Trading volume on the Solana-based decentralized exchange (DEX) hit a record high this week, solidifying its Ethereum rival’s position as one of the biggest beneficiaries of the current cryptocurrency market, which is steadily rising.
According to data compiled by Solana, between February 24 and March 2, $11.19 billion worth of digital assets were traded on the Solana decentralized exchange. Defy Flame. This number represents an increase of more than 154% over the previous seven-day period.
This figure far exceeds the previous Solana DEX weekly record holder, which was $9.88 billion traded in one week achieved in mid-December.
The DEX that contributed the most to the Solana DeFi craze so far last week was: killer whale, with a trading volume worth approximately $4.5 billion over the past seven days. not far away radium, transaction volume during the same period recorded $3.52 billion. Activity on both exchanges has more than doubled since two weeks ago.
Cryptocurrency prices have soared over the past few days. Generally, which was particularly beneficial for Solana-based tokens. By the end of last week, SOL had soared. 22 month high After rising more than 30% in one week. And in the meme coin space, some of the market’s biggest winners, including perennial classics, come from Solana. BONK and Dogwifhat.
On Saturday, Solana DEX’s daily trading volume surpassed $2 billion for the second time ever, reaching a total of $2.025 billion. December 21st, in the midst of chaos Frenzy fueled by meme coinsHas Solana DEX surpassed this figure, hitting $2.6 billion?
While these numbers are certainly encouraging, they do not mean that the value of the Solana ecosystem is at or near all-time highs. The total value locked (TVL) across all of Solana is currently said to be just over $2.6 billion. DeFi Currency—This means that while there has been a huge amount of money trading on Solana recently, the total value of those assets is significantly lower than the volume numbers suggest.
Solana reached the highest TVL across the chain in November 2021, when the network asset value surpassed $9.9 billion.
Editor: Andrew Hayward
