According to data from the blockchain data platform DefiLlama, the decentralized exchange (DEX) built on the Layer 1 blockchain Solana processed a trading volume of $56.8 billion in July, surpassing Ethereum’s mainnet for the first time and leading the Web3 sector.
Source:
DefiLlama
The total trading volume for DEX on Ethereum in July was $53.8 billion, with Ethereum’s Layer 2 network Arbitrum ranking third at $24.5 billion, Binance Smart Chain (BSC) fourth at $17.8 billion, and Base, the Ethereum Layer 2 network created by Coinbase, fifth at $15.5 billion.
In July, 29% of DEX transactions occurred on the Solana chain, while 28% took place on the Ethereum mainnet. It is important to note that if the trading volume of Ethereum’s Layer 2 networks is also considered part of the DEX activity on the Ethereum base layer, Ethereum remains the blockchain processing the highest volume of DEX transactions.
Since mid-2022, Solana has regularly appeared in the top ten blockchains by monthly DEX trading volume, and by November 2023, it has consistently ranked in the top five.
Raydium is the decentralized exchange on Solana with the highest total value locked (TVL), reaching $1.08 billion, followed by Drift with $400 million and Orca with $254 million. Data shows that Solana’s 24-hour trading volume is approximately $1.58 billion.
Source:
DefiLlama
The trading activity on Solana is driven by memecoins, with many new tokens launched on this chain originating from the memecoin issuance platform pump.fun, which allows users to quickly create these essentially worthless tokens. Yesterday, the total number of tokens created on the Pump platform exceeded 17,100.
Data source
Successful Conclusion of CoinEx Taiwan’s 7th Anniversary Celebration, Embracing the Arrival of the Web3 Era Hand in Hand with Users
Since its establishment in 2017, CoinEx has been a professional cryptocurrency trading pla…