Crypto News – A rise in the market has led to huge growth in Solana’s DeFi sector.
Solana DEX Volume Increases Spectacularly
DeFiLlama’s data indicates that for four days in a row, the decentralized exchange trade volume on Solana exceeded $2 billion between March 3 and March 6. On March 5, the amount reached its highest point ever for daily trading volume—$2.855 billion.
In the last seven days, Solana’s trading volume has increased by more than 150%, drawing in around $15 billion. In the previous day alone, the layer 1 network reported a trading volume of $2.05 billion. At the moment, Solana holds a commanding 28.5% share of the whole volume of decentralized exchanges (DEX), while Ethereum holds a little larger proportion at 36.1%.
According to data given by Tom Wan, a digital asset strategy associate at 21.co, the scene was very different just a year ago, with Ethereum dominating with a considerable 50%-70% share and Solana holding a meager 1.1% market share.
Orca is the Leader DEX in Solana
In essence, this change emphasized Solana’s development trajectory inside the DeFi ecosystem and established it as a rival to Ethereum, which has long held a dominant position in the market despite its network problems. With $847.53 million in trading volume over the last 24 hours on Solana, Orca is the leading DEX, followed by Raydium ($595.48) and Phoenix ($288.54).
As for Solana, its native token, SOL, after registering gains of almost 44% per month, has once again cemented its place among the top five cryptocurrency assets by market capitalization. It trading for about $148 at the moment.
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