PANews reported on November 25 that according to The Block, the trading volume of Solana network decentralized exchange (DEX) exceeded $100 billion for the first time in November, reaching $109.8 billion. This figure is close to twice the monthly DEX trading volume of Ethereum mainnet ($55 billion), an increase of more than 100% compared to $52.5 billion in October.
Eden Au, director of research at The Block, said the surge was driven by the recent MEME token craze, low transaction fees and user-friendliness. In addition, major platforms on Solana, Pump.fun and Raydium, hit new highs in fee revenue this month, reaching $71.5 million and $182 million respectively.
Solana currently has 107.5 million monthly active addresses, and is expected to break the record of 123 million set in October by the end of the month. The SOL token is currently priced at $255, and recently broke the 2021 historical high of $263.
