# Solana DEX Sees 144% Surge, Ethereum Share Drops Below Double Digits

Uniswap Takes the Lead; Raydium and PancakeSwap Excel

The decentralized exchange (DEX) market has demonstrated an explosive growth of 171% over the past week, outperforming centralized exchanges (CEX). According to data from crypto analytics platform DeFi Llama, DEX volumes reached $39.42 billion in the past 24 hours, with a cumulative $148.25 billion traded between November 9 and November 15. This represents a 171.11% increase compared to the previous week. DEXs now command a market dominance of 66.59%, significantly outpacing CEXs and underscoring the rising importance of decentralized finance.

# Solana DEX Sees 144% Surge, Dominates the Market, Ethereum Share Drops Below Double Digits

The surge in DEX trading volume can be attributed to the active participation across major networks such as Solana, Binance Chain, and Coinbase’s Base. Notably, Solana saw a trading volume of $34.42 billion, marking a 144% increase from the previous week. This volume is nearly twice that of second-place Ethereum, which recorded $17.75 billion. Solana’s market share surged to 43.33%, solidifying its dominance, while Ethereum’s share fell to 7.29%.

The strong performance of Solana DEXs is largely attributed to the listing of its meme coins on major exchanges and the ensuing explosive returns, which have sharply increased investor interest. In August, when the meme coin frenzy peaked, Solana’s DEX market share soared to 74.67%, with Ethereum dropping to 6.99%.

# Base and BSC Trading Activity Increases, Strengthening Their Positions

DEX activity on exchange platforms was also noteworthy. Coinbase’s Base and Binance’s BSC saw impressive trading volume increases of 46.21% and 95.56%, respectively. Base registered a trading volume of $11.87 billion, climbing to third place and overtaking Binance in market prominence.

Conversely, Polygon experienced a decline in trading volumes, falling to $2.17 billion, a decrease of 30.73% from the previous week. This decline is tied to reduced interest in the Polygon-based prediction platform Polymarket. Experts emphasize the urgent need for strategic shifts and ecosystem expansion for the network.

# Uniswap Retains Top Spot; Raydium and PancakeSwap Perform Strongly

Platform-wise, Uniswap, which operates in the Ethereum ecosystem, maintained its number one position with a trading volume of $24.75 billion, up 60.76% from the previous week, capturing a market share of 13.69%. Uniswap’s growth is driven by a steady increase in users and support for multiple networks including Ethereum, Avalanche, Optimism, and Arbitrum.

Solana-based Raydium surged 150% to $22.65 billion in trading volume, placing it second with a 29.28% market share. This is in line with Solana’s overall growth, underscoring its strong market position. Binance Chain’s PancakeSwap also posted a 94.34% increase, reaching $11.23 billion and securing third place. PancakeSwap’s strength lies in its high liquidity, backed by a robust user base on Binance’s platform.

Curve Finance saw a 42.72% increase in trading volume to $2.07 billion, although its growth was relatively lower compared to other platforms.

# Intensifying Competition Among Networks: Platform Differentiation Is Key

This week, the DEX market overall saw a substantial increase in trading volumes, highlighting its vibrant nature. Specific platforms, such as Raydium, Orca, and Lifinity, have experienced rapid growth through strong integration with their respective networks. However, as competition intensifies, platform differentiation strategies and technological advantages will become increasingly critical factors moving forward.