Solana’s continued doing properly in December, as meme cash helped it acquire market share towards Ethereum and different blockchains.
Based on DeFi Llama, Solana’s (SOL) protocols within the decentralized trade business have been probably the most energetic in December.
Its quantity rose to over $97 billion, a lot greater than the $22.6 billion it dealt with in the identical interval final yr.
Notably, it was the third consecutive month that Solana outperformed Ethereum (ETH), which has dominated the business for years. Ethereum’s protocols had a quantity of over $74 billion, whereas Base and Arbitrum dealt with $42 billion and $37 billion.
Solana DEX quantity | Supply: DeFi Llama
Solana additionally carried out nice in November, the place its DEX networks had a quantity of $129 billion, greater than Ethereum’s $70.6 billion. A month earlier, Solana dealt with quantity of $52 billion, whereas Ethereum processed $41 billion.
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Most of Solana’s DEX quantity was due to Raydium (RAY), a community that dealt with cash price $65 billion within the final 30 days. Orca dealt with $24 billion, whereas Lifinity, Pump, and Phoenix had volumes price over $5.93 billion.
Solana’s DEX quantity has jumped due to the meme coinindustry, which has continued doing properly this yr. Solana has attracted hundreds of meme cash this yr, helped by the creation of Pump, the largest token generator. All Solana meme cash have a market cap of over $14.1 billion, led by Bonk, Dogwifhat, Popcat, and Peanut the Squirrel.
This development has been extremely worthwhile for Solana and its native apps. All Solana native dApps generated a document $365 million in income in November, a document excessive. Equally, in response to TokenTerminal, Solana’s blockchain generated a document $725 million in charges in 2024, making it the third-most worthwhile chain after Ethereum and Tron.
Builders and customers love Solana due to its considerably decrease charges and better throughput.
Base, the layer-2 community launched by Coinbase, has additionally been a giant breakout star in 2024 as its whole charges rose to over $82 million. It has turn out to be the largest layer 2 community within the blockchain business, with its DEX networks dealing with over $181 billion in property, whereas its whole worth locked soared to $2 billion.
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