Solana-based decentralized exchanges (DEXs) have skilled a record-breaking week in buying and selling quantity, surpassing earlier highs and underscoring the blockchain’s rising exercise.
Between Feb. 24 and Mar. 2, Solana DEXs facilitated over $11.19 billion value of digital asset trades, marking a 154% enhance from the quantity recorded within the previous week, in line with knowledge from DeFi Llama. This efficiency eclipses the prior file of $9.88 billion set in mid-December.
Key contributors to Solana’s buying and selling quantity surge
Orca and Raydium, two main DEXs on the Solana community, had been main contributors to this surge. Orca noticed $4.5 billion in trades, whereas Raydium accounted for $3.52 billion throughout the identical interval. Each platforms have witnessed their buying and selling exercise greater than double in latest weeks, coinciding with a broader uptick within the cryptocurrency market.
The rise in buying and selling quantity comes as Solana-based tokens, together with SOL, the community’s native token, and meme cash like BONK and Dogwifhat, noticed important worth beneficial properties. SOL notably reached a 22-month excessive, climbing over 30% in every week.
Moreover, Solana DEXs recorded a each day buying and selling quantity exceeding $2 billion for under the second time of their historical past, with the primary incidence throughout a meme coin-fueled frenzy on Dec. 21, reaching $2.6 billion.
Regardless of these buying and selling quantity achievements, the whole worth locked (TVL) throughout the Solana ecosystem stands at simply over $2.6 billion, a determine supplied by DeFi Llama. This means that whereas transactional exercise has elevated, the general worth of belongings inside the community stays decrease than the buying and selling volumes recommend. Solana reached its peak TVL in Nov. 2021, with belongings valued at roughly $9.9 billion.
