solana-Based Decentralized Exchanges (DEXs) Set New Records with Over $11.19 Billion in Trading Volume
The past week has been nothing short of remarkable for solana-based decentralized exchanges (DEXs), with trading volumes reaching unprecedented heights and surpassing previous records. According to data from DeFi Llama, a total of $11.19 billion worth of digital asset trades were facilitated on solana DEXs between February 24 and March 2, representing a staggering 154% increase from the volume recorded in the preceding week. This impressive figure overshadows the previous record of $9.88 billion set in mid-December.
Primary Drivers Behind solana’s Trading Volume Boom
Two leading DEXs on the solana network, Orca and Raydium, played significant roles in fueling this surge. Orca recorded an impressive $4.5 billion in trades during the aforementioned period, while Raydium contributed $3.52 billion. Both platforms have experienced a noticeable uptick in trading activity over the past few weeks, aligning with broader trends within the cryptocurrency market.
Notable Price Increases in solana-Based Tokens
The surge in trading volume coincided with considerable price gains for various solana-based tokens, including the network’s native token SOL and popular meme coins like BONK and Dogwifhat. SOL, in particular, experienced a 22-month high, rallying over 30% within a week.
Historical Milestone: Daily Trading Volume Exceeds $2 Billion
solana DEXs achieved another significant milestone, with daily trading volumes exceeding $2 billion for only the second time in their history. The first instance of this occurred during a meme coin-driven frenzy on December 21, 2021, with volumes reaching $2.6 billion.
Perspective on solana’s Total Value Locked (TVL)
Despite the impressive trading volume achievements, it is essential to note that the total value locked (TVL) across the solana ecosystem remains relatively low. According to DeFi Llama, the TVL currently stands at just over $2.6 billion. This figure indicates that while transactional activity has significantly increased, the overall value of assets within the network is still lower than the trading volumes suggest. solana reached its peak TVL in November 2021, with assets valued at approximately $9.9 billion.
