Decentralized exchanges on the Solana blockchain have set a brand new month-to-month document for buying and selling quantity, surpassing $60.34 billion in March, based mostly on DeFiLlama knowledge.
This achievement greater than doubles the earlier document of practically $28.14 billion from December 2023 and is the second-highest quantity of all blockchains — surpassed solely by Ethereum’s $77.55 billion in the course of the month.
BSC boasted the third-highest DEX buying and selling quantity at $47.81 billion, whereas the fourth spot went to Arbitrum’s $27.74 billion. Notably, the buying and selling quantity on BASE grew virtually 7x in the course of the month to $7.8 billion.
Memecoin frenzy
The surge in buying and selling quantity aligns with a big curiosity in memecoins throughout the Solana ecosystem, highlighted by notable performers like Dogwifhat (WIF) and Bonk (BONK), alongside newer entrants comparable to Ebook of Meme (BOME) and Slerf (SLERF).
Meme cash associated to political figures like Donald Trump and Joe Biden additionally skilled features in March.
Different meme cash on Solana, comparable to Popcat (POPCAT), additionally noticed vital will increase, with a forty five% rise to a worth above $0.33.
Regardless of the standard volatility of the meme coin market, Dogwifhat closed March up by 43.9%, and Bonk ended the month with a 1.3% improve.
Main DEXs
Orca led the Solana DEX area, with a buying and selling quantity of $3.6 billion previously week, adopted by Raydium and Phoenix with $1.73 billion and $1.6 billion, respectively.
This era of heightened buying and selling exercise has notably benefited Jupiter, a decentralized trade aggregator on Solana, whose native token JUP rose by 24.9% over the previous week.
As meme cash drive shopping for frenzies on the Solana community, the SOL token itself began April with a 4% lower in its worth over the past 24 hours, at the moment priced slightly below $189.
Even with this slight downturn, Solana’s market capitalization hit an all-time excessive of over $90 billion in March, reflecting the expansive development and engagement throughout the decentralized finance sector and the colourful meme coin market.
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