The Solana ecosystem is experiencing rapid growth. The price of the native token of the SOL network is approaching $200, and the trading volume on decentralized exchanges (DEX) and the total value of assets locked in DeFi protocols (TVL) are breaking one record after another.
The Solana Ecosystem is Booming
The Solana decentralized finance ecosystem continues to thrive. Moreover, data from DeFiLlama illustrates this trend, showing an extraordinary surge in trading volume on SOL- based decentralized exchanges (DEXs). Over the past 24 hours, the figure exceeded $3.8 billion, setting a new all-time high.
This significant increase in transaction volume can be attributed to two key factors – low network fees and the rise in popularity of memecoins such as Wen, Dogwifhat, Bonk and Book of Meme.
Their combined impact has caused trading volume on the Solana DEX to outpace Ethereum on multiple occasions in recent months. “Solana is crazy busy right now, but it still broke the all-time record for DEX trading volume. We look forward to seeing what we can achieve as the network improves,” said Mert Mumtaz, CEO of Helius Labs.
Of particular interest are the top three DEXs on Solana. Thus, the daily trading volume on Orca amounted to $1.64 billion. It is followed by Raydium with $867 million Lifinity with $679 million.
Solana DeFi TVL Hits Two-Year High!
The total value of assets locked in SOL DeFi protocols is also at a two-year high and amounts to almost $4 billion. Analyst Patrick Scott noted that over the past day, TVL Solana for the first time exceeded that of Binance Smart Chain.
“In 2023, the Solana DeFi ecosystem was declared dead. Since then, her TVL has increased 18 times. And yesterday it simply overtook Ethereum in terms of the daily volume of transfers in stablecoins. This is a very sharp turn,” said renowned cryptocurrency expert Lark Davis.
Additionally, the network has seen a noticeable increase in the creation of new Solana Public Library (SPL) tokens. According to Solscan data, over 7,800 SPL tokens have been minted daily over the past week. On March 11, the figure reached 9,690 tokens, setting a new record.
At The End
Solana (SOL) blockchain DEX volume is currently at an all-time high. The entire 24-hour DEX volume in Solana has exceeded the $3.5 billion level. This surge forms part of the trend that the cryptocurrency market has been experiencing recently, with notable growth in a short period. Data from DeFi data aggregator DeFi Llama shows that Solana weekly DEX volume reached over $13.3 billion on Saturday. This milestone is a sign of the increasing importance of blockchain in the decentralized finance (DeFi) sector.
A significant increase in the worth of a few Solana-based meme coins accompanies this growth in DEX volume. Some memecoins like Bonk and Dogwifhat (WIF) have been noticed and appreciated for the last week. Additionally, Book of Meme ($BOME) has seen a huge increase, going up by more than 250% after it was listed on the Binance cryptocurrency exchange. Therefore, such advancements point to a broader understanding of meme coins and the consciousness of meme coins in the crypto community.
