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Solana DEXs Break Records with $12 Billion Weekly Trading Volume

The crypto market is experiencing a massive bull run, and one of the biggest beneficiaries is Solana, a blockchain platform that rivals Ethereum in terms of speed, scalability, and innovation. Solana-based decentralized exchanges (DEXs) have seen unprecedented levels of trading activity in the past week, breaking all-time records and attracting more users and liquidity to the network.

According to data from Defi Llama, a website that tracks decentralized finance (DeFi) metrics, Solana DEXs have traded more than $12.75 billion worth of digital assets in the week from February 24 to March 2. This is a staggering increase of over 175% from the previous week, and far surpasses the previous record of $9.88 billion traded in one week, which was set in mid-December.

Source: DefilLama

The leading DEX on Solana is Orca, which has facilitated some $4.5 billion worth of trades in the last seven days. Orca is a liquidity aggregator that allows users to swap tokens across multiple pools and protocols with minimal slippage and fees. Orca has more than doubled its trading volume since two weeks ago, and currently holds over $1.2 billion in total value locked (TVL), a measure of the amount of assets deposited in a DeFi protocol.

Another prominent DEX on Solana is Raydium, which has seen $3.52 billion in trading volume in the same period. Raydium is an automated market maker (AMM) that leverages Solana’s high throughput and low latency to offer fast and efficient trading. Raydium also integrates with Serum, a decentralized exchange built on Solana that supports order books and limit orders. Raydium has also more than doubled its trading volume since two weeks ago, and has over $1.1 billion in TVL.

The surge in trading activity on Solana DEXs reflects the growing popularity and adoption of Solana as a blockchain platform. Solana claims to offer over 50,000 transactions per second (TPS) with sub-second finality and negligible fees, making it an attractive alternative to Ethereum, which suffers from congestion and high costs. Solana also supports a vibrant ecosystem of projects and innovations, ranging from DeFi to gaming to NFTs.

One of the most notable aspects of Solana is its native token, SOL, which has been on a tear lately. SOL reached a 22-month high of $49.67 on February 28, after gaining over 30% in a week. SOL is used to pay for transactions and smart contract execution on Solana, as well as to stake and secure the network. SOL also benefits from the demand and utility of other tokens built on Solana, such as Serum (SRM), Raydium (RAY), and Orca (ORCA).

Another factor that has boosted Solana’s appeal is the rise of meme coins, which are tokens that have no intrinsic value but are driven by social media hype and speculation. Some of the most popular meme coins in the crypto market are based on Solana, such as BONK and Dogwifhat. BONK is a token that rewards users for creating and sharing memes, while Dogwifhat is a token that features a dog wearing a hat. Both tokens have seen astronomical gains in the past week, with BONK surging over 2,000% and Dogwifhat soaring over 1,000%.

The momentum of Solana shows no signs of slowing down, as the network continues to attract more users, developers, and investors. On Saturday, March 1, Solana DEXs crossed $2 billion in daily trading volume for only the second time ever, reaching $2.025 billion in total. The only other time Solana DEXs exceeded that figure was on December 21, 2020, when they hit $2.6 billion amid a meme coin frenzy. Solana also reached its highest chain-wide TVL in November 2021, when assets on the network eclipsed $9.9 billion in value.

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