Solana’s monthly DEX volume breaks $70 million for the first time

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

The increase in monthly trading activity was driven by consistently high daily volumes, including exceeding $5 billion for three consecutive days.

Growth driven by major players

According to data from 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 performance, bringing in an astounding $43 billion in volume over the past 30 days. Orca followed with $11.55 billion, though it was far from its best performance, having taken in $22.8 billion in March. Lifinity came in third, racking up about $4.48 billion in monthly trading volume, which was also notably lower than its all-time high (ATH) of $9.145 billion, also reached in March.

In terms of weekly trading volumes, all three DEXs still recorded the highest figures, with Raydium recording $27.82 billion in the past seven days, a 127% jump from the previous week.

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

Prior to this latest data, the best monthly performance recorded by the Solana DEX collectively was in March, when monthly trading volumes were just under $60 billion. Since then, the closest to these levels was in July, when it topped $54 billion, and in October, when it reached $52.49 billion.

As previously reported, Solana also achieved another milestone last week when its daily volumes exceeded $5 billion for three consecutive days, the first time it had achieved such a feat.

Solana beats Ethereum

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

Further exacerbating the network’s recent dominance, Raydium alone had more than $4 billion in daily volume, surpassing Ethereum’s best-performing Uniswap, which facilitated $1.5 billion worth of transactions at that time time

In particular, meme coins have also helped increase Solana’s appeal. Data shows that two blockchain-based meme coins are now in the top 40 cryptocurrencies by market capitalization.

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

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