Solana still leads in DEX trading volumes despite meme coin frenzy cool-off

Solana has maintained its lead in decentralized exchange trading volumes for five consecutive months, according to DefiLlama data.

Solana (SOL) has maintained its lead in DEX trading volumes for five consecutive months, according to DefiLlama data. In Feb., the Solana blockchain recorded a DEX trading volume of $105.85 billion, far ahead of BNB Chain (BNB), which ranked second with a trading volume of $84.25 billion during the same period. 

This comes amid a significant slowdown in the Solana meme coin market, most notably activity on Pump.fun. Pump.fun, one of the largest drivers of Solana’s revenue in 2024, has seen a sharp decline, as evidenced by its protocol fee revenue dropping by over 90% from the $15.38 million peak achieved on Jan. 25. Token launches on Pump.fun also plummeted, falling from the Jan. 23 peak of over 70,000 to around 20,000 launched on March 1, according to Dune Analytics.

Solana’s dominance extends beyond DEX transaction volume, as it also leads in app revenue. With $280.32 million in app revenue as of Feb., Solana has outperformed BSC at $16.51 and Ethereum at $59.02, according to DefiLama.

“Solana’s lower fees and higher throughput continue to attract developers and users, highlighting its growing role in decentralized finance,” Tagus Capital said earlier this month when Solana’s DEX volume surpassed $60 million and extended Solana’s four-month winning streak over Ethereum (ETH).