According to data from the blockchain data platform DefiLlama, decentralized exchanges (DEX) 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 the Web3 field.
Source:
DefiLlama
DEX 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 trading occurred on the Solana network, while 28% occurred on the Ethereum mainnet. It should be noted 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 regularly appeared 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. 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 new tokens issued on the chain originating from the meme coin issuance platform pump.fun. This platform allows users to quickly issue these fundamentally useless tokens. The total number of tokens created on the Pump platform exceeded 17,100 yesterday.
Data source.