Solana is showing solid growth amidst the bull market spreading across the cryptocurrency industry.
In fact, Solana's SOL token has emerged as one of the best performers over the past month, rising about 30% to $190.
Solana’s Decentralized Finance Soars to All-Time Highs
Solana’s decentralized finance (DeFi) ecosystem has thrived with a broad rally in cryptocurrency markets since the beginning of the year. Data from DeFiLlama illustrates this trend, showing a surprising surge in activity on Solana-based decentralized exchanges (DEXs).
In the past 24 hours alone, daily trading volume reached an all-time high of over $3.6 billion.
This incredible rise in Solana DEX trading is largely due to two main factors. One is the network’s surprisingly low transaction fees, and the second is the growing popularity of meme coins . Notable meme coins such as Wen, Dogwihat, Bonk, and Book of Memes (BOME) have been receiving significant trading volume and attention recently.
Read more: 7 Most Popular Meme Coins and Altcoins of 2024
Interestingly, the combined impact of these factors has led to Solana’s DEX trading volume exceeding that of Ethereum on several occasions in recent months.
“Solana is currently incredibly congested, but we are excited to see what the network can achieve when it works better, and we have broken all-time DEX volume records,” said Mert Mumtaz, CEO of Helius Labs. said .
Of particular interest are Solana’s top three frontrunners among DEX platforms : Orca leads the way with $1.644 billion in trading volume over the last 24 hours, followed by Radium with $867 million and Lifenity with $679 million.
Meanwhile, the total value of assets frozen on the Solana network is approaching $4 billion, the highest in two years. Decentralized finance analyst Patrick Scott pointed out an interesting point. Solana DeFi TVL with Liquidity Staking flipped Binance Smart Chain (BSC) for the first time in the past day.
“In 2023, Solana DeFi was declared dead. Since then TVL has risen 18x. And yesterday Solana toppled Ethereum in daily stablecoin transfer volume. This is a huge reversal,” said Lark Davis, a prominent cryptocurrency influencer.
Additionally, the network has also seen a notable increase in the creation of new Solana Public Library (SPL) tokens. Over the past week, an average of more than 7,800 SPL tokens have been minted daily on the Solana network. On March 11, the number hit a new single-day record, peaking at 9,690, according to Solscan data .
Read more: 6 Best Platforms to Buy Solana (SOL) in 2024
All of these milestones reflect Solana’s upward trajectory within the DeFi ecosystem. This positions Solana as a strong competitor to Ethereum’s continued sector dominance .
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