Solana’s Monthly DEX Volume Breaks $70B for the First Time

Solana has began the brand new week by reaching a brand new milestone: the month-to-month buying and selling quantity in its decentralized trade (DEX) ecosystem has surpassed $70 billion for the primary time within the community’s historical past.

The uptick in month-to-month buying and selling exercise was pushed by constantly excessive day by day volumes, together with breaking previous $5 billion for 3 consecutive days.

Progress Fueled by Main Gamers

In line with data from the decentralized finance (DeFi) analytics platform DefiLlama, key DEXs, akin to Raydium, Orca, and Lifinity, have been behind Solana’s spectacular progress.

Raydium led the cost with its best-ever efficiency, contributing a staggering $43 billion in quantity within the final 30 days. Orca adopted with $11.55 billion, though it was removed from its greatest returns, having managed $22.8 billion in March. Lifinity got here third, racking up about $4.48 billion in month-to-month buying and selling quantity, which was additionally markedly decrease than its all-time excessive (ATH) of $9.145 billion, additionally attained in March.

Relating to weekly buying and selling volumes, the three DEXs nonetheless recorded the very best numbers, with Raydium posting $27.82 billion within the final seven days, a 127% bounce from the week earlier than.

Orca got here subsequent once more with $7.66 billion, representing a 140% weekly improve. Compared, Lifinity managed a barely extra modest $3.04 billion, though it nonetheless represented a a lot greater share enchancment at 214%.

Earlier than this newest information, one of the best month-to-month efficiency collectively registered by Solana DEXs was in March, when month-to-month buying and selling volumes have been just below $60 billion. Since then, the closest it got here to these ranges was in July when it went previous $54 billion, and in October, when it hit $52.49 billion.

As said earlier, Solana additionally hit one other milestone final week when its day by day volumes surged previous $5 billion for 3 consecutive days, the primary time it had achieved such a feat.

Solana Outshines Ethereum

Curiously, within the final 24 hours, Solana bested Ethereum by way of 24-hour buying and selling quantity. DefiLlama information exhibits that Solana performed seven instances extra enterprise in that interval than Ethereum, recording a quantity of $6.24 billion to the latter’s $850 million.

To additional compound the community’s latest dominance, Raydium alone had greater than $4 billion in day by day quantity, dwarfing Ethereum’s prime performer Uniswap, which facilitated trades value $1.5 billion in that point.

Notably, meme cash have additionally helped enhance Solana’s enchantment. Knowledge exhibits that two meme cash primarily based on the blockchain are actually among the many prime 40 greatest cryptocurrencies by market capitalization.

With values of $3.49 billion and $3.36 billion, dogwifhat (WIF) and Bonk (BONK) are presently holding the #39 and #40 positions, based on info from CoinGecko.