Solana DEX Volume Back to $1B After Network Update

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The Solana community has seen a resurgence amid an effort to fight congestion points that had been rampant the final week. Furthermore, that work resulted in Solana DEX volumes as soon as once more returning to the $1 billion degree amid the replace, with the blockchain’s meme coin choices returning to reputation.

Moreover, the replace led to a rise of as a lot as 9% for Solana (SOL), which is at the moment buying and selling at $152 based on CoinMarketCap. Certainly, the spectacular post-update efficiency of Solana has been contradictory to the continued regulatory pressures which have been positioned on Decentralized Finance (DeFi) in latest weeks.

Solana DEX Quantity Surges Regardless of DeFi Scrutiny

Solana has had fairly an fascinating 2024 to this point. Regardless of being simply three months into the yr, the community has seen elevated prevalence out there. Particularly, that got here as a byproduct of a meme coin frenzy that skyrocketed the digital asset subsect in March. But, that was additionally jeopardized by constant community congestion points.

Nevertheless, these have been remedied by an replace that was issued immediately. SUbseuqnlety, Solana has seen its DEX quantity as soon as once more attain $1 billion, based on DEX Screener, alongside that replace. Moreover, SOL has additionally surged, growing as a lot as 9% because the blockchain has thrived.

But, its DEX enhance remains to be happening regardless of strain on the sector. Final week, the US Securities and Alternate Fee (SEC) issued a Wells Discover to Uniswap. One of many main DeFi exchanges, the platform vowed to embrace a struggle for regulatory readability with the company.

There was a rising concern that this motion indicators a shifting focus for the company. Particularly, there are rumblings that its latest motion denotes a deal with clamping down on DeFi platforms. This is able to mirror their regulation via enforcement ways that they’ve used with the broader digital asset market.

Nevertheless, Solana’s success amid that concern has additional solidified the recognition of its meme coin choices. Certainly, property like Guide of Meme (BOME) and Dogwifhat (WIF) have confirmed immensely profitable since their debuts this yr. At present, the market seems to be within the midst of a restoration, with meme cash feeling the embrace of traders.

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