The trading volume on the Solana (SOL) blockchain’s decentralized exchange (DEX) has surged, surpassing $2 billion for four consecutive days. On March 5, a new record was set with trading reaching $2.85 billion.
Data from DeFi TVL aggregator DeFiLlama shows that Solana DEXes saw over $2 billion in trading volume in the last 24 hours, marking a remarkable 153% increase over the past week.
Presently, Solana stands as the third-largest blockchain network for DEX volume, following Ethereum and Arbitrum.
Ethereum, renowned for hosting the largest DeFi ecosystem, witnessed approximately $4.7 billion in trading volume over the past day, with a positive weekly change of 54%.
Meanwhile, Arbitrum DEXes experienced $2.1 billion in daily trading volume, reflecting an 85% increase over the past week.
Solana’s DeFi Thrives
The surge in Solana’s trading volume can be attributed to several factors, one of which is the growing number of on-chain transactions occurring. The influx of users and subsequent network congestion on Solana have significantly contributed to the heightened trading activity.
The remarkable growth in Solana’s DEX trading volume underscores the platform’s capability to manage large-scale transactions, highlighting its increasing prominence within the blockchain industry. Solana’s high throughput and low transaction fees have particularly appealed to traders and investors seeking a smooth trading experience without the usual network congestion seen on other platforms.
Solana’s surge in popularity coincides with heightened interest and increased demand across the overall cryptocurrency market. Bitcoin recently hit a new all-time high above $69,000 on Monday, driven by investors pouring funds into U.S. spot exchange-traded crypto products and the anticipation of global interest rate decreases.
Solana itself has experienced a noteworthy uptick, rising by 12% over the past week and an impressive 35% in the last month, demonstrating a robust bullish trend in the cryptocurrency market.
Solana Boasts Over 2,500 Active Developers
The Solana ecosystem currently boasts over 2,500 monthly active developers, as reported by the Solana Foundation. This figure has remained consistently within the range of 2,500 to 3,000 monthly active developers over the past year, demonstrating the ecosystem’s ability to attract and retain talent effectively.
The increased developer activity aligns with Solana’s continued impact on the crypto community, marked by several significant milestones. Notably, the network has achieved a milestone by surpassing Ethereum (ETH) in 7-day stablecoin trading volume for the first time.
In the first week of January, stablecoin transfers on Solana reached an impressive $103 billion, outperforming all other networks. Ethereum secured the second position with $90.9 billion, followed by Tron with $82.3 billion and BNB Chain with $14.6 billion.
Beyond stablecoin trading volume, Solana also surpassed Ethereum in NFT trade volume for the month of December, further highlighting its growing influence within the blockchain space.
