According to data from blockchain data platform DefiLlama, decentralized exchanges (DEX) built on Layer 1 blockchain Solana processed a total trading volume of $56.8 billion in July, surpassing the Ethereum mainnet for the first time and leading in the Web3 space.
Source:
DefiLlama
DEXs on Ethereum processed a total trading volume of $53.8 billion in July, with Ethereum Layer 2 network Arbitrum ranking third at $24.5 billion. Binance Smart Chain (BSC) ranked fourth with $17.8 billion, and Ethereum Layer 2 network Base created by Coinbase exchange ranked fifth with $15.5 billion.
In July, 29% of DEX trading occurred on the Solana network, while 28% occurred on the Ethereum mainnet. It should be noted that if the trading volume of Ethereum Layer 2 networks is also considered as part of Ethereum’s base layer DEX activity, Ethereum still processes the most DEX trading volume among blockchains.
Solana has been regularly appearing in the top ten blockchains by monthly DEX trading volume since mid-2022 and has consistently ranked in the top five since November 2023.
Raydium is the decentralized exchange with the highest Total Value Locked (TVL) on the Solana network, 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
Driving the trading activity on Solana are memecoins, with many of the newly issued tokens on the network originating from the memecoin issuance platform pump.fun. This platform allows users to quickly create these fundamentally useless tokens. The total number of tokens created on the Pump platform exceeded 17,100 yesterday.
Data source
