Solana Surpasses Ethereum in Key Metric for Three Consecutive Months

Solana has outperformed Ethereum in a key metric for three consecutive months, cementing its growing influence in the blockchain space, especially in the decentralized exchange (DEX) sector. December saw Solana’s protocols handle over $97 billion in trading volume, significantly outperforming Ethereum’s $74 billion in the same period. This marks Solana’s third straight month of surpassing Ethereum in volume, following a strong performance in November, when Solana’s DEX volume reached $129 billion compared to Ethereum’s $70.6 billion.

The surge in Solana’s DEX activity can largely be attributed to the booming meme coin market, with Solana becoming a key hub for these tokens. Popular networks like Raydium, Orca, and others contributed to Solana’s impressive performance. Raydium, in particular, was a major driver, handling over $65 billion in transactions in the past 30 days. This growth was fueled by Solana’s integration of meme coins, which collectively have a market cap exceeding $14.1 billion, with popular tokens such as Bonk, Dogwifhat, and Popcat leading the charge.

Solana’s performance is also reflected in its financial success. In November, Solana’s native decentralized applications (dApps) generated a record $365 million in revenue, and the blockchain itself generated $725 million in fees in 2024, making it the third-most profitable chain after Ethereum and Tron. This success is partly due to Solana’s lower transaction fees and higher throughput, making it a preferred choice for both developers and users.

Alongside Solana’s success, the layer-2 network Base, launched by Coinbase, has also seen rapid growth. In 2024, Base’s total fees surpassed $82 million, and its DEX protocols handled $181 billion in assets. Its total value locked (TVL) also surged to $2 billion, making it the largest layer-2 network in the blockchain industry.

Overall, Solana’s continued success and the rise of networks like Base indicate a growing shift in the blockchain landscape, with Ethereum facing increasing competition in the DEX and meme coin sectors.