DailySun
Solana has been performing exceptionally well in December, gaining market share against Ethereum and other blockchains due to the popularity of meme coins.
As reported by DeFi Llama, the protocols associated with Solana’s (SOL) decentralized exchange sector saw the highest activity in December.
The trading volume surged to over $97 billion, significantly up from the $22.6 billion recorded during the same timeframe last year.
Notably, this marked the third consecutive month in which Solana surpassed Ethereum’s (ETH) performance, a blockchain that has long been at the forefront of the industry. Ethereum’s protocols achieved over $74 billion in volume, while Base and Arbitrum processed $42 billion and $37 billion, respectively.
Solana also had a strong showing in November, where its DEX networks recorded a volume of $129 billion, outpacing Ethereum’s $70.6 billion. In October, Solana managed a volume of $52 billion, while Ethereum processed $41 billion.
A significant portion of Solana’s DEX volume can be attributed to Raydium (RAY), which handled coins worth $65 billion over the last month. Orca processed $24 billion, with Lifinity, Pump, and Phoenix also contributing with volumes exceeding $5.93 billion.
The surge in Solana’s DEX volume has been driven by the thriving meme coin sector this year. Solana has drawn in numerous meme coins in 2024, bolstered by the establishment of Pump, the largest token generator. All meme coins on Solana have a total market cap exceeding $14.1 billion, led by Bonk, Dogwifhat, Popcat, and Peanut the Squirrel.
This expansion has proven highly lucrative for Solana and its native applications. Solana’s dApps raked in a record $365 million in revenue in November, marking an all-time high. Additionally, according to TokenTerminal, Solana’s blockchain achieved a record $725 million in fees in 2024, making it the third most profitable blockchain after Ethereum and Tron.
Both developers and users favor Solana for its significantly lower fees and enhanced throughput capabilities.
Base, the layer-2 network launched by Coinbase, has also emerged as a major success in 2024, with its total fees exceeding $82 million. It has established itself as the largest layer 2 network in the blockchain sector, with its DEX networks managing over $181 billion in assets, while its total value locked has skyrocketed to $2 billion.
