Solana’s Monthly DEX Achieves Record-breaking $60B+ for the First Time
Solana’s Layer-1 blockchain experienced a remarkable performance recently, with its native coin (SOL) inching closer to its all-time high. Moreover, various metrics within the ecosystem witnessed significant growth. According to on-chain data from DeFiLlama, Solana’s decentralized exchange (DEX) market hit a new record with a trading volume of over $60.3 billion within a month.
The Solana DEX market includes exchanges such as Orca, Phoenix, Raydium, Lifinity, and others. The increased engagement with these decentralized projects fueled the substantial surge in monthly inflows into the layer-1 blockchain. It’s worth noting that before the end of the previous month, Solana’s DEX market had already recorded over $50 billion in trading volume.
The chart provided by DeFiLlama reveals that this is the first time Solana has surpassed the $60 billion mark within its DEX market. In December 2023, these projects generated trading volumes of over $28 billion. In January and February 2024, the DEX market saw monthly volumes of $22.65 billion and $22.58 billion, respectively.
Currently, the DEX market has a daily trading volume of $917.2 million, which reflects a 40% decrease compared to the previous week.
The surge in the Solana ecosystem had a ripple effect on SOL’s price during last month’s bull run. The price of SOL reached $202, approaching its peak value of $259.96. Investors are now keeping an eye on $220 as the next target price for the native coin. Apart from the DEX market, other factors contributed to Solana’s success throughout the month.
The memecoin boom was one of these factors, with investors pouring millions of dollars into various memecoins. Notably, Solana-based memecoins like Dogwifhat (WIF) and Bonk (BONK) gained significant attention. Dogwifhat, for instance, rose from being a low-valued memecoin to becoming the third-largest memecoin by market cap.
At the time of writing, WIF’s market cap exceeded $4.1 billion.
Currently, SOL is trading at $189, representing a 3.89% decline within the past 24 hours.
Tags: Solana
