Solana’s DEXs Experience a Remarkable 177% Surge in Trading Volume

In the significant development of Solana’s decentralized finance (DeFi) ecosystem, DefiLlama data reveals that Solana’s decentralized finance (DeFi) has witnessed substantial expansion in the recent week. Particularly noteworthy is the significant increase in trading volume observed on Solana’s decentralized exchanges (DEXs) from March 3 to March 6.

Record-breaking Trading Volumes on Solana DEXs

As per updates, Solana DEX trading volume has exceeded $2 billion for four days. On March 5, the trading volume reached $2.85 billion, marking a new daily high. According to CoinGecko data, Jupiter, Solana’s largest DEX, is leading the push, with a 24-hour trade volume of $1,327,189,032. DEX Orca is second, with a $801,092,831 trading volume.

From February 25 to March 2, Solana’s DEXs recorded an impressive trading volume of $11.24 billion. About the above surge, a significant milestone hit the DEX trading volume. During this period, the trade volume for DEXs on Solana surpassed those of the strong competitor on Ethereum.

According to reports, Solana’s decentralized exchange (DEX) activity surged by an impressive 177% weekly. Orca and Raydium played a substantial role in this accomplishment. Both witnessed a trade volume increase of over 100% compared to the preceding weeks. Notable is Solana’s SOL token increase in the face of rising trade activity.

SOL Token Surges Amidst Rising DeFi Activity

Notably, the Solana native token SOL increased its value amid heightened trading activities. SOL is now changing hands at  $145.66, which is 20 months high, with insinuations of a 14.71%  gain in the last 24 hours. In the past 7 days, the surge has been 10.57%, and within 30 days, the hike has been a very impressive 52.27%.

With an impressive market capitalization of $65,339,616,993, SOL has solidified its position among the top five cryptocurrencies. Another thing that ignites interest here is the fast 50% month-long growth of Solana DeFi Total Value Locked (TVL).

That reflects new TVL or, in other words, Total Value Locked and underpins the Solana decentralized finance ecosystem’s expansion in reach and stature. Furthermore, the token has a substantive standing in the crypto market with its market capital and real results in the DeFi field. All investors and enthusiasts should monitor further developments and market dynamics closely.

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