Between July 7 and July 14, 2024, trading volume on decentralized exchanges (DEXs) on the Solana network was $13.3 billion, according to DeFiLlama. Blockchain has surpassed Ethereum in this indicator.
DEX trading volume by network. Source: DeFiLlama.
On the monthly chart, Solana is also in the lead with $25 billion. Ethereum is in second place with $23.3 billion, and Binance Smart Chain (BSC) is in third place with $13.8 billion.
In the last 24 hours alone, trading volume on decentralized exchanges on the Solana network amounted to $2.02 billion. The total volume of assets locked (TVL) on these platforms reached $1.8 billion.
The leader among DEX in this ecosystem is the Raydium exchange. Its TVL is almost $1 billion:
Top 5 DEXs by TVL on Solana Network. Source: DeFiLlama.
The increase coincides with an overall increase in network activity. The seven-day moving average (7DMA) of active addresses on Solana for the entire month of July 2024 is around 1.5 million.
Despite some downward adjustments, this is significantly higher than the figures for late April and early May 2024.
7DMA of active addresses in the Solana network. Source: The Block.
Notably, the volume of stablecoin transactions on the network fell to a new low since November 2023, according to the aggregator Artemis:
Stablecoin transaction volume by network per month. Source: Artemis.
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Source: Cryptocurrency
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