Buying and selling quantity on Solana-based decentralized exchanges (DEXs) blew previous an all-time file this week, cementing the Ethereum rival’s place among the many high beneficiaries of the crypto market’s present, steadily escalating bull run.
Over the interval of February 24 to March 2, greater than $11.19 billion price of digital belongings had been traded on Solana decentralized exchanges, in accordance with knowledge compiled by Defi Llama. That determine is up over 154% from the previous seven-day interval.
These figures far exceed the earlier record-holder for Solana DEXs’ finest week ever—$9.88 billion traded in a single week, a milestone that was hit in mid-December.
By far, the DEX with the best contribution to final week’s Solana DeFi frenzy was Orca, which has seen some $4.5 billion price of buying and selling quantity within the final seven days. Not far behind is Raydium, which noticed $3.52 billion in buying and selling in the identical interval. Each exchanges have seen exercise greater than double since two weeks in the past.
The final a number of days, which have seen crypto costs skyrocket throughout the board, have been notably fruitful for Solana-based tokens. By final week’s finish, SOL surged to a 22-month excessive after rising over 30% in per week. And on the meme coin entrance, a few of the market’s largest winners have hailed from Solana, together with perennial classics BONK and Dogwifhat.
On Saturday, each day buying and selling quantity on Solana DEXs crossed $2 billion for under the second time ever, amounting to $2.025 billion in complete. Solely on December 21, within the midst of a meme coin-fueled frenzy, did Solana DEXs exceed that determine, hitting $2.6 billion.
Whereas these figures are definitely encouraging, they don’t imply that the worth of the Solana ecosystem is at—and even close to—an all-time excessive. The entire worth locked (TVL) throughout all of Solana presently stands at simply over $2.6 billion, in accordance with DeFi Llama—that means that whereas nice sums have been traded forwards and backwards on Solana not too long ago, the entire worth of these belongings is considerably decrease than buying and selling quantity figures would possibly counsel.
Solana reached its highest chain-wide TVL in November 2021, when belongings on the community eclipsed $9.9 billion in worth.
Edited by Andrew Hayward
