# Solana DEX Achieves Record Monthly Trading Volume; Ethereum Also Gains on Uniswap Activity
November saw decentralized exchanges (DEXs) report their highest monthly trading volume ever, signaling a resurgence in the DeFi (Decentralized Finance) market.
According to on-chain data platform DeFi Llama, November’s total DEX trading volume reached $364.15 billion. This figure surpasses the previous record of $292.30 billion set in November 2021 and represents an approximately 87% increase from October’s $194.63 billion. The surge is attributed to the general recovery in the cryptocurrency market and the fervor surrounding meme coins.
# Solana DEX Leads with Record Monthly Volume Amid Meme Coin Craze
The driver behind the dramatic increase in DEX trading volume was Solana. Solana’s monthly trading volume in November reached $128.08 billion, leading the market and nearing double that of Ethereum’s $69.43 billion. The spike in Solana’s trading volume is due to several factors, including the popularity of meme coins, low transaction fees, and fast processing speeds.
The Solana ecosystem has seen DeFi platforms like Raydium become increasingly active, and Solana-based coins listed on major centralized exchanges like Binance have attracted more investors.
# Ethereum Gains Momentum with Uniswap; Signs of DeFi Revival?
Ethereum also experienced significant activity, recording $69.43 billion in monthly trading volume, securing the second spot. This uptick is largely driven by Uniswap, a leading DEX platform within the Ethereum ecosystem, which alone recorded $38 billion in trading volume for November, accounting for roughly 70% of Ethereum’s total DEX volume.
Platforms such as Curve Finance and DODO also contributed to the increased activity within the Ethereum DeFi sector. Henrik Andersson, Chief Investment Officer at Apollo Crypto, commented, “The surge in Uniswap trading volume reflects the revival of the DeFi ecosystem, combined with recent gains in Ethereum’s price.”
# Signs of DeFi Resurgence; Market Outlook
Beyond Solana and Ethereum, other notable performers include Base with $44.25 billion, Binance Smart Chain (BSC) with $34.75 billion, and Arbitrum with $33.37 billion, all demonstrating active movement within the DeFi market.
The significant rise in DEX trading volume for November suggests a potential resurgence of the DeFi market, marking a positive signal for the broader cryptocurrency sector. Whether this trend will sustain as a short-term frenzy or develop into long-term growth will be determined by future market dynamics.
