{"id":3195,"date":"2024-03-17T04:02:03","date_gmt":"2024-03-17T04:02:03","guid":{"rendered":"https:\/\/solanacrypto.news\/2024\/03\/17\/this-is-why-solana-defi-ecosystem-is-breaking-records\/"},"modified":"2024-03-17T04:02:03","modified_gmt":"2024-03-17T04:02:03","slug":"this-is-why-solana-defi-ecosystem-is-breaking-records","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2024\/03\/17\/this-is-why-solana-defi-ecosystem-is-breaking-records\/","title":{"rendered":"This Is Why Solana DeFi Ecosystem Is Breaking Records"},"content":{"rendered":"
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Solana<\/a> is experiencing robust growth amid the ongoing bull market run that has spread through the crypto industry.<\/strong><\/p>\n

Indeed, Solana\u2019s SOL<\/a> token has emerged as one of the best performers, rising by around 30% during the past month to around $190.<\/p>\n

Solana\u2019s DeFi Soars to All-Time High<\/h2>\n

Solana\u2019s decentralized finance (DeFi<\/a>) ecosystem has flourished with the broader crypto market rally<\/a> since the year\u2019s outset. Data from DeFiLlama<\/a> illustrates this trend, revealing an extraordinary surge in Solana-based decentralized exchange (DEX) activity. <\/p>\n

Over the past 24 hours alone, daily transaction volume has surpassed an impressive $3.6 billion, establishing a new all-time high.<\/p>\n

This remarkable upswing in Solana DEX transactions can be primarily attributed to two key factors. One is the network\u2019s commendably low transaction fees, and the second is the rising popularity of meme coins<\/a>. Noteworthy meme coins like Wen, Dogwifhat, Bonk, and Book of Meme (BOME)<\/a> have recently witnessed substantial trading volumes and interest.<\/p>\n

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024<\/a><\/strong><\/p>\n

\"Solana
Solana DEX Volume. Source: DeFillama<\/a><\/figcaption><\/figure>\n

Interestingly, the collective impact of these factors has propelled Solana\u2019s DEX trading volume beyond that of Ethereum <\/a>on numerous occasions in recent months.<\/p>\n

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\u201cSolana is insanely congested right now and still broke a record in all-time DEX volume stoked to see what we can achieve once the network is functioning better,\u201d Mert Mumtaz, the CEO of Helius Labs chimed<\/a>.<\/p>\n<\/blockquote>\n

Of particular interest are the top three frontrunners among Solana\u2019s DEX platforms<\/a>. Orca leads with $1.64 billion in trading volume over the past 24-hour period, followed by Raydium at $867 million and Lifinity at $679 million.<\/p>\n

Meanwhile, the total value of assets locked on the Solana network<\/a> is also at a two-year high of almost $4 billion. DeFi<\/a> analyst Patrick Scott pointed out an interesting fact. Solana DeFi TVL, including liquid staking, flipped the Binance Smart Chain (BSC<\/a>) for the first time during the past day.<\/p>\n

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\u201cIn 2023, Solana DeFi was declared dead. Since then, its TVL is up 18x. And yesterday, Solana just flipped Ethereum in daily stablecoin<\/a> transfer volume. That\u2019s quite a turnaround,\u201d prominent crypto influencer Lark Davis stated<\/a>.<\/p>\n<\/blockquote>\n

\"Solana
Solana Vs. BSC TVL (Source: Patrick Scott<\/a>)<\/figcaption><\/figure>\n

In addition, the network has seen a notable increase in the creation of new Solana Public Library (SPL) tokens. Over the past week, an average of over 7,800 SPL tokens were minted daily on the Solana network. On March 11, this figure peaked at 9,690 tokens, setting a new single-day record, according to Solscan data<\/a>.<\/p>\n

Read more: 6 Best Platforms To Buy Solana (SOL) in 2024<\/a><\/strong><\/p>\n

All these milestones reflect Solana\u2019s ascending trajectory within the DeFi ecosystem. This positions it as a formidable contender against Ethereum\u2019s enduring sector dominance<\/a>. <\/p>\n

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