The volume of decentralized trading on Solana exceeded $ 100 billion in a month

The Solana network by Ukrainian developer Anatoliy Yakovenko demonstrated a record volume of transactions on decentralized exchanges (DEX) in November of $ 109.8 billion. This figure is almost twice as high as the similar result of Ethereum, which amounted to $ 55.3 billion.

It is reported that in October, the DEX turnover in the Solana network reached $ 52.9 billion, while in November this figure increased by 107.6%.

The previous record was set in March 2023 ($ 59.8 billion). Back then, the excitement around meme coins caused significant activity. In November, a similar trend contributed to a new high.

In particular, the monthly fees from the popular Pump. fun project on the Solana network amounted to a record $ 75.4 million, which emphasizes the high level of activity.

The increase in transactional activity on the Solana network has had a positive impact on the price of its native token SOL $116.39 Binance-Peg SOL -6.84% Market capitalization $0.13 billion VOL. 24 hours $0.84 billion .

From November 5 to November 22, the value of SOL increased by 61.5%, reaching an all-time high of $ 264. Online metrics also improved: the number of active addresses peaked at 24.48 million.

According to Aylo analysts, Solana’s market capitalization currently stands at 29.5% of Ethereum’s.

This indicates a significant progress of the network as one of the main competitors of Ethereum in the field of decentralized finance and cryptocurrency infrastructure.

Thus, Solana is confidently strengthening its position through fast and cheap transactions, attracting more and more users and projects to its platform.