessed since early 2024. According to data from DefiLlama, Raydium’s 24-hour volume has increased from $182 million in January to over $3 billion in December. In comparison, Ethereum-based DEX Uniswap had an average daily trading volume of $2.1 billion last year.

While meme coins contribute to the majority of the trading volume on Raydium, over 50% of Uniswap’s volume is attributed to utility tokens, as per a recent report by Messari.