Solana’s continued doing effectively in December, as meme cash helped it achieve market share in opposition to Ethereum and different blockchains.
Based on DeFi Llama, Solana’s (SOL) protocols within the decentralized alternate trade had 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 12 months.
Notably, it was the third consecutive month that Solana outperformed Ethereum (ETH), which has dominated the trade for years. Ethereum’s protocols had a quantity of over $74 billion, whereas Base and Arbitrum dealt with $42 billion and $37 billion.
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.
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 coin trade, which has continued doing effectively this 12 months. Solana has attracted 1000’s of meme cash this 12 months, helped by the creation of Pump, the most important 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 report $365 million in income in November, a report excessive. Equally, in keeping with TokenTerminal, Solana’s blockchain generated a report $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 complete charges rose to over $82 million. It has grow to be the most important layer 2 community within the blockchain trade, with its DEX networks dealing with over $181 billion in belongings, whereas its complete worth locked soared to $2 billion.
