Solana DeFi Landscape Thrives With Record $11 Billion Trading Volume
06 Março 2024 - 8:41AM
NEWSBTC
The Solana decentralized finance (DeFi) sector is experiencing a
period of phenomenal growth, with decentralized exchanges (DEXes)
witnessing record-breaking trading volumes and the native token,
SOL, reaching a new 20-month high. However, amidst the euphoria,
experts advise caution due to potential market risks. Related
Reading: Can DOGE Avoid A Dive? Sell Pressure Puts Memecoin To The
Test Solana: ‘Greed’ Index While Solana’s DeFi landscape
flourishes, it’s crucial to acknowledge the potential risks
associated with the current market sentiment. Market data from CFGI
indicates that the current sentiment is characterized by “Greed,”
implying a scenario where the market might be overbought. This
raises concerns about the possibility of sharper price corrections
in the near future. Source: CFGI DEXes Drive The Surge Data from
DeFiLlama reveals that between February 25th and March 2nd,
Solana-based DEXes processed a staggering $11.24 billion in
cumulative trading volume, marking a significant milestone in
weekly activity. This surge surpasses previous benchmarks and
outpaces major blockchains, including Ethereum. NewsBTC analysis
shows a remarkable 177% increase in Solana’s DEX activity over a
single week, solidifying its position as a major player in the DeFi
arena. SOL market cap currently at $57 billion. Chart:
TradingView.com This growth is a stark contrast to the subdued
performance during the recent bear market. However, the fourth
quarter of 2023 witnessed a reversal of fortunes, culminating in
December with the highest-ever monthly DEX volumes, exceeding $28
billion. Jupiter, the largest DEX on Solana, has been instrumental
in this surge. CoinGecko reports that Jupiter executed $1.5 billion
in trading volumes within the last day, temporarily surpassing the
established leader, Uniswap V3. Related Reading: Bitcoin On The
Brink, Price Soars Above $68,000 – Will BTC Break Its 2021 Record?
Beyond Trading: TVL And SOL Price Rally The growth extends beyond
trading volumes. Solana’s Total Value Locked (TVL), which
represents the combined value of all cryptocurrencies deposited in
its DeFi protocols, has surged by an impressive 52% in the last
month, reaching $5.13 billion. This growth can be partly attributed
to the remarkable gains observed in SOL, Solana’s native token.
Source: DeFiLlama SOL’s price performance has been exceptional,
currently trading at $132, marking a 4% increase from the previous
day. This upward trend includes a 30% surge in the past week and a
stellar 37% increase in the last 30 days. This price appreciation
signifies a significant breakthrough, reaching a new peak not seen
since November 2021, placing it 20 months removed from its all-time
high of $260. Featured image from Freepik, chart from TradingView
Uniswap (COIN:UNIUSD)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Uniswap (COIN:UNIUSD)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024