Solana decentralized exchange had a trading volume of $56.8 billion in July, surpassing Ethereum for

According to DefiLlama, a blockchain data platform, the decentralized exchange (DEX) built on Layer 1 blockchain Solana processed $56.8 billion in trading volume in July, surpassing the Ethereum mainnet for the first time and leading the Web3 field.

The total transaction volume processed by DEX on Ethereum in July was $53.8 billion, Ethereum's second layer network Arbitrarum ranked third with $24.5 billion, Binance Smart Chain (BSC) ranked fourth with $17.8 billion, and Ethereum's second layer network Base, created by Coinbase exchange, ranked fifth with $15.5 billion.

In July, 29% of DEX transactions occurred on the Solana chain, while 28% occurred on the Ethereum mainnet. It should be noted that if the transaction volume of the Ethereum Layer 2 network is also considered as part of the DEX activity of the Ethereum Foundation layer, then Ethereum is still the memory blockchain that handles the highest DEX transaction volume.

Solana will regularly appear in the top ten memory blockchain lists for DEX monthly trading volume starting from mid-2022, and will steadily rank in the top five starting from November 2023.

Raydium is the decentralized exchange with the highest total locked value (TVL) on Solana's chain, reaching $1.08 billion, followed by Drift with $400 million and Orca with $254 million. The data shows that Solana's 24-hour trading volume is approximately 1.58 billion US dollars.

The driving force behind Solana trading activity is Memecoins, and the new tokens that need to be issued on this chain come from the Memecoins issuance platform pump.fun, which allows users to quickly issue these essentially useless tokens. The total number of tokens created on the Pump platform yesterday exceeded 17100.

data source