The community registered $10B in DEX quantity prior to now seven days, whereas Ethereum processed $8.8B.
Solana season is in full power with the community overtaking Ethereum for the primary time by way of decentralized alternate quantity and non-fungible token gross sales over the previous week.
DEX quantity on Solana has skyrocketed prior to now seven days, topping $10 billion in response to DefiLlama., and capturing previous Ethereum’s d $8.8 billion over the identical time interval. Solana additionally claimed first for 24-hour quantity, with $2.1B in opposition to Ethereum’s $1.2B.
DEX quantity isn’t Solana’s solely victory. The community has processed $109 million NFT gross sales prior to now seven days, Crypto Slam experiences, eclipsing Ethereum by $30 million.
Solana’s token, SOL, has additionally been on a rocket ship. Its market capitalization reached $39.6B, putting it within the prime 5 largest cryptocurrencies, surpassing XRP. The token is up 7.3% to $92.78 immediately, and has seen a whopping 670% improve this yr.
Memecoin Frenzy
Memecoins appear to be fueling the present frenzy, with BONK going bonkers with a 300% improve in December. In line with Coingecko, its market cap has surpassed the $1 billion mark. One other Solana-based memecoin, Dogwifhat, has additionally added to the frenzy, clocking a 428% achieve prior to now seven days.
With a flurry of merchants attempting to get in on the following BONK, tokens are being issued at a powerful tempo. Nearly 5,000 new tokens launched immediately alone.
SOL Touchdown
This previous week, not less than three web3 startups which have been based mostly on different Layer 1s made the soar to Solana, with Render, Ondo Finance, and Helium touchdown on the chain.
Simply immediately Paxos mentioned it obtained authorization by a NY regulator to difficulty its USDP stablecoin on the community. This represents the primary stablecoin issuance on one other community that isn’t Ethereum.
Massive entities resembling Visa and Shopify have additionally added help for Solana this yr.
It’s a far cry from the state of the community only one yr in the past, when it was nonetheless reeling from the collapse of FTX after struggling a number of outages within the earlier months.
The query merchants have to be asking after the rally is, can it stick with it?
