Solana DEX recorded over $5B in daily trading volume for three days straight to set a new record, DeFiLlama’s latest data shows.
The data also showed that aggregated Solana DEX’s trading volume gained over 123% in the past seven days to reach over $30.49B.
Raydium was in the lead, accounting for over 62% of SOL DEX’s trading volume. Orca, at a distant second, accounted for over 22% of SOL DEX’s trading volume, although its weekly trading volume change was higher than Raydium’s at 174%.
Solana’s revenue held steady for three successive days (November 11th-13th), clocking above $2M.
DeFiLlama’s data showed that Orca was second in SOL DEX’s trading volume, with a 24-hour volume of $1.57 billion (22.43% of the total).
The data also revealed that the trading volume rose by 174%, recording a trading volume of $6.42 billion in the last seven days, with a DEX TVL of $279 million. Orca’s cumulative volume stood at $168.32 billion.
Solana DEX’s trading volume surpassed all other blockchains in weekly volumes for the past three consecutive weeks. According to CoinGecko’s data, the total 24-hour trading volume for all DEXs stood at $16 billion, representing a 0.67% decline.
Solana consecutively outperformed Ethereum in DEX trading volumes for the past four consecutive days. Since the beginning of November, Ethereum DEX trading volumes only flipped Solana’s DEX trading volume on three days (6th, 7th, and 8th).
Solana and Ethereum DEX trading volumes differed by only $0.2 billion on November 1st, with Solana leading with $1.7 billion.
The gap widened on November 2nd, as Ethereum’s DEX trading volume dropped below the billion mark ($795M) while Solana’s DEX trading volume remained the same.
Fees on leading L2 chains are catching up with the market frenzy. After months of nearly negligible fees, all major L2 chains have increased transaction costs, which they pass on to end users.
L2 transactions are still reasonable, especially given the recent peak gas fees on Ethereum. Yet even chains like Base, priding themselves on rock-bottom fees, have seen a significant increase.
For high-frequency users and for more complex tasks, even the relatively scalable L2 may increase expenses.
Optimism fees increased to $0.09, the same as Arbitrum, with higher rates for priority fees. The exact fees at any moment may vary, but the past few weeks saw the end of virtually free transactions.
In October and November, blobs went above target levels more often, creating competitive pricing for apps, chains, and contracts to access block space.
The biggest change is for Arbitrum, which is going through a larger DeFi reawakening led by Aave V3 lending. The Arbitrum L2 chain is the most widely used for its speed and low fees. Arbitrum also attracted additional USDT activity, allowing for more active trades. As a result, Arbitrum fees saw the biggest short-term shift.