The Solana network recorded nearly $3.8 billion in 24-hour trading volume on its decentralized exchanges (DEXs) on January 6, according to data from DefiLlama.
Solana’s increased trading volume reflects its growing influence in the DeFi sector, highlighting its competitive position against Ethereum.
Additionally, Solana’s total value locked (TVL) has seen substantial growth from approximately $1.4 billion to over $9.5 billion in 2024, an approximately five-fold increase over the past year. ‘year.
However, Uniswap regained its lead in December, recording $92 billion in trading volume, compared to Raydium’s $61 billion.
The increase in trading volume on Raydium was attributed to a significant increase in coin trading, which accounted for an all-time high of 65% of Raydium’s volume in November. Meme coins, fueled by speculation and venture capital funding, now hold a market capitalization of approximately $130 billion.
Over the past month, Pump.fun, a major coin platform on Solana, generated nearly $250 million in trading volume, ranking as the eighth highest-earning blockchain protocol.
Once sufficient liquidity is established, meme coins issued on Pump.fun are primarily traded on Raydium.
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