Buying and selling quantity on Solana-based decentralized exchanges (DEXs) surpassed a document this week, cementing the Ethereum rival’s place among the many prime beneficiaries of the crypto market’s present, steadily escalating bull run.
Greater than $11.19 billion price of digital belongings had been traded on Solana’s decentralized exchanges from February 24 to March 2, in accordance with knowledge collected by Defi lama. That determine is greater than 154% larger than the earlier seven-day interval.
These figures simply surpass the earlier document holder for Solana DEX’s finest week ever: $9.88 billion traded in a single week, a milestone reached in mid-December.
By far the DEX with the largest contribution to final week’s Solana DeFi frenzy orca, which has seen roughly $4.5 billion in buying and selling quantity over the previous seven days. Not far behind Raydium, which traded for $3.52 billion in the identical interval. Exercise at each gala’s has greater than doubled since two weeks in the past.
Crypto costs have skyrocketed in latest days throughout the board, have been notably fruitful for Solana-based tokens. By the top of final week, the SOL rose to a 22 months excessive after a rise of greater than 30% in every week. And within the meme coin house, a few of the greatest winners available on the market have come from Solana, together with perennial classics BONK and Dogwifhat.
On Saturday, day by day buying and selling quantity on Solana DEX’s exceeded $2 billion for the second time ever, totaling $2.025 billion. Solely on December 21, in the course of one meme, coin-driven insanitySolana DEX’s exceeded that determine, reaching $2.6 billion.
Whereas these numbers are actually encouraging, they don’t imply that the worth of the Solana ecosystem is at an all-time excessive (and even near it). The full worth (TVL) for all of Solana is at the moment simply over $2.6 billion DeFi Lama– which means that whereas there have been massive quantities of cash traded forwards and backwards on Solana not too long ago, the overall worth of these belongings is considerably decrease than the buying and selling quantity figures would counsel.
Solana reached its highest TVL for the complete chain in November 2021, when the worth of belongings on the community eclipsed its $9.9 billion worth.
Edited by Andrew Hayward