- DEX volumes on the Solana network are rising. Raydium and Saber lead growth.
- TVL on the network has increased. SOL prices and volume continued to decline.
According to facts published on May 13, it was noted that the total DEX volumes on the Solana [SOL] network increased significantly over the past week.
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Solana impresses
Solana’s DEX volume growth has outpaced that of its peers such as Ethereum [ETH]arbitration [ARB] and polygon [MATIC].
Although the protocol lagged behind its competitors in terms of daily activity, the increase in DEX volumes could indicate that Solana may soon be able to compete with other protocols in this sector.
$SOL DEX volume saw an 86% volume spike last week
This was led by @RaydiumProtocol with volume of $162 million (+202%) in the last week. pic.twitter.com/ZwrrxaIVrH
— Emperor Osmo
(@Flowslikeosmo) May 13, 2023
Much of the spike in DEX volumes can be attributed to the growth of Raydium. Raydium is an on-chain order book AMM.
An on-chain order book AMM facilitates trading by matching buy and sell orders on the network without the need for an off-chain order book.
That reports Dapp Radar facts, the number of unique active wallets on Raydium is up 84.9% in the past week. In addition, the number of transactions on the network increased by 147.9%.
Other dApps on the Solana network, such as Sabre, also showed improvements. Dapp Radar’s data indicated that volume and activity on the protocol have increased significantly over the past month on the network.
Source: Dapp Radar
Due to the performance of these DEXs, the total number of unique DEX wallets on all Solana platforms has increased.
Source: Dune analysis
DEXs impress
The high DEX volumes also affected Solana’s condition in the DeFi sector. The data from DeFi Llama indicated that the TVL on smart contracts has been steadily increasing over the past few months.
In addition, the total fees generated also increased due to the high activity on the network.
Realistic or not, here is the market cap of SOL in BTC terms
A high TVL for Solana indicates strong demand for its DeFi protocols and services, which could lead to greater adoption and growth of the Solana ecosystem.
Source: Defi Lama
However, despite Solana’s performance in the DeFi sector, the price of SOL has continued to fall over the past month. Volume suffered the same fate as it fell from 1.36 billion to 366 million over the same period.