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Solana has made a resounding comeback, with its decentralized exchange (DEX) trading volumes and ecosystem tokens experiencing significant growth — including nearly $1.5 billion in trading volume on DEXs in one day.?
The blockchain, known for its speed and efficiency, has become the largest in terms of DEX volume, surpassing popular networks like Binance Smart Chain and Ethereum.
The rise in DEX trading volume coincides with a surge in the broader Solana network, with ecosystem tokens gaining an average of 13% over the past day, according to data from CoinMarketCap.
Key Takeaways
Solana DEX Trading Volume Surpass BSC, Ethereum
Solana DEXes recorded over $1.4 billion in trading volume over the past day, dominating the list. The remarkable trend continued throughout the week, with the total weekly volume skyrocketing to $11.9 billion, according to DeFi TVL aggregator DeFiLlama.
Solana DEXes have even seen close to $3bn days in March? — compared to a range of between $500m and $900m in January.
Other popular chains, including Binance Smart Chain and Ethereum, which itself has just gone through a massive ‘Dencun’ upgrade, have trailed behind Solana in terms of DEX trading volume. BSC has commanded $1.139 billion in trading over the past day, while Ethereum saw $514.65m in volume.
The surge in trading volume on Solana can be attributed to various factors, one of which is the increasing number of on-chain transactions taking place. The influx of users and the resulting congestion on the Solana network have contributed to the heightened trading activity.
Among Solana DEXes, decentralized exchange Orca, Automated Market Maker (AMM) and liquidity provider Raydium, and decentralized limit order book Phoenix account for the bulk majority of the trading volume.
Neeraj Khandelwal, co-founder of CoinDCX and Okto, told Techopedia: “Solana’s DeFi sector has seen notable surges in trading volume, particularly from March 3 to March 6.”
He added that investors have been locking substantial amounts of SOL into staking contracts, surpassing a total value of $42 billion. Khandelwal said:
“This surge in staking activity not only demonstrates investor confidence in Solana’s long-term potential but also indicates a growing interest in its DeFiecosystem.”
Solana Ecosystem Tokens Surge
The rise in Solana DEX trading volume comes as the overall interest and engagement within the network continues to grow. According to data from CoinMarketCap, Solana ecosystem tokens have gained an average of 13% over the past day.
One of the major gainers within the Solana ecosystem includes Oxygen, a DeFi prime brokerage service built on Solana, which has gained more than 500% over the past day. Solchat, a communication protocol on the Solana blockchain, is another big winner, increasing more than 100% over the past 24 hours.?
It is worth noting that Solana-based meme coins have also been on a roll as of late. The Solana Meme Coins category on CoinGecko, which consists of major meme coins on the blockchain, has risen by more than 35% over the past day alone.?
Smog (SMOG), a relatively new player in Solana’s meme coin scene, has rallied by more than 50% over the past day. Likewise, BONK, the first dog-themed coin on Solana, has surged by more than 23% over the past 24 hours.
Khandelwal noted that the increased interest in the Solana ecosystem tokens come as the “Solana developer ecosystem has made major advancements in tooling, developer experience, quality of content, and diversity of available programming languages” in 2023.
“The ecosystem has over 2,500 monthly active developers on open source repositories.”
Dogwifhat Becomes the 4th-Largest Meme Coin
The Solana blockchain’s red-hot meme coin dogwifhat (WIF) has recently become the fourth-largest meme coin by market capitalization. This came after community members successfully raised over $690,000 in USDC stablecoin donations to showcase the dogwifhat mascot on the Sphere, a renowned entertainment venue in Las Vegas.?
Ansem, a prominent figure in the movement and one of the controllers of the multisig wallet that received the donations, jubilantly announced, “Dogwifhat on sphere fully funded,” in a recent X post.
iight bros, it's time, we're putting dogwifhat on the vegas sphere ?? https://t.co/lVm0Hjog8o pic.twitter.com/vK4LlXYs8G
— Ansem ???? (@blknoiz06) March 10, 2024
Dogwifhat has achieved undeniable success since its launch last year, rapidly gaining popularity as one of the most beloved memes of this crypto market cycle. This comes as investors have shown an inexplicable fondness for canine-themed coins, as evidenced by the enduring appeal of tokens like Dogecoin (DOGE), Shiba Inu (SHIB), and BONK.
The recent surge in attention and community support has propelled WIF to a 49% price increase over the past 24 hours, according to CoinMarketCap data. It has even helped the token overtake Floki (FLOKI) to claim the fourth spot among meme tokens.
Among all cryptocurrencies, WIF currently ranks 52nd in value, boasting an impressive market capitalization of $3.2 billion. The largest meme coin, DOGE, holds the 10th position with a market cap of $24 billion.
The Bottom Line
Solana has seen a major resurgence, marked by its leading position in DEX trading volume and the significant appreciation of its ecosystem tokens.
This upswing is propelled by a confluence of factors, including technological advancements, increased user adoption, and a vibrant community rallying around unique projects and tokens.?
