Solana’s new week has begun with an important milestone. For the first in its history, the trading volume for Solana’s decentralized Exchange (DEX), has exceeded 70 billion dollars.
Consistently high trading volumes on a daily basis, which included breaking through $5 billion three days in a row, were the driving force behind this increase.
Major Players Fuel Growth
As per data Solana has experienced impressive growth thanks to key DEXs like Raydium, Orca and Lifinity.
Raydium was the leader with the best performance ever, contributing an astounding $43 billion to the volume over the past 30 days. Orca came in second place with $11.55billion. This was not its best return, however, since it had achieved $22.8billion back in March. Lifinity ranked third in terms of monthly trading volume with $4.48billion. This was significantly less than Orca’s all-time highest (ATH) $9.145billion in March.
In terms of weekly trading volume, Raydium posted $27.82 Billion in the past seven days. This is a jump of 127% from the previous week.
Orca was the next company with $7.66billion. This represents an increase of 140% in one week. Lifinity came in second with a more modest amount of $3.04 billion. However, it was still a significant improvement, as the percentage increase reached 214%.
Prior to this data, Solana DEXs had the highest monthly performance before these latest figures, with a trading volume of just over $60 billion in March. The closest the market has come to that level since then is in July, when trading volumes surpassed $54 billion and in October when they reached $52.49billion.
Solana has also been hit by another milestone It was the first week that its daily volumes surpassed $5 Billion for 3 consecutive days.
Solana Outshines Ethereum
Interestingly, Solana surpassed Ethereum for 24-hour trading volume in the last day. DefiLlama shows that Solana did seven times as much business during that time period than Ethereum. The former recorded a volume $850 million, while Solana had $6.24 billion.
Raydium, the top performing Ethereum network, facilitated transactions worth more than $1.5 billion during that period.
Memecoins have helped to boost Solana’s popularity. According to data, two memes based upon the blockchain now feature among the top forty largest cryptocurrency by market capitalization.
The values are $3.49 and $3.36 Billion. dogwifhat According to CoinGecko, (WIF), and Bonk(BONK) currently hold the 39th and 40th positions.
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Source: cryptopotato.com
