The Solana (SOL) blockchain recorded over $109 billion in transaction volume for the first time in the network’s history.
DefiLlama noted that Solana’s monthly trade volume on DEX platforms exceeded $109.8 billion in November. Besides being a first for the network, this accomplishment shows how well-known it is becoming in the decentralized finance (DeFi) space.
Solana’s November DEX Trading Volume. | Source: DefiLlama
A Remarkable Milestone
Solana’s DEX trading volume is remarkable, given that it significantly exceeded the $55 billion monthly DEX volume on the Ethereum mainnet. This disparity highlights its growing user base, which is attracted to its effectiveness and price.
The network’s numbers this month show a growth rate of more than 100% compared to October’s trade volume of $52.5 billion. Furthermore, the continuous memecoin frenzy that has captivated individual investors is largely responsible for the spike in trading activity.
The blockchain’s monthly milestone follows a recent accomplishment of hitting $800 billion in total DEX trading volume this past week. Despite their extreme volatility and speculative nature, traders have been attracted to Solana-based meme coins due to the network’s low transaction costs and simplified user interface.
Transaction fees, a measure of user engagement, increased at an unprecedented rate within the same period on token platforms like Raydium and Pump.fun, which are built on this blockchain. Raydium generated $182 million in fees this month, while Pump.fun made $71.5 million.
The fast-growing user base is another noteworthy feature contributing to this blockchain’s success. The Block’s analytics dashboard shows that Solana has 107.5 million monthly active addresses.
Although this number has yet to reach the record of 123 million set in October, the steady engagement indicates that the network is in a strong position to grow even more.
What Next for Solana?
Solana will continue to develop as long as its strong infrastructure draws consumers. The scalability and affordability of the blockchain will attract even more retail participants in the upcoming months as the cryptocurrency market steadily picks up steam.
Moreover, the network would likely be a major force in the DeFi industry due to its performance and track record of delivering high transaction throughput.