Decentralized exchanges on the Solana blockchain set a brand new month-to-month document for buying and selling quantity, surpassing $60.34 billion in March, in keeping with DeFiLlam knowledge.
This achievement greater than doubles the earlier document of almost $28.14 billion from December 2023, and is the second highest quantity of any blockchain – surpassed solely by Ethereum’s $77.55 billion throughout the month.
BSC boasted the third highest DEX commerce quantity at $47.81 billion, whereas Arbitrum took fourth place with $27.74 billion. Notably, buying and selling quantity on BASE grew almost 7x throughout the month to $7.8 billion.
Memecoin Insanity
The rise in buying and selling quantity is in keeping with the numerous curiosity in memecoins within the Solana ecosystem, highlighted by notable artists equivalent to Dogwifhat (WIF) and Bonk (BONK), together with newer entities equivalent to Ebook of Meme (BOME) and Slerf (SLERF) .
Meme cash associated to political figures like Donald Trump and Joe Biden additionally noticed positive factors in March.
Different meme cash on Solana equivalent to Popcat (POPCAT) additionally noticed a major improve, with a forty five% improve to a value above $0.33.
Regardless of the everyday volatility of the meme coin market, Dogwifhat closed March up 43.9% and Bonk completed the month up 1.3%.
Entrance DEX
Orca led the Solana DEX space with $3.6 billion in buying and selling quantity final week, adopted by Raydium and Phoenix with $1.73 billion and $1.6 billion respectively.
This era of elevated buying and selling exercise has drastically benefited Jupiter, Solana’s decentralized trade aggregator, whose native token JUP has risen 24.9% over the previous week.
As meme cash result in a shopping for frenzy on the Solana community, the SOL token itself started April with a 4% drop in worth over the previous 24 hours, at present priced slightly below $189.
Regardless of this slight decline, Solana’s market capitalization reached an all-time excessive of over $90 billion in March, reflecting expansive progress and engagement inside the decentralized finance sector and a vibrant meme coin market.
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