Solana’s DEX Volume Share Hits New High

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As a seasoned crypto investor with a keen interest in decentralized finance (DeFi) and blockchain technology, I’ve been closely monitoring the dynamic landscape of the digital asset market. Over the past few years, I’ve witnessed firsthand the meteoric rise of various projects, some of which have failed to deliver on their promises while others have surpassed expectations.

As an analyst studying the decentralized exchange (DEX) ecosystem on Solana (SOL), a high-performance L1 blockchain, I’ve observed some significant milestones in 2024. The network experienced impressive Total Value Locked (TVL) growth and a notable surge in the price of its native coin, SOL.

Solana (SOL) DEX market share hits new all-time high

Decentralized exchanges (DEXs) on the Solana (SOL) blockchain reached a historic achievement as their collective trading volume surpassed previous records. According to Solana Floor, an observation platform, Solana (SOL) accounted for an impressive 36% of the total DEX trading volume on July 21, 2024.

🚨NEW RECORD: Solana’s Decentralized Exchange (DEX) trading volume surpassed other blockchains on July 21st, accounting for an impressive 36% of the entire market share.

— SolanaFloor (@SolanaFloor) July 22, 2024

In order to offer some background, Ethereum (ETH) currently holds a market dominance of approximately 23%, making it a significant competitor for Solana (SOL). On the other hand, Binance‘s BNB Smart Chain accounts for around 11.3% of the market share.

As a blockchain analyst, I’ve discovered that approximately 20% of decentralized exchange (DEX) trading volume is facilitated by Arbitrum (ARB), Base (BASE), and Avalanche (AVAX) combined.

As a financial analyst, I would rephrase that sentence as follows: Among other notable projects, Thorchain (THOR), Optimism (OP), Polygon (MATIC), and Blast (BLAST) have gained significant recognition based on this specific metric.

Raydium (RAY) and Orca (ORCA) are currently the go-to decentralized exchanges (DEXs) on the Solana (SOL) blockchain. According to DefiLlama’s latest figures, Raydium’s total value locked (TVL) has grown by an impressive 20% over the past week.

In the last twelve months, Solana’s (SOL) value has surged by an impressive 600%. Currently, the token hovers around the $180 mark as I write this.

Solana (SOL) TVL is up 300% YTD

Previously reported by U.Today, Solana (SOL) has recently implemented several significant technological upgrades. One such upgrade is ZK Compression, which enhances transaction performance and speed.

According to Mert Mumtaz, the CEO of Helius, the cumulative effect could lead to a 10,000-fold improvement in significant blockchain metrics.

As an analyst, I’ve observed a remarkable surge in total value locked (TVL) within Solana’s decentralized applications (dApps). The TVL growth has been quite parabolic since the beginning of 2024. To be specific, the net TVL, which was $1.43 billion on January 1, 2024, has significantly escalated to an impressive $5.83 billion as of now.

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2024-07-22 18:58