The total trading volume of decentralized exchanges on the Solana (SOL) ecosystem has surpassed the $800 billion mark for the first time as the price of cryptocurrency trades nar a new high around the $260 mark.
According to data from Dune Analytics, first shared by Solana Floor on the microblogging platform X, over 311 million traders made over 4 billion swaps on the Solana blockchain for its decentralized exchange volume to surpass $800 billion in total volume.
The figure was reached after the on-chain trading volume on the Solana ecosystem recently exploded to near $7 billion a day amid a memecoin trading frenzy that has been taking advantage of the network’s high transaction throughput and low fees.
REPORT: @Solana‘s Total DEX Volume Surpasses $800 Billion!
– Total Traders: 311M
– Total Swaps: 4B pic.twitter.com/QSx4adAMCJ
— SolanaFloor (@SolanaFloor) November 22, 2024
The lion’s share of the trading volume appears to be centered on decentralized exchange Raydium, which according to CoinMarketCap data saw around $4.21 billion in volume over the last 24-hour period.
Raydium is currently the third-largest decentralized application on the SOL ecosystem with $2.4 billion in total value locked (TVL), and the most popular decentralized exchange. Solana’s most popular decentralized application is Jito, a liquid staking protocol with $3.6 billion in total value locked.
Solana sees explosive rally
The total value locked and the on-chain trading volume on Solana have been growing amid an explosive rally the cryptocurrency has been seeing. Its price has risen around 364% over the last 12 months, and more than 51% in the past 30 days.
The cryptocurrency is rising amid a wider cryptocurrency market rally that has seen the price of the flagship cryptocurrency Bitcoin (BTC) moved to a new all-time high near the psychological resistance level of $100,000.
Data from Dune Analytics further shows that the cryptocurrency’s price rise allowed SOL validator revenues to surpass $80 million in a day for the first time, while then number of daily total active addresses recently topped 6.7 million.
The heightened activity has seen the average transaction fee on the network skyrocket to a $0.15 all-time high, up from around $0.003 seen earlier in the year.