According to blockchain data platform DefiLlama, decentralized exchanges (DEX) built on Layer 1 blockchain Solana processed a trading volume of $56.8 billion in July, surpassing the Ethereum mainnet for the first time and leading in the Web3 field.
Source: DefiLlama
DEX on Ethereum processed a total trading volume of $53.8 billion in July, while Ethereum Layer 2 network Arbitrum ranked third with $24.5 billion. Binance Smart Chain (BSC) ranked fourth with $17.8 billion, and Ethereum Layer 2 network Base, created by Coinbase, ranked fifth with $15.5 billion.
In July, 29% of DEX trades occurred on the Solana chain, while 28% occurred on the Ethereum mainnet. It is worth noting 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 regularly appeared in the top ten blockchains for DEX monthly 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 chain, reaching $1.08 billion. It is 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 meme coins, with many of the newly issued tokens originating from the meme coin issuance platform pump.fun on the chain. This platform allows users to quickly issue these essentially useless tokens. The total number of tokens created on the Pump platform exceeded 17,100 yesterday.
Data source.
