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Decentralized exchanges on the Solana blockchain have set a brand new month-to-month report for buying and selling quantity, surpassing $60.34 billion in March, primarily based on DeFiLlama knowledge.
This achievement greater than doubles the earlier report of almost $28.14 billion from December 2023 and is the second-highest quantity of all blockchains — surpassed solely by Ethereum’s $77.55 billion through the month.
BSC boasted the third-highest DEX buying and selling quantity at $47.81 billion, whereas the fourth spot went to Arbitrum’s $27.74 billion. Notably, the buying and selling quantity on BASE grew nearly 7x through the month to $7.8 billion.
Memecoin frenzy
The surge in buying and selling quantity aligns with a major curiosity in memecoins throughout the Solana ecosystem, highlighted by notable performers like Dogwifhat (WIF) and Bonk (BONK), alongside newer entrants equivalent to Guide of Meme (BOME) and Slerf (SLERF).
Meme cash associated to political figures like Donald Trump and Joe Biden additionally skilled positive factors in March.
Different meme cash on Solana, equivalent to Popcat (POPCAT), additionally noticed important will increase, with a forty five% rise to a value above $0.33.
Regardless of the standard volatility of the meme coin market, Dogwifhat closed March up by 43.9%, and Bonk ended the month with a 1.3% improve.
Main DEXs
Orca led the Solana DEX area, with a buying and selling quantity of $3.6 billion up to now week, adopted by Raydium and Phoenix with $1.73 billion and $1.6 billion, respectively.
This era of heightened buying and selling exercise has notably benefited Jupiter, a decentralized trade aggregator on Solana, whose native token JUP rose by 24.9% over the previous week.
As meme cash drive shopping for frenzies on the Solana community, the SOL token itself began April with a 4% lower in its worth during the last 24 hours, at present priced just under $189.
Even with this slight downturn, Solana’s market capitalization hit an all-time excessive of over $90 billion in March, reflecting the expansive development and engagement throughout the decentralized finance sector and the colourful meme coin market.
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