Solana Sees Major DEX Growth in 2024, Challenging Ethereum’s Dominance

In 2024, Ethereum solidified its dominance in decentralized exchange (DEX) activity, recording $674 billion in annual trading volumes, driven largely by Uniswap V3’s liquidity for wrapped ETH and stablecoins.

Despite growing competition, Ethereum outpaced Solana, which ended the year at $626 billion, and BNB Chain with $352 billion.

The DEX sector saw a resurgence, with total value locked reaching $24.46 billion by year-end, including $8.46 billion on Ethereum.

Uniswap stood out, achieving over $90 billion in trading volumes in the final two months, supported by low-cost transactions on Layer 2 networks like Base.

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Solana gained traction in 2024 with protocol migrations and the launch of high-profile meme tokens like PENG.

Platforms such as Raydium and Jupiter facilitated increased activity, with bots accounting for 86% of its trading volume.

While Ethereum focused on stability and liquidity for major assets, Solana capitalized on emerging trends, marking a year of dynamic competition in decentralized finance.

Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.