As a researcher with a keen interest in blockchain technology and cryptocurrencies, I must admit that Solana’s performance in December has left me quite impressed. Having closely followed its journey since its inception, it is fascinating to witness the significant strides it has made, especially against Ethereum, which has been dominating the scene for years.
In December, Solana has been thriving, with meme coins contributing to its growth in market dominance compared to Ethereum and other blockchain platforms.
In December, it was found by DeFi Llama that Solana’s (SOL) decentralized exchange protocols had the highest level of activity within the industry.
Its volume rose to over $97 billion, much higher than the $22.6 billion it handled in the same period last year.
Significantly, for three months straight, Solana surpassed Ethereum (ETH) – a cryptocurrency that has led the industry for years. However, Ethereum’s protocols processed transactions valued at more than $74 billion, while Base and Arbitrum handled around $42 billion and $37 billion respectively during this period.
In the month of November, Solana outshone Ethereum in terms of trading volume on its decentralized exchange networks, recording a staggering $129 billion compared to Ethereum’s $70.6 billion. Interestingly, just a month prior, Solana had a trading volume of $52 billion, while Ethereum managed $41 billion.
A significant portion of trading volume on Solana’s decentralized exchanges (DEX) can be attributed to Raydium (RAY), which processed trades valued at approximately $65 billion in the past 30 days. Orca followed closely behind with $24 billion, while Lifinity, Pump, and Phoenix collectively handled over $5.93 billion in transactions.
The surge in trading volume on Solana’s Decentralized Exchange (DEX) can be attributed to the vibrant meme coin sector, which has thrived this year. In fact, thousands of meme coins have flocked to Solana this year, with Pump, the largest token generator, playing a significant role. As of now, the total market capitalization of all Solana-based meme coins exceeds $14.1 billion, with Bonk, Dogwifhat, Popcat, and Peanut the Squirrel being among the most prominent.
In November alone, Solana’s native applications raked in an unprecedented $365 million, marking a new high point. Additionally, TokenTerminal reports that Solana’s blockchain amassed a record $725 million in fees during 2024, positioning it as the third most lucrative chain, trailing only Ethereum and Tron.
Developers and users love Solana because of its substantially lower fees and higher throughput.
2024 saw a major breakthrough for Base, the layer-2 network by Coinbase, as its total fees surged past $82 million. Now standing at the forefront of the blockchain sector, its DEX networks have managed an impressive $181 billion in assets under management, while the value locked within it skyrocketed to a staggering $2 billion.
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2024-12-23 19:04