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Posted:
- Solana witnessed a whopping 81% increase in weekly DEX volumes.
- The native currency SOL has exploded 261% since its mid-October rally.
Solana [SOL] the reversed Arbitrum [ARB] to become the second largest blockchain in terms of decentralized exchange (DEX) volumes in the past 24 hours.
Increased activity on Solana-based DEXs
According to AMBCrypto’s analysis of DeFiLlamas data, transactions recorded on Solana-based DEXes were worth more than $912 million, compared to $721 in trading on Arbitrum.
Market leader Ethereum [ETH] was now quite at the top, with more than $1 billion in transactions.
In the last seven days, Solana witnessed DEX volumes of over $6 billion, marking a whopping 81% increase.
Upon further investigation, AMBCrypto even noticed a dramatic spike in trading activity over the past month and a half.
After an extended dry spell in 2023, when average monthly volumes fluctuated between $1 billion and $1.8 billion, November saw deals worth $7.4 billion.
Source: DeFiLlama
Moreover, mid-December already saw volumes of $7 billion. If the current trend continues, December could be the most productive month for Solana DEX volumes ever.
Nearly all major liquidity providers on the network contributed to the increase. Orca led the way by transacting $2.2 billion on its platform during the week, a 93% jump from the previous seven-day period.
Raydium, the second largest DEX on Solana, witnessed volumes of over $1.5 billion in the past week.
Solana’s TVL soars to new highs
Apart from the frenetic activity on its DEXs, the Solana Network witnessed sharp growth in the USD value of cryptos locked on its DeFi projects.
In fact, the total value locked (TVL) has more than doubled since mid-October, AMBCrypto found using DeFiLlama data. After avalanche [AVAX]Solana showed the highest monthly TVL profit, almost 45%.
Source: DeFiLlama
How much are 1,10,100 SOLs worth today?
SOL becomes a favorite in the market
Solana’s DeFi prospects were likely boosted by an astonishing showing on the price charts. The native coin SOL has exploded 261% since the mid-October rally, regaining pre-2022 bear market levels. CoinMarketCap.
The fantastic turnaround in the spot price piqued the interest of derivatives traders. According to AMBCrypto’s analysis of Coinglass data, capital invested in active SOL futures contracts has more than tripled, mimicking the price’s growth trajectory.
Source: Coinglass