Decentralized finance (DeFi) enthusiasts have increasingly turned their attention to Solana [SOL]-based protocols, particularly decentralized exchanges (DEXes), in recent months.
Solana's DEXes have witnessed a remarkable surge in activity, with a total trading volume of $11.24 billion recorded between February 25th and March 2nd. This marks a historic milestone in the ecosystem, reflecting a 177% weekly growth rate, surpassing even Ethereum [ETH].
After a period of subdued activity during the bear market, Solana's DEXes began to ascend in the fourth quarter of 2023. December saw record-breaking monthly DEX volumes, exceeding $28 billion.
Leading the surge is Jupiter [JUP], Solana's largest DEX, which recently executed trading volumes worth $1.49 billion in a 24-hour period, briefly outperforming Uniswap [UNI] V3.
Alongside the booming DEX activity, Solana has experienced a significant increase in the USD value of cryptocurrencies locked in its DeFi projects. Solana's total value locked (TVL) soared by 52% over the past month, reaching $5.13 billion.
The native token's remarkable price surge has been a major driver of this growth, with SOL-denominated TVL also witnessing a substantial 22% year-to-date increase.
At present, SOL is trading at $130.70, having experienced a 2.81% decline in the last 24 hours. However, the broader picture remains bullish, with SOL up by 28% since the beginning of 2024.
Market sentiment, as indicated by Hyblock Capital data analyzed by AMBCrypto, currently leans towards "Extreme Greed," suggesting an overbought market and raising concerns about potential sharp pullbacks in the near future.
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JinseFinanceSolana DEX Hits $2.85 Billion Trading Volume: 150% Surge. Solana Emerges as Third-Largest Blockchain Network, Flourishing DeFi Ecosystem.
Huang BoSolana (SOL) beats Ethereum (ETH) in 24-hour DEX volume, led by Orca (ORCA) with a 50% weekly surge. Daily victory at $1.461 billion signals changing DeFi dynamics, potential gains for SOL and ORCA tokens challenging Ethereum.
Huang BoJupiter challenges Uniswap in 24-hour volume, sparking controversy. Solana vs. Ethereum competition intensifies in the DeFi space.
EdmundSolana's Jupiter DEX achieves a record $520 million daily trading volume, surpassing Uniswap v3's Ethereum market. Solana's native cryptocurrency (SOL) experiences a resurgence, reaching $100, while Jupiter prepares for the launch of its native JUP token.
EdmundSolana's DEXs withstand a 32% DeFi volume drop, showing only a 4% dip. Despite challenges, Solana's dominance in the market grows, marking significant yearly growth. Analysts warn of a potential price decline, emphasizing the need for cautious market navigation.
SanyaJinseFinanceA hacker has been charged by a New York prosecutor for exploiting a decentralized exchange (DEX) on the Solana blockchain.
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Cointelegraph