According to DefiLlama data, Solana’s decentralized finance (DeFi) has been experiencing wider growth over the past week. Notably, the decentralized exchanges (DEXs) on Solana have exhibited remarkable surges in trading volume, especially from March 3 to March 6.
A Chinese crypto reporter, Colin Wu, shared insights about the Solana DEXs’ astounding trading activities. As per the updates shared on his Wu Blockchain X page, the DEX trading volume on Solana has exceeded $2 billion for four days. In addition, on March 5, the trading volume reached $2.85 billion, marking a new daily high.
According to DeFiLlama, from March 3 to March 6, the DEX trading volume on the Solana has exceeded $2 billion for four days, with the trading volume reaching $2.85 billion on March 5, setting a new single-day high. The activity of on-chain transactions may be one of the reasons…
— Wu Blockchain (@WuBlockchain) March 7, 2024
CoinGecko updates suggest that Jupiter, Solana’s largest DEX, leads the charge with a 24-hour trading volume of $1,450,102,962. Closely followed by Orca, with a trading volume of $837,495,350.
From February 25 to March 2, Solana’s DEXs showed a remarkable trading volume of $11.24 billion. The week marked a major milestone in Solana’s DEXs, as the trading volume surpassed the strongest competitor, Ethereum.
Reports asserted that Solana’s DEX activity showed a remarkable surge of 177% in a single week. Orca and Raydium contributed significantly to the achievement, experiencing more than a 100% increase in trade compared to the previous weeks.
Solana’s SOL token surge amidst the increasing trading activities is noteworthy. Currently sitting at a 20-month high of $136.73, SOL has experienced a 24-hour increase of 5.68%, a 7-day surge of 10.12%, and a 30-day hike of 43.50%.
With a remarkable market cap of$60,603,188,835, SOL has secured its position in the top 5 cryptocurrencies. In addition, Solana DeFi’s TVL surge has also garnered attention, nearly surging over 50% in a month.
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