Solana Surpasses Ethereum and All Layer 2s Combined in Weekly DEX Volume, Hits Record $41B

Solana has achieved a significant milestone in the decentralized finance (DeFi) space, surpassing Ethereum and all its Layer-2 solutions combined in weekly decentralized exchange (DEX) volume for the first time.  This achievement marks a potential turning point in the ongoing competition between the two leading smart contract platforms, with Solana demonstrating sustained dominance in on-chain trading activity.

Solana's DeFi momentum has been building throughout the year, with its DEX volume occasionally exceeding Ethereum's.  However, critics argued that a true comparison must include Ethereum's Layer-2 scaling solutions, where much of its activity has migrated.  Solana has now definitively cleared that hurdle, and it will be interesting to see how critics jump on the next narrative.

Monthly DEX volume

This milestone is accompanied by new all-time highs for Solana's weekly and monthly DEX volume, reaching $41 billion and $70 billion, respectively.  With 12 days still remaining in the month, Solana is on track to potentially flip Ethereum and its Layer-2s in monthly DEX volume as well, currently trailing by only $8 billion.

Solana's leading DEX, Raydium, has also achieved a remarkable feat, flipping Uniswap in weekly DEX volume.  This is particularly noteworthy as Raydium operates solely on Solana, while Uniswap is deployed across all Ethereum Layer-2s and EVM-compatible chains such as Binance Chain and Polygon.

Raydium recorded $27.67 billion in weekly volume compared to Uniswap's $21.34 billion, showcasing the strength and concentration of Solana's DeFi ecosystem.

Solana's dominance in the decentralized trading landscape is further evidenced by its record 48% share of daily DEX volume on November 18th.  This dominance extends beyond Ethereum and its Layer-2s, as Solana now accounts for 45% of all on-chain volume across hundreds of blockchains, highlighting its position as a leading platform for decentralized finance and other blockchain applications.

This surge in on-chain activity is reflected in Solana's price performance.  SOL is nearing its all-time high, at press time, just $9 away, according to Coingecko.  Moreover, Solana has reached a new all-time high against ETH, suggesting that investors are increasingly valuing SOL in terms of Ethereum as it takes the lead in key on-chain metrics.