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Crypto News – What Strategies Contributed to Solana DEXs’ Surge to 210 Million Transactions?

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Crypto News - What Strategies Contributed to Solana DEXs' Surge to 210 Million Transactions?

Crypto News – Solana DEXs: The Transaction Powerhouse Outshining Competitors

Crypto News – DEXs operating on the Solana blockchain have recorded 210 million transactions in the last 30 days, outperforming those operating on other networks. This performance demonstrates Solana’s growing significance within the DeFi ecosystem as well as its ability to manage a large number of transactions with ease.

Solana’s DEXs have performed noticeably better than 15 other layer-1 (L1) and layer-2 (L2) blockchains, according to data from the Dune dashboard. These consist of Arbitrum, BNB Chain, and Ethereum. With 210 million transactions in the last 30 days, Solana is far more successful than its closest rivals. There were 29 million transactions on BNB Chain and 13 million on Arbitrum. Ethereum, a significant participant in the DeFi field, came in fifth place with only 6.7 million transactions under its belt.

Crypto News - Solana DEXs: The Transaction Powerhouse Outshining Competitors
Crypto News - What Strategies Contributed to Solana DEXs' Surge to 210 Million Transactions? 1

Raydium is the Most Notable of Solana’s DEXs

Over 11 million distinct traders and an astounding $47.75 billion in total volume were recorded on Solana’s DEXs in the same period. BNB Chain, which recorded a total volume of $20.54 billion and over 4.6 million individual traders, stands in stark contrast to these figures.

With an average weekly trading volume of about $5 million, Raydium, a prominent Solana DEX, has become a major player. With average weekly trade volumes of about $1.4 million, Meteora and Whirlpool trailed closely behind. It should be noted that several well-known Solana DEXs, such as Orca, are not included in these numbers.

FAQ

What is DEX in Crypto?

A peer-to-peer marketplace where transactions take place directly between cryptocurrency traders is known as a decentralized exchange (DEX). DEXs enable financial transactions that aren’t mediated by banks, brokers, or any other middleman, which is one of the main potential applications of cryptocurrency.

What is deFi in Crypto?

Emerging technologies are used in decentralized finance, or DeFi, to cut out intermediaries and centralized institutions from financial transactions. Cryptocurrencies, blockchain technology, and software that facilitates financial transactions between individuals are the constituents of DeFi.

For more up-to-date crypto news, you can follow Crypto Data Space.

Crypto News - What Strategies Contributed to Solana DEXs' Surge to 210 Million Transactions?
Written by
lectertodd

Lectertodd is 25 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

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