Solana continued to perform well in December as meme coins helped gain market share against Ethereum and other blockchains.
According to DeFi Llama, Solana (SOL) protocols were the most active in the decentralized exchange industry in December.
Its volume rose to over $97 billion, well above the $22.6 billion transacted in the same period last year.
Notably, it was the third consecutive month that Solana outperformed Ethereum (ETH), which has dominated the industry for years. Ethereum’s protocols had over $74 billion in volume, while Base and Arbitrum managed $42 billion and $37 billion, respectively.
Solana also performed great in November, where its DEX networks had a volume of $129 billion, more than Ethereum’s volume of $70.6 billion. A month earlier, Solana processed $52 billion in volume, while Ethereum processed $41 billion.
The majority of Solana’s DEX volume was on Raydium (RAY), a network that managed $65 billion worth of coins in the last 30 days. Orca transacted $24 billion, while Lifinity, Pump and Phoenix had volumes worth over $5.93 billion.
Solana’s DEX volume has skyrocketed due to the meme coin Industry that continued to do well this year. Solana has attracted thousands of meme coins this year, helped by the creation of Pump, the largest token generator. All Solana meme coins have a market cap of over $14.1 billion, led by Bonk, Dogwifhat, Popcat and Peanut the Squirrel.
This growth has been extremely profitable for Solana and its native apps. All of Solana’s native dApps generated record revenue of $365 million in November, a…
