Solana DEX Volume Smashes Previous Record By Double

Volume across Solana-based decentralized exchange is soaring to new all-time highs as memecoin mania enters high gear.

Data from DeFi Llama shows Solana-based DEXes processing $31.4 billion in trading for the week starting on Nov. 4 and $34 billion over the past seven days, smashing last week’s record high of $18.1 billion.

Daily volume surged to a record high of $6.88 billion on Nov. 12 and has remained above $6 billion since.

Solana’s DEX sector is currently outpacing Ethereum by double, with Ethereum-based decentralized exchanges driving $17.7 billion worth of trades over seven days. Base is third with $11.9 billion, followed by BNB Chain with $10.6 billion, and Arbitrum with $9.3 billion.

As such, the broader Ethereum DEX ecosystem continues to outpace Solana by combined volume, with the Ethereum Mainnet, Base, and Arbitrum hosting $38.9 billion worth of DEX trading in one week.

Activity on Raydium explodes

Raydium accounts for 66% of Solana’s DEX activity with $22.4 billion, marking weekly growth of 149% and ranking it as the single largest decentralized exchange deployment.

Raydium is among the top beneficiaries of the freshly rejuvenated memecoin mania, with tokens that successfully launch through PumpFun, Solana’s pioneering memecoin launchpad, graduating onto Raydium. Pairings for star memecoins PNUT and GOAT rank third and fourth for 24-hour volume on Raydium with $48.6 million and $47.2 million, respectively. For context, USDT/USDC ranks fifth with $30 million.

PumpFun ranked seventh among web3 protocols by daily fee revenue with $1.52 million, while Raydium is 15th with roughly $627,500 in revenue despite pushing $11.3 million in 24-hour fees.

Other DEXes

Uniswap ranks as the top decentralized exchange by volume with $24.7 billion, but volume is aggregated across deployments on 25 chains. PancakeSwap is third with $11.2 billion across nine chains, followed by Base’s Aerodrome with nearly $7 billion.

The Solana-based Orca exchange is also enjoying a boom in activity, coming in fifth with $6.62 billion. Orca’s volume is up 169% over the past week. Solana’s Lfinity and Phoenix exchanges also cross the $1 billion threshold for the past seven days with growth of 118% and 70%, respectively.