Cumulative Solana DEX Volume Approaches $1 Trillion

Solana, the fifth largest blockchain by market cap, is on course to hit $1 trillion in total decentralized exchange (DEX) trading volume, according to data from Dune Analytics.

Solana platforms have processed a cumulative $920 million in trading volume, fueled by this year’s memecoin craze.

Liquidity total value locked (TVL), the total amount of liquidity available in pools across all Solana platforms, is also rising and is likely to cross $2 billion before the end of the year. Its current value is $1.99 billion.

The data shows that much of Solana’s impressive performance has been led by five main platforms: decentralized exchanges Raydium and Orca, liquidity pool provider Meteora, oracle-based DEX Lifinity, and memecoin launchpad Pumpfun.

Raydium’s Dominance

Raydium is the chain’s leading DEX in terms of trading volume, trading fees, and revenue, according to DeFiLlama data. A Messari report shows that the platform surpassed Uniswap in October, becoming the top DEX by trading volume in all of crypto.

In November, it widened the gap, outperforming Uniswap by 30%. Raydium processed $124.6 billion in monthly volume compared to Uniswap’s $90.5 billion.