Solana (SOL) decentralized finance (DeFi) activity has gained significant momentum, with its decentralized exchanges (DEX) surpassing Ethereum (ETH) DEX in monthly trading volume. So far in November, Solana-based DEXes have recorded over $100 billion in trading volume, marking a major milestone for the ecosystem.<\/p>\n
Solana, the fourth-largest cryptocurrency with a reported market cap of $118.34 billion has been on a record-breaking price trajectory. Recently, the digital asset established a new all-time-high (ATH) of $263 after having hit as low as $8 at the peak of the FTX fiasco.<\/p>\n
Now, the layer-1 blockchain has achieved another milestone as Solana-based DEXes surpassed $100 billion for the first time in monthly trading volume. According to data<\/a> from DefiLlama, the 30-day cumulative trading volume recorded by Solana DEXes stands at $116.51 billion.<\/p>\n In comparison, Ethereum mainnet-based DEXes saw $61.61 billion in trading volume during the same period. This means Solana\u2019s DEX trading volume was more than double that of Ethereum\u2019s.<\/p>\n On a month-over-month (MoM) basis, Solana\u2019s DEX volume surged over 100% from October, which stood at $52.5 billion. Meanwhile, the total value locked (TVL) in Solana\u2019s DeFi ecosystem has increased to $9.30 billion, up from $6.23 billion a month ago.<\/p>\n The unprecedented rise in Solana-based DEX trading volume can be attributed to several factors. These include the ongoing memecoin frenzy, the blockchain\u2019s low transaction fees, and an intuitive user interface.<\/p>\n It is worth highlighting that Solana\u2019s TVL has yet to surpass its ATH TVL of $10.02 billion, which was recorded almost three years ago in November 2021. In January 2023, the blockchain\u2019s TVL hit a low of $210 million, dragged down by the wider crypto bear market exacerbated by the downfall of FTX exchange.<\/p>\n At the time of writing, $3.58 billion of Solana\u2019s TVL is tied to the liquid staking protocol Jito, while Jupiter DEX holds $2.4 billion. Another prominent Solana-based DEX, Raydium, accounts for $2.37 billion of TVL.<\/p>\n Solana\u2019s growing user adoption has played a crucial role in driving the recovery of its native token, SOL. On a year-to-date (YTD) basis, SOL has gained over 157%, rising from $101 on January 1 to $263 on November 23.<\/p>\n Despite such extraordinary returns, crypto experts remain bullish on SOL, expecting further gains for the digital asset. According to a recent analysis<\/a> by Titan of Crypto, SOL may hit $400 as it appears to be breaking out from a prolonged cup-and-handle pattern.<\/p>\n Additional bullish factors, such as the declining<\/a> Bitcoin (BTC) dominance and the rising likelihood<\/a> of a Solana exchange-traded fund (ETF), could further propel SOL to new highs. SOL trades at $248.31 at press time, up 0.5% in the past 24 hours.<\/p>","protected":false},"excerpt":{"rendered":" Solana (SOL) decentralized finance (DeFi) activity has gained significant momentum, with its decentralized exchanges (DEX) surpassing Ethereum (ETH) DEX in monthly trading volume. So far in November, Solana-based DEXes have recorded over $100 billion in trading volume, marking a major milestone for the ecosystem. Solana DeFi Ecosystem Gains Momentum, Outshines Ethereum DeFi Solana, the fourth-largest […]<\/p>\n","protected":false},"author":0,"featured_media":23503,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-23502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/23502"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23502"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/23502\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/23503"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Where Is SOL Headed?<\/h2>\n