Data from DeFiLlama highlights Solana’s remarkable surge in trading volume
According to the latest data from decentralized finance (DeFi) tracker DeFiLlama, Solana (SOL) has emerged as the second most traded digital asset on decentralized exchanges (DEXs), closely following Ethereum (ETH). In just one week, Solana’s trading volume on DEXs has skyrocketed by over 25%, reaching an impressive total of $5.6 billion. This surge in popularity has propelled Solana to the forefront of the decentralized trading space, firmly establishing itself as a formidable contender. However, Ethereum remains the top traded asset on DEXs, boasting a trading volume of $8.89 billion in the past week.
Over the last 24 hours alone, Solana’s DEX trading volume reached $895.9 million, whereas ETH recorded $1.07 billion in trading volume. Such figures underscore the growing demand and confidence in Solana’s ecosystem.
Presently, Solana’s trading price stands at $122.32, signifying a remarkable 7.73% gain in the last 24 hours. Furthermore, Solana has experienced an astonishing surge of over 1,000% since the beginning of this year. Such impressive performance has undoubtedly captured the attention of investors and traders alike.
Solana attracts new participants and expands its offerings
As the value of Solana continues to surge, the network is attracting an increasing number of participants. Paxos, a leading stablecoin issuer, recently announced its expansion to the Solana network. This move comes after exclusively operating on the top smart contract platform. Paxos intends to launch its dollar-pegged crypto asset, Pax Dollar (USDP), on the Solana blockchain starting from January 17th, 2024.
In addition, Solana has witnessed significant interest in its Web3 smartphone, Saga. The smartphone recently sold out shortly after its release in April. Moreover, purchasing Saga came with an added incentive of receiving free Bonk (BONK), a meme coin gaining substantial popularity on the Solana platform.