2024

Satoshi

Solana

According to Pantera Capital, the Solana blockchain captured an increase of 60% in the trading volume of Dex, becoming a major contender against Ethereum. The network has been dubbed the macOS of blockchain due to its architecture. The Solana ecosystem has become favorable for new tokens in the market, particularly memecoins.
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Solana blockchain comes second only to Ethereum in terms of trading volume on decentralized exchanges. Solana captured 25% of the total crypto trading volume in May on Decentralized Exchanges. Pantera Capital’s report shows this increase can be attributed to the memecoin trading boom on Solana DeXs and its architecture.
<h2 id="span-style-font-weight-400-solana-blockchain-achieves-impressive-growth-in-the-blockchain-space-span">Solana blockchain achieves impressive growth in the Blockchain space</h2>
Data compiled by venture capital firm <a href="https://www.cryptopolitan.com/pantera-capitals-strategic-acquisition-ftx/" rel="noopener noreferrer nofollow">Pantera Capital</a> reveals that Solana recorded an incremental trading volume of over 60% in Decentralized Exchanges(DeXs) in May. The Solana blockchain accounts for 85% of all new tokens traded on DeXs since the beginning of the year.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 📊<a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#Solana</a>’s share of DEX volume has skyrocketed from 0% in early 2021 to over 24% by May 2024.
 The blockchain captured over 60% of incremental <a href="https://twitter.com/hashtag/DEX?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#DEX</a> volume in May 2024 alone🤯 <a href="https://t.co/IAOgXCi0Mm" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/IAOgXCi0Mm</a>
 — Satoshi Club (@esatoshiclub) <a href="https://twitter.com/esatoshiclub/status/1803778305113428077?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">June 20, 2024</a>
</blockquote>
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According to <a href="https://defillama.com/chains" rel="noopener noreferrer nofollow" target="_blank">data</a> from DefiLlama, the Solana L1 network accounted for 25% of the total trading volume on DeXs last month, while Ethereum controlled 31% of the $179 billion of digital assets trading on DeXs. The Solana blockchain’s market share has increased by more than 40% in 2024.
Solana gained traction in the past few months due to its high throughput and low transaction costs, which make it favorable for scaling Layer-2 DeX platforms.
Since January, the network has seen significant growth in the volume of new tokens, surpassing major chains like BNB Smart Chain.&nbsp;
<h2 id="span-style-font-weight-400-solana-s-architecture-compares-to-apple-s-macos-span">Solana’s Architecture compares to Apple’s macOS.&nbsp;</h2>
According to <a href="https://panteracapital.com/" rel="noopener noreferrer nofollow" target="_blank">Pantera</a>, the surge can be attributed to Solana’s monolithic architecture, similar to the approach taken by Apple’s macOS, which integrates hardware and software for advanced performance.
Pantera Capital reported that Solana’s architecture has accelerated retail activity in the last quarter. The Solana architecture’s roadmap is geared towards enhancing every component of its own blockchain, similar to Apple’s vertical integration approach in macOS. An excerpt from the hedge fund’s report read,
&nbsp;“The increase in market share is emerging from traders who speculate on memecoins and are drawn to the network by the low transaction fees.”
From Cat-themed <a href="https://www.cryptopolitan.com/arthur-hayes-memecoins-for-massive-growth/" rel="noopener noreferrer nofollow">memecoins</a> to politically inspired tokens, the network has seen increased liquidity as more optimistic traders seek to capitalize on these currencies. The surge in Solana-based tokens mirrors the L1 strength in retail usage.&nbsp;
Pantera, one of Solana’s investors, also noted in their report that unique active addresses had risen by over one million by May; as a result, priority fees had grown by over $50 million in March 2024.
Also read: <a href="https://www.cryptopolitan.com/solana-price-prediction/" rel="noopener noreferrer nofollow">Solana Price Prediction 2024-2030: Is SOL a Good Investment?</a>
The network’s performance has a ripple effect on the SOL token. According to <a href="https://coinmarketcap.com/currencies/solana/" rel="noopener noreferrer nofollow" target="_blank">CoinMarket Cap,</a> the token’s price has risen by more than 700% in the past year and is currently trading at $123 at the time of writing.
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Cryptopolitan reporting by Collins J. Okoth

Solana blockchain captures 60% of new DeX trading volume in May

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