Titan Solana Swap Market Report - December 2024

Published: 2025-01-07
Updated: 2025-01-07

We are excited to bring you the 3rd edition of Titan’s State of Solana’s Swap Markets report for December 2024 where we focus on DEX Aggregators. As always, please note that the data used is from Dune and although fairly accurate, crypto data in particular should be used more on a relative basis and as a heuristic rather than a focus on the absolute values given large gaps and differences in data between different providers.

In December, we saw a drawback in the price of SOL from all time highs with it reaching a low of around $178 as Christmas approached. Since then, SOL’s price has recovered quickly.

Swap Aggregation Market

In December 2024, volume being put through DEX aggregators has pared back a bit to $76 billion as compared to $84 billion last month, around a 10% decrease. This was mainly due to a de-acceleration of volume in the first 2 weeks of December before steadying out for the remainder of the month.

Even though there was less volume, there were more swaps done than ever with 233 million swaps for the month, which represents a 10% increase. This was clearly driven by a large increase in new users with 6.4 million wallets addresses or a 49% increase month over month. These users seem to have been brought in by a holiday bump as they tried out the Solana ecosystem with a record number of users trading less than $1,000 and $10,000 in volume. Higher volume users let go of the gas pedal a bit as average user value across all cohorts dropped, but the momentum was really held up by these new smaller volume users. The most promising thing here is that the smaller newer traders are trading in bigger sizes than before showing more interest in participating in the ecosystem with trades larger than $100 rather than just dipping small amounts of capital.

Venues

This month saw very interesting movements in terms of DEXes that supplied liquidity to aggregators.

As always with being the main beneficiary of the memecoin wave, Raydium AMM performed extremely well increasing its market share to 26% to keep its volume consistent with last month at around $26 billion. Raydium CLMM also maintained its market share, which is something they are not as well known for.

Lifinity and the host of orcale based DEXes really shined in December with Lifinity taking the 2nd spot from Orca. It is now the 2nd most routed through DEX now making up over 14% of volume while Orca makes up 12.3%.

Solfi, another oracle based DEX that has been largely anonymous, disappeared for the first few weeks of December, but then came back in the latter half to make up 11.8% of volume. They provide very good prices, but the liquidity does seem to come and go as this contrasts against their 17% market share last month. Obric also showed a slight uptick to 2.7%.

Stabble is also a huge winner in capital efficiency with them improving to make up around 3% of volume with their extremely competitive prices that are always on.

Order book based DEXes continue to maintain their current volume as they continue to be affected by the higher costs for market makers to place/cancel orders on chain.

Another interesting development is that Meteora has regained marketshare to 11.5% from 6.7%.

Origination

Jupiter seems to have regained their dominance with around 55% origination. This could be attributed to new users onboarding using Solana and trading on-chain for the first time. Other programs and pump.fun decreased in order origination as well thus further supporting to hypothesis.

Tokens

SOL concentration went back to normal with it at 78%. In addition, USDC concentration has dropped to 48% now steadying out from 55% and 37% the months prior. The increase in USDT concentration to 12.35% suggests more international usage as well. PYUSD meanwhile continues to lose more interest from users with market share dropping from 1.8% to 0.59%. It seems like their incentives program was not enough to build a meaningful user base that would stick around.

More interestingly, newer memecoins have now been edged out of the top 10 tokens. The exception is fartcoin. Surprisngly, WBTC has made a bit of a comeback as Solana native users join in on the BTC trade without wanting to go back to CEXes.