Solana News Today: Solana DEX Volumes Jump 56% in July Overtaking Ethereum for Tenth Month

Solana's decentralized exchange (DEX) ecosystem solidified its leadership in July, with total trading volumes surging by 56% to $124.2 billion, significantly outpacing Ethereum’s $87.1 billion [1]. This marks the tenth consecutive month that Solana has maintained a lead over Ethereum in DEX volumes, a streak beginning in October 2024 [1]. The momentum reflects broader user adoption and the rapid deployment of new DEX platforms on the network [1].

Four new DEXs—Humidifi, Tessera, and others—debuted within the past two months, contributing billions in trading activity despite not yet featuring user-facing interfaces [1]. Humidifi emerged as the top performer among newcomers, recording over $6 billion in trades, while Tessera clocked $2.5 billion [1]. These platforms have already outperformed established DEXs like Lifinity and Phoenix [1].

Raydium remains the dominant player on Solana’s DEX market, commanding 32.2% of the total volume in July [1]. Meteora, a relative newcomer, posted the highest month-over-month growth at 145.9%, capturing 21.8% of the market [1]. Orca followed with a 15.2% share, while ZeroF and SolFi grew by 32% and 14.5%, respectively [1]. In contrast, DEX launchpads like Pump.fun and Pumpswap saw declines in volume, with Pump.fun dropping by 57.8%, a move attributed to Letsbonk.fun’s growing influence over the launchpad’s token offerings [1].

A significant shift has also emerged in trading behavior: direct DEX trades have surpassed aggregator flows for the first time this year [1]. In July, direct trades amounted to $65.9 billion, while aggregator-based trades fell to $7.5 billion [1]. This trend indicates a growing preference for direct access to DEXs, especially as retail traders seek more transparent and efficient trading routes [1].

Solana’s native token, SOL, was the most traded asset in July, recording over $58.4 billion in transactions—up 92.7% from the previous month [1]. Fiat-pegged assets followed with $29.7 billion, and memecoins contributed $26.2 billion in trading activity [1]. The performance of memecoins was largely influenced by the competitive landscape between Pump.fun and LetsBonk.fun, which drove substantial on-chain activity [1].

SOL’s price has mirrored this bullish momentum, trading at $201 as of early August—up over 20% month-to-date [1]. Over the past year, SOL has appreciated by 39%, outperforming 53% of the top 100 cryptocurrencies and trading above its 200-day simple moving average [1]. Its current price is approaching a cycle high of $205.73, indicating strong market confidence [1].

The continued growth of Solana’s DEX ecosystem highlights its position as a leading blockchain for decentralized trading, driven by low fees, fast transaction speeds, and the introduction of innovative trading platforms [1]. As the network continues to attract developers and traders, it is well positioned to maintain its momentum in the decentralized finance (DeFi) landscape [1].

Source:

[1] Solana Extends DEX Dominance in July with 56% Surge in Trading Volumes (https://www.cointribune.com/en/solana-extends-dex-dominance-in-july-with-56-surge-in-trading-volumes/)