SOLANA'S DEX MONTHLY VOLUME HITS RECORD $70B, DRIVEN BY MEMECOIN FRENZY
- Solana's decentralized exchanges (DEXes) are seeing record-breaking activity, with monthly trading volumes reaching a staggering $70.9 billion for the first time ever.
Here's a Breakdown:
- Solana DEXes processed $41 billion in trades from Nov. 4 to Nov. 10, up from $18.1 billion the previous week.
- Raydium is the primary driver, accounting for 72% of Solana's DEX activity with $27.89 billion in trades.
- Moreover, Solana’s Orca saw $7.6 billion in weekly trading, marking a 40% increase. Lfinity and Phoenix crossed the $2.5 billion and 1.7 billion threshold respectively.
- The boom is fueled by PumpFun, Solana’s memecoin launchpad, where tokens like PNUT and GOAT are leading in trading volume.
- Solana's DEX sector outperformed Ethereum's, which recorded $14.88 billion in trades during the same period.
- Raydium earned $11.79 million in 24-hour fees, while PumpFun earned $1.65 million in daily fees.
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