According to data from the blockchain data platform DefiLlama, decentralized exchanges (DEXes) built on the 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
DEXes on Ethereum processed a total trading volume of $53.8 billion in July, with the Ethereum Layer 2 network Arbitrum ranking third with $24.5 billion. Binance Smart Chain (BSC) ranked fourth with $17.8 billion, and the 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 on Ethereum Layer 2 networks is also considered as part of Ethereum’s base layer DEX activity, Ethereum still processes the highest DEX trading volume among blockchains.
Solana has been regularly appearing in the top ten blockchains for DEX monthly trading volume since mid-2022 and has steadily remained 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.
Driving the Solana trading activity are meme coins, with many new tokens issued on the chain originating from the meme coin issuance platform pump.fun. This platform enables users to quickly issue these fundamentally useless tokens. Yesterday, the total number of tokens created on the Pump platform exceeded 17,100.
Data source