According to blockchain data platform DefiLlama, decentralized exchanges (DEXes) built on Layer 1 blockchain Solana processed a total trading volume of $56.8 billion in July, surpassing Ethereum’s mainnet for the first time and establishing a leading position in the Web3 space.
Source:
DefiLlama
In July, DEXes on Ethereum processed a total trading volume of $53.8 billion, with Ethereum Layer 2 network Arbitrum at $24.5 billion ranking third, Binance Smart Chain (BSC) at $17.8 billion ranking fourth, and Ethereum Layer 2 network Base created by Coinbase Exchange at $15.5 billion ranking fifth.
In July, 29% of DEX trades occurred on the Solana chain, while 28% occurred on Ethereum’s mainnet. It is important to note that if the trading volume on Ethereum Layer 2 networks is included as part of Ethereum’s base layer DEX activity, Ethereum still processes the highest DEX trading volume among blockchains.
Solana has consistently appeared in the top ten blockchains by monthly DEX trading volume since mid-2022, stabilizing in the top five since November 2023.
Raydium is the highest Total Value Locked (TVL) decentralized exchange on Solana with $1.08 billion, followed by Drift with $400 million and Orca with $254 million. Data shows Solana’s 24-hour trading volume is approximately $1.58 billion.
Source:
DefiLlama
Driving Solana’s trading activity are meme coins, many of which originate from meme coin issuance platform pump.fun on the chain, enabling rapid issuance of these inherently worthless tokens. Yesterday alone, over 17,100 tokens were created on the Pump platform.
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