On January 6, 2025, the Solana network achieved a remarkable milestone by surpassing the combined 24-hour decentralized exchanges (DEX) trading volume of Ethereum and its layer-2 network, Base. Solana's DEXs recorded nearly $3.8 billion in trading volume, compared to Ethereum's $1.7 billion and Base's $1.2 billion, indicating Solana's rising influence in decentralized finance (DeFi). Furthermore, Solana's price performance has outstripped Ether by approximately eightfold since 2023. The total value locked (TVL) in Solana has also grown significantly, increasing from around $1.4 billion to over $9.5 billion in 2024. Notably, Raydium, Solana's leading DEX, experienced a tenfold increase in trading volume throughout 2024, while Ethereum's Uniswap saw a decline in its monthly trading volumes. This shift highlights Solana's momentum in the DeFi space, further fueled by significant venture capital funding and the popularity of memecoins, especially on platforms like Pump.fun.

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