Both Solana’s decentralized exchanges (DEXs) have done great in the bearish crypto market of December. Over two months, the blockchain platform remained in its strong position, with $100 billion in DEX trading volume. As the year ends, the cryptocurrency market has been flourishing, and investors and traders are hoping for this continued development.

Key-Takeaways:

• Solana lived up to its name during the end of 2024 market trends with $107.8B in DEX trading volume, beating out Binance Smart Chain and Ethereum.
• Given their figures, Raydium is the third largest DEX globally, handling $59.6B in volume and being the only DEX on Solana’s network.
• With a 20% price drop for SOL token, Solana’s ecosystem is still strong, with TVL surging 57% to $9.1B, and daily transactions up to 1.5B.

DEX Trading Volume Developing and Market Trends

By December 27, Solana’s DEX volume reached $107.865 billion, surpassing the giants Binance Smart Chain and Ethereum. Additionally, Ethereum had $84.168 billion and BSC had $91.444 billion. Solana’s impressive showing last November, with its DEXs on November 16th processing $129.736 billion in transactions, now follows.

One of Solana’s DEX platforms, Raydium, has done quite well. According to the platform, it traded $59.642 billion in the past month. Multichain DAngels Uniswap & PancakeSwap posted higher numbers in $110.219 billion for the former & $95.18 billion for the latter, but single chain DEX went ahead as the single chain DEX to become overall 3rd place.

In December, Solana’s blockchain activity reached new highs. 1.5 billion daily transactions were recorded, which was a good sign of growing the network’s adoption. While daily active wallets shrank slightly from 6.7 to 6.1 million wallets compared to November, the total value locked (TVL) more than doubled, up 57% to $9.1 billion.

Price Movement and Market Dynamics

However, interestingly Solana’s top performance in terms of operations hasn’t shown in price appreciation. Over the past month, the native SOL token tumbled down 20%, hitting $192 apiece. On the one hand, the crypto market is incredibly complex and difficult to understand, and on the other hand, there is a gap between price movement and on-chain activity.

The Success of the Solana in December

The trading moved far beyond the platform. In November and December, Jito on Solana’s stake pool pulled in more than $100 million in revenue based on priority fees and tips. 

TVL, DEX activity, and validator revenues are all surging on Solana, indicating an emerging strength in the DeFi space. These metrics, despite the market headwinds, reflect growing confidence by users of Solana’s ecosystem. High transaction volumes and complex DeFi are features where the platform can maintain high volume as indicated by its technical capabilities and market resilience.

Conclusion: DEX Trading Volume

Solana is a growing platform that shows the combination of great DEX performance, developing restaking activity, as well as increasing revenue among validators. But while price action is turbulent, the metrics on the fundamental side are strong signs of robust underlying growth in network usage and adoption.