Solana Flips Ethereum Monthly DEX All-Time High, Targets Industry Record

Solana’s dominant DeFi scene has stolen another accolade from the Ethereum mainnet, its greatest Layer-1 rival.

With three days left in November, Solana has surpassed Ethereum’s all-time high in monthly DEX volume, shifting its target to the industry record across all blockchains.

Solana Monthly DEX Volume Beats Ethereum ATH

In May 2021, the Ethereum mainnet recorded its all-time high in monthly DEX volume, witnessing over $117.6B in onchain trades. Since then, the onchain landscape has become significantly more competitive, with dozens of alternative blockchains vying for dominance.

Fast-forward to November 2024 and Solana has finally eclipsed Ethereum’s record, handling over $121B in DEX trading volume with three days of trading still to come.

Having surpassed Ethereum’s all-time high in monthly DEX volume, Solana now turns its attention to the industry record. According to DefiLlama data, that title is currently held by BNB Chain, which facilitated a monumental $140B in onchain trading in May 2021.

However, recent data suggests that Solana may fall short of BNB Chain’s record. Over the course of the last week, Solana’s average daily DEX trading volume sits at $5.18B. If trading activity continues at this rate, the network is likely to finish November with between $135B-$140B in monthly trading volume.

Beyond Solana’s individual achievements November 2021 is already the biggest month in DEX trading history, with DefiLlama reporting over $340B in onchain trading across the industry. At press time, Solana dominance (pictured in blue) accounts for 35% of DEX trading volume in November.

Memecoins Drive 77% of Onchain Trading Volume

Solana’s flourishing memecoin economy remains the heart and soul of its onchain trading activity. 

Based on Blockworks data collected over the last three weeks, memecoin markets constitute roughly 76.4% of DEX trading volume. Beyond memecoins, SOL/USD markets make up the second-largest category, encompassing approximately 14.9%.

Memecoin dominance in onchain markets is further reinforced by the frequency of pumpfun-related transactions.

According to Dune Analytics, pumpfun-related transactions account for around 62% of Solana DEX transactions.

Raydium Dominates Market Share

Raydium, Solana’s biggest decentralized exchange, continues to be one of the biggest benefactors of the network’s booming DeFi scene. 

The platform has enjoyed over $22.7B in trading volume in the last week alone, commanding 52.77% of market share. Throughout November, Raydium has consistently ranked as one of the industry’s largest fee earners, generating over $198M over the last 30 days.

While average daily trading volume suggests that Solana may fall short of BNB Chain’s $140B record, a late flurry of activity would likely be enough to make history. With iconic liquidity events like $CHILLGUY, $GOAT, and $PNUT becoming more frequent, Solana may yet disprove its naysayers and set new trading volume highs across the industry.

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