Solana-based decentralized exchanges (DEXs) witnessed a record-breaking week.
Solana-based decentralized exchanges (DEXs) witnessed a record-breaking week. According to DeFiLlama, over $11.25 billion worth of digital assets were traded on Solana DEXs last week, a staggering 156% increase compared to the previous week. This surpasses the previous record of $9.88 billion, set in mid-December 2023.
Orca and Raydium emerged as the top contributors to this surge, boasting trading volumes of $4.5 billion and $3.52 billion, respectively, in the past seven days. Both platforms have experienced a more than 100% increase in activity compared to two weeks ago.
This surge coincides with a broader market rally, with various cryptocurrencies reaching multi-month highs. SOL gained 30% in a week, reaching a 22-month peak by the end of last week. Additionally, popular Solana-based meme coins like Bonk (BONK) and Dogwifhat (WIF) have also seen significant gains.
While the trading volume on Solana DEXs is impressive, it's important to note that the total value locked (TVL) within the Solana ecosystem remains considerably lower than its all-time high. Currently, the TVL sits at around $2.6 billion, according to DeFi Llama, significantly less than the $9.9 billion peak reached in November 2021.
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