Solana’s flourishing season continues as DEXs on the chain attain a new monthly high above $50 billion.
Layer-1 blockchain Solana continues to remain in the spotlight. A current metric confirms that decentralized exchanges (DEXs) building on the blockchain have raked in over $50 billion in trading volume, representing a new monthly high since Solana’s inception.
Solana DEX Volume Hits $50B
According to data analytic platform DeFiLlama, over $50 billion worth of digital assets were traded on Solana DEXs this month. This volume represents a notable 126% surge compared to last month, which recorded $28.62 billion.
Orca, phoenix, and Raydium emerged as the top three contributors to this surge, boasting trading volume of $5.753 billion, $3.06 billion, and $2.178 billion respectively, in the past seven days.
DEXs on Solana have been on an impressive surge since this month. Last week’s data indicated that the network’s weekly DEX volume exceeded $13.3 billion, and the current trading volume has now reached an all-time high of over $50 billion. This impressive milestone reflects the surge in Solana’s trading activity amid the cryptocurrency market’s significant growth trend.
What’s Behind Solana’s Growth?
Solana’s impressive upward trajectory in terms of market value can not be attributed to only one factor. Apart from the surge in DEX volume, the network’s decentralized finance (DeFi) has $4.43 billion in total volume locked (TVL). This impressive milestone is the first Solana has seen in 23 months.
Additionally, there has been a notable increase in the value of several meme coins operating on the Solana platform. This sector boasts a market cap exceeding $5 billion, with daily trading volumes surpassing $2.7 billion.
Coins like Bonk and Dogwifhat (WIF) have garnered attention and seen appreciable gains after receiving listing from crypto exchanges like Binance. Another meme coin called Book of Meme (BOME) had a significant rise of about $1.45 billion in market capitalization in hours.
Last week, Coinfomania reported that a total of 8,630 meme coins were created on the blockchain on March 10. These developments indicate a growing interest in Solana-based meme coins, thereby contributing to increased trading volumes in the network.
Meanwhile, data from the price tracking platform Coinstats shows that SOL has experienced a significant 9.12% increase in the last 24 hours, exchanging hands at $193.12 at press time.
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