Solana DEX Volume Surges Towards $60 Billion, Extends Winning Streak Over Ethereum
2025-02-11
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Solana’s decentralized exchanges (DEXs) are experiencing a surge in activity, with trading volume reaching approximately $59.55 billion this month, according to DeFiLlama data from February 11, 2025.
This figure places Solana far ahead of Ethereum, the largest smart contract blockchain, which recorded only $34.75 billion in trading volume during the same period.Solana DEX Volume Dominance Continues Ahead of Ethereum
, Solana DEX volume has remained dominant since October 2024, signaling a potential shift in trader preference.
Despite a sluggish crypto market, Solana DEXs recorded $258 billion in trading volume in January, while Ethereum trailed at just $86 billion.Source: DefiLlama
Several factors have contributed to the surge in Solana’s trading activity. Lower fees and higher throughput have made the network attractive for traders. 
Solana’s transaction fees average around 0.00025 SOL, substantially lower than Ethereum’s 0.9375 ETH, which can skyrocket when the network becomes congested.
This affordability, coupled with Solana’s ability to process thousands of transactions per second, gives traders a faster and cheaper alternative to Ethereum’s often-clogged network.
Several leading DEX platforms have contributed to Solana’s dominance. Raydium, Meteora, Orca, Lifinity, Pump, Stable, and Phoenix are among the top Solana DEX platforms, allowing users to swap assets with minimal fees. 
Solana’s efficient architecture has benefited these platforms, attracting liquidity and increasing adoption.
Another driving force behind Solana’s growth is the rise of meme coin trading on its network.
Recently, $TRUMP, a meme coin associated with former U.S. President Donald Trump, generated massive transaction volumes, further boosting Solana’s network activity.
While meme coins may be speculative, they remain key in attracting traders, fueling engagement, and increasing transaction volumes.
Solana sets back to back DEX volume all time highs with $28.2B yesterday and $39.2B todayToday we saw– $12B on Trump Family Tokens ™️– $12.9B SOL-USD– $1.5B in stablecoin swaps — Dan Smith (@smyyguy) 
However, Solana’s DEX dominance over Ethereum goes beyond just transaction volume. 
Despite its reputation as a low-cost blockchain, the network has also generated substantial revenue. Source: DefiLlama
In February alone, , compared to . Solana earned $124 million in January, while Ethereum lagged at $109 million.Solana Gains Strong Support from Corporations and Retail Investors Despite Price Drops
Solana continues to attract strong backing from institutional and retail investors, even as its price fluctuates. 
A prime example is Sol Strategies Inc., a publicly traded Canadian company focused on Solana blockchain investments and infrastructure, which has further expanded its SOL holdings. 
Between January 31 and February 7, 2025, the firm acquired an additional 24,374 SOL tokens for approximately CAD 7.3 million ($5.05 million), reinforcing confidence in the network’s long-term potential.
🚀 Sol Strategies (CSE: HODL; OTCQX: CYFRF) just acquired 24,374 SOL, increasing our total SOL holdings by $7.3M CAD to 214,342 SOL.Our goal remains clear: accumulate, stake, and support the Solana network.More details: — Sol Strategies (CSE: HODL | OTCQX: CYFRF) (@solstrategies_) 
While Sol Strategies strengthens its position, Solana’s price has experienced a slight decline in the past seven days, dropping 3.04%. However, on a broader scale, it remains up 8.74% over the past month. 
SOL is trading at $202.71 as of writing, with an impressive 24-hour trading volume of $4.25 billion, reflecting sustained market activity. 
Beyond trading activity, Solana’s ecosystem is displaying robust growth. A recent report indicates that Solana revenues surged to $840 million in Q4 2024, a major leap from $268 million in Q3. 
This increase coincides with the blockchain’s expanding utility and adoption across various decentralized applications (dApps).
Solana’s steady rise has made it the second-largest blockchain by total value locked (TVL), reaching $9.398 billion, second only to Ethereum’s $57.592 billion.
These signs of sustained activity could attract more traders and investors, further solidifying Solana’s position in the DeFi ecosystem.