The Solana blockchain has dominated all the other blockchain networks, including Ethereum, in terms of decentralized exchange (DEX) trading volume for the last three months. However, SOL, the native token of the Solana ecosystem, struggled to reclaim the $200 price level, as it crashed by 5% over the last 24 hours.
According to DefiLiama data, Solana’s DEX trading volume reached a whopping $52.49 billion in October, $129.73 billion in November, and $105.05 billion in December while Ethereum stood at $41.4 billion in October, $70.3 billion in November, and $81 billion in December.
Notably, Ethereum was ranked first in terms of DEX trading volume in September, but it stands third in December. The second place was taken by Binance’s BSC chain, which recorded a volume of $99 billion. However, Solana is ranked as the second-largest blockchain in terms of total value locked (TVL), which stands at $8.58 for the network, surpassed by Ethereum and Tron.
Solana’s rise to dominance is largely channeled to the growth of Pump.fun platform, a meme coin generator. Bonk (BONK), dogwifhat (WIF), and Pudgy Penguins (PENGU) are some of the products from the platform. Notably, PENGU is the largest meme coin on the Solana blockchain.
Further, the increased adoption of Jupiter (JUP), a decentralized exchange aggregator on Solana, also contributed to the significant growth of the n#BinanceLaunchpoolBIO #BinanceAlphaAlert etwork.