Ethereum continued to establish itself as the undisputed leader in the decentralized exchange (DEX) market in 2024, reaching an impressive $674.000 billion in transaction volume.
This remarkable performance of Ethereum is due to its robust infrastructure and the growing adoption of its technology by developers and users. Despite intense competition, especially from Solana, which has followed closely behind with significant growth, Ethereum has maintained its position thanks to its wide range of DeFi applications and the trust it inspires in the crypto community.
Source: DeFi Llama
La Competition between Ethereum and Solana has been one of the most discussed topics in the blockchain ecosystem. While Ethereum has continued its dominance in terms of total volume, Solana has proven to be a formidable competitor. This dynamic has generated a vibrant environment in which both platforms seek to innovate and attract more users, which benefits the entire sector.
The rise of meme tokens
The year 2024 also witnessed a significant resurgence of meme tokens, which boosted DEX activity across various mainchains. Ethereum, Solana, BNB Chain, and TON all saw a considerable increase in transactions involving these digital assets.
Traders have been taking advantage of this trend to make quick profits, leading to a widespread increase in trading volume on DEXs. On Ethereum, platforms like Uniswap have seen significant spikes in their activity due to the active trading of these tokens. On Solana, Orca y raydium have seen record volumes by facilitating rapid exchanges between meme tokens.
However, the memecoin phenomenon has not only benefited DEX platforms but has also contributed to the growth of the crypto ecosystem in general.
Source: DeFi Llama
DEX activity gradually recovers
At the end of 2024, overall DEX activity showed clear signs of recovery after a turbulent period. Solana’s sustained growth over the last three months of the year was especially notable, as Solana managed to reverse the negative trend it saw after facing significant challenges at the start of the year, attracting both new users and fresh capital into its ecosystem.
Source: DeFi Llama
Data indicates that Solana saw a steady increase in its monthly DEX volume during this critical period, cementing itself as a viable alternative to Ethereum. This was due not only to the rise of meme tokens, but also to the overall strengthening of its DeFi market.
DEX activity on major blockchains is on the rise
In addition to Ethereum and Solana, other blockchains such as BNB Chain, Avalanche, SUI, TRON, Aptos, and TON saw a notable increase in DEX activity during 2024. BNB Chain maintained a solid user base thanks to its low fees and high transaction speed, which attracted many traders to its DEX platforms.
On the other hand, Avalanche positioned itself as a popular choice for those interested in fast and efficient transactions. Its focus on interoperability has allowed users to interact with multiple protocols without complications. Sui Network y Aptos They also gained ground by offering unique features that enhance the user experience.
TRON also remained a key player in the DEX space, leveraging its large community and focus on decentralized applications. For its part, The Open Network (TON) It captured the market's attention thanks to its integration with popular services such as Telegram, which has given it easier access to a wider audience.
