Ethereum

Solana

DeFi

Bitcoin

Coin

<ul> 
 <li><strong>Solana recorded its highest-ever trading volume of $3.793 billion.</strong></li> 
 <li><strong>Solana’s DeFi total value locked surged by 122% in a month, hitting $4.72 billion.</strong></li> 
</ul> 
<p>While giants like Bitcoin and Ethereum are grappling with slight downward trends, Solana has emerged as a top contender for bullish momentum. Over the weekend, the Solana network witnessed a surge in activity, outpacing Ethereum, driven by a frenzied fan rush towards Solana-based memecoins.</p> 
<div class="wp-block-image"> 
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  <img decoding="async" width="905" height="337" src="https://thenewscrypto.com/wp-content/uploads/2024/03/image-122.png" alt="" class="wp-image-93974" srcset="https://thenewscrypto.com/wp-content/uploads/2024/03/image-122.png 905w, https://thenewscrypto.com/wp-content/uploads/2024/03/image-122-300x112.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/03/image-122-768x286.png 768w" sizes="(max-width: 905px) 100vw, 905px">
  <figcaption class="wp-element-caption">
   <em>Solana Trading Volume (Source: </em><a href="https://defillama.com/chain/Solana?volume=true&amp;tvl=false&amp;fees=false" target="_blank" rel="noreferrer noopener nofollow"><em>DefiLlama</em></a><em>)</em>
  </figcaption>
 </figure>
</div> 
<p>On March 15th, <a href="https://thenewscrypto.com/solana-dex-soars-to-record-3-5b-daily-volume-amid-meme-coin-frenzy/" target="_blank" rel="noreferrer noopener">trading volume</a> on Solana climbed to a record-breaking $3.793 billion, marking the highest level in its history. For two consecutive days after that, Solana’s daily trading volume surpassed Ethereum’s around $1.4 billion, according to DefiLlama.</p> 
<h3 class="wp-block-heading" id="h-solana-tvl-soars-120">Solana TVL Soars 120%</h3> 
<p>DeFi total value locked (TVL) on Solana has experienced a significant surge of over 122% in the past month alone. This surge has propelled Solana’s DeFi TVL to its highest level in two years, reaching $4.214 billion at the latest tally. Among the top five <a href="https://thenewscrypto.com/solana-network-witnesses-historic-surge-in-spl-token-creation/" target="_blank" rel="noreferrer noopener">DeFi networks</a> by TVL, Solana has displayed the most remarkable growth over the past month.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
  <img decoding="async" width="980" height="296" src="https://thenewscrypto.com/wp-content/uploads/2024/03/image-123.png" alt="" class="wp-image-93975" srcset="https://thenewscrypto.com/wp-content/uploads/2024/03/image-123.png 980w, https://thenewscrypto.com/wp-content/uploads/2024/03/image-123-300x91.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/03/image-123-768x232.png 768w" sizes="(max-width: 980px) 100vw, 980px">
  <figcaption class="wp-element-caption">
   <em>All Chains TVL (Source: </em><a href="https://defillama.com/chains" target="_blank" rel="noreferrer noopener nofollow"><em>DefiLlama)</em></a>
  </figcaption>
 </figure>
</div> 
<p>This remarkable growth in Solana’s TVL can be attributed to the substantial increase in trading volume on DeFi protocols hosted on the Layer 1 network (L1). As a result of these developments, Solana’s native cryptocurrency, SOL, has showcased a staggering 800% surge in price over the past year, breaching the crucial resistance level of $200.</p> 
<p>At the time of writing, SOL was trading at $203, with a market cap of $90 billion. This surge in value has propelled SOL to claim the fourth position in the market, <a href="https://thenewscrypto.com/solana-sol-overtakes-binance-coin-bnb-as-fourth-largest-crypto/" target="_blank" rel="noreferrer noopener">surpassing Binance Coin</a> (BNB).</p>

Solana Overtakes Ethereum in Network Activity Amid Memecoin Frenzy

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