Solana DEXs Achieve Unprecedented Milestone: Monthly Trading Volume Exceeds $50B
Solana’s rise to prominence continues as decentralized exchanges (DEXs) on the blockchain achieve a new milestone, surpassing $50 billion in monthly trading volume.
The Solana blockchain has remained in the spotlight, with recent data confirming that DEXs built on the network have generated over $50 billion in trading volume this month. This represents a significant increase compared to the previous month, which recorded a trading volume of $28.62 billion.
Leading the surge in trading volume on Solana are Orca, phoenix, and Raydium, with respective trading volumes of $5.753 billion, $3.06 billion, and $2.178 billion in the past seven days.
DEXs on Solana have experienced impressive growth throughout this month. Last week, the network’s weekly DEX volume exceeded $13.3 billion, reaching an all-time high of over $50 billion. This milestone highlights the increased trading activity on Solana amidst the significant growth trend in the cryptocurrency market.
Solana’s growth can be attributed to various factors, not just the surge in DEX volume. The network’s decentralized finance (DeFi) sector has achieved a total volume locked (TVL) of $4.43 billion, marking a significant milestone for Solana after 23 months.
Furthermore, meme coins operating on the Solana platform have seen a notable increase in value. With a market cap exceeding $5 billion and daily trading volumes surpassing $2.7 billion, coins like Bonk and Dogwifhat (WIF) have gained attention and experienced appreciable gains after being listed on exchanges like Binance. Another meme coin, Book of Meme (BOME), saw a significant rise in market capitalization by approximately $1.45 billion within hours.
The growing interest in Solana-based meme coins is evident, as a total of 8,630 meme coins were created on the blockchain on March 10, according to Coinfomania. This trend contributes to the increased trading volumes on the network.
Meanwhile, SOL, the native cryptocurrency of Solana, has experienced a significant 9.12% increase in the last 24 hours, currently trading at $193.12, according to data from the price tracking platform Coinstats.
In conclusion, Solana’s flourishing season continues as DEXs on the network achieve a new monthly high of over $50 billion in trading volume. The growth in trading activity can be attributed to factors such as increased DEX volume, a surge in decentralized finance on Solana, and the rising value of meme coins operating on the platform. Solana’s market value remains strong, with the native cryptocurrency SOL experiencing significant price growth.
