Solana DEX hits $5B+ in daily volume for three straight days, outpaces Ethereum
Leading Solana’s DEX surge are two key players: Raydium and Orca
Solana’s decentralized exchanges (DEX) have surged in popularity, with trading volumes surpassing $5 billion daily for three consecutive days, highlighting the blockchain’s growing dominance in decentralized finance (DeFi).
This unprecedented trading activity underscores Solana’s increasing appeal as a fast, low-fee network, drawing in both individual traders and institutional players looking for alternatives to Ethereum.
According to data from DeFiLlama, Solana’s DEX platforms recorded $5.14 billion in trading volume on November 11, followed by $6.88 billion on November 12 and $7.03 billion on November 13. This substantial activity on Solana’s DEX ecosystem marks a notable divergence from Ethereum, which has long dominated the DeFi space. On November 9, Solana's daily DEX trading volume almost doubled that of Ethereum, indicating a shift as users seek faster transaction speeds and lower fees.
Raydium and Orca drive Solana's DEX boom
Leading Solana’s DEX surge are two key players: Raydium and Orca. Raydium, the largest decentralized exchange on Solana, contributed approximately 62% of the total trading volume. Over the past week, Raydium achieved $4.32 billion in daily trading volume, totaling nearly $19.56 billion. This platform’s liquidity depth, efficient trading mechanisms, and user-friendly interface have been instrumental in its rapid rise.
Orca, another prominent DEX on Solana, also played a vital role, accounting for 22% of the total volume. Orca’s 24-hour trading volume reached $1.57 billion, and its weekly cumulative volume soared to $6.42 billion. With a 174% increase in trading activity, Orca’s rapid growth showcases its rising popularity within the DeFi community.
As Solana continues to attract developers and users with its high-speed, low-cost infrastructure, its DEX ecosystem appears set for further growth, cementing Solana's position as a formidable DeFi player.
Last week, Edward Snowden voiced concerns about the rising influence of venture capital in blockchain ecosystems, specifically pointing to Solana as an example. He likened Solana to being "born in prison" due to its significant venture capital backing, suggesting that such financial involvement could compromise the autonomy and robustness of blockchain projects.
