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Home»BITCOIN NEWS»Solana’s DeFi Grows to Record $11 Billion Volume
BITCOIN NEWS

Solana’s DeFi Grows to Record $11 Billion Volume

By Crypto FlexsMarch 6, 20242 Mins Read
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Solana’s DeFi Grows to Record  Billion Volume
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Solana’s decentralized finance (DeFi) sector is experiencing a period of remarkable growth, with decentralized exchanges (DEXs) recording record trading volumes and native token SOL hitting a 20-month high. However, experts advise caution due to potential market risks.

Solana: ‘Greed’ Index

While Solana’s DeFi environment is thriving, it is important to be aware of the potential risks associated with current market sentiment.

According to market data from CFGI, current sentiment is characterized as “greed,” suggesting a scenario where the market could be overbought. This raises concerns about the possibility of more drastic price adjustments in the near future.

Source: CFGI

DEX Drives Surge

According to data from DeFiLlama, from February 25 to March 2, the Solana-based DEX processed a whopping $11.24 billion in cumulative trading volume, marking a significant milestone in weekly activity.

This surge surpasses previous benchmarks and outperforms major blockchains, including Ethereum. According to NewsBTC analysis, Solana’s DEX activity increased by 177% in one week, solidifying its position as a major player in the DeFi space.

This growth stands in stark contrast to its poor performance during recent bear markets. However, fortunes reversed in the fourth quarter of 2023, with monthly DEX trading volume exceeding $28 billion in December, an all-time high.

Solana’s largest DEX, Jupiter, played a significant role in this surge. CoinGecko reported that Jupiter executed $1.5 billion in trading volume in the final day, temporarily surpassing the existing leader, Uniswap V3.

Related Read: Bitcoin in Crisis, Price Surges Above $68,000 – Will BTC Break Records in 2021?

Beyond the deal: TVL and SOL prices rise

Growth extends beyond transaction volume. Solana’s Total Value Locked (TVL), which represents the total value of all cryptocurrencies deposited on DeFi protocols, soared a whopping 52% last month, reaching $5.13 billion. This growth can be partially attributed to the incredible gains observed in Solana’s native token, SOL.

Source: DeFiLlama

SOL’s price performance has been outstanding. It is currently trading at $132, up 4% from the previous day. This upward trend includes a 30% surge over the past week and a stellar 37% gain over the past 30 days.

This price rise signals a significant breakout, reaching new highs not seen since November 2021, putting it 20 months removed from its all-time high of $260.

Featured image from Freepik, chart from TradingView

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