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Home»BITCOIN NEWS»Solana explodes by more than 300% amid the DEX boom
BITCOIN NEWS

Solana explodes by more than 300% amid the DEX boom

By Crypto FlexsApril 7, 20243 Mins Read
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Solana explodes by more than 300% amid the DEX boom
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In the first quarter of 2024, Solana became the clear leader, driven by significant growth in decentralized exchange (DEX) and decentralized finance (DeFi) volume.

In addition to the stellar growth of the DEX and DeFi sectors, Solana’s dominance is further cemented by its scalability, low transaction fees, and robust infrastructure.

A significant increase in DEX trading volume means a significant increase in trading activity within the SOL ecosystem. This trend is consistent with the widespread adoption of DeFi, positioning Solana as a major player in this space.

This impressive increase is detailed in a new report from on-chain analytics firm Messari titled “The State of Solana in Q1 2024.”

According to the study, over the past three months, average daily spot DEX trading volume for altcoins has increased by more than 300% to $1.5 billion.

Solana DEX volume surges

Solana’s total DeFi value locked, a measure of the total value of cryptocurrencies locked within the blockchain’s DeFi protocols, surged more than 200% to nearly $5 billion, ranking fourth among all networks. This indicates growing investor interest in DeFi projects built on Solana.

.@Solana It has become a space for retail users.

QoQ indicators
– DEX volume ⬆️ 332%
– Profit ⬆️ 597%
– Total amount raised in the ecosystem ⬆️ 51%
– Market capitalization ⬆️ 97%

Check out the full first quarter report. @ph0rt0n 👇https://t.co/hYA1d2ZPY6 pic.twitter.com/egpv6U9Rl8

— Messari (@MessariCrypto) April 5, 2024

Solana’s Stablecoin Adoption Increases

Another bright spot for Solana in the first quarter was that the stablecoin market cap increased by 50%, reaching nearly $3 billion. This surge was primarily driven by leading stablecoin USDC, which saw Solana’s market cap increase by a whopping 110% to just over $2 billion.

This growth reflects increased adoption of stablecoins and trust in the Solana blockchain, a cryptocurrency that is pegged to the value of traditional assets such as the U.S. dollar, providing stability in volatile markets.

SOL market cap currently at $77.5 billion. Chart: TradingView.com

I am concerned about Solana price volatility.

Despite the positive indicators, the report also acknowledges some potential downsides. While high trading volume is a positive sign, the fact that meme coins are a major contributor raises questions about the long-term sustainability of this growth.

Meme coins are often known for erratic price fluctuations and lack of underlying utility. Their dominance in Solana’s DEX trading volume may indicate a speculative bubble rather than true growth based on solid projects.

At the time of writing, SOL is trading at $174, down 12% over the past seven days. This price volatility is a common concern in the cryptocurrency market, and Solana is not immune to it.

Featured image from Pixabay, chart from TradingView

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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