Crypto News – Over $3 billion worth of trading activity has increased on Solana’s decentralized exchanges (DEXs) in the last week alone, a 33.89% rise.
Solana DEX Trade Record: Surprisingly Up 34% to Over $3 Billion
Solana is now the third-largest chain in terms of weekly transaction volume, behind only Ethereum and Arbitrum, because of its expansion. Orca and Raydium are the top DEXs, both rising by more than 40%.
This spike in trading activity is different from what happened the year before when Solana’s DeFi sector saw a drop in TVL as a result of SOL’s declining price and the general market collapse. The downhill trajectory was further exacerbated by worries regarding the project’s affiliation with the financially shaky FTX exchange. Nonetheless, a renewed belief in the ecosystem is seen in the recent spike in Solana DEX trade volume.
Vulnerability Detected in Solana Saga Phone
Notwithstanding this encouraging development, Solana had to deal with a security flaw in the Solana Saga phone—an Android-powered smartphone that incorporates the Solana Mobile Stack (SMS). Leading cybersecurity company CertiK found a vulnerability that has been putting over 2,100 devices in serious danger since April. Within a minute of getting the phone, assets could be transferred due to the vulnerability. CertiK quickly notified Solana of the problem and released a public alert.