Solana is continuing to develop steadily in the cryptocurrency space, showcasing impressive DEX volumes. However, the current situation is also marked by new challenges that may affect its future.
DEX Volumes on Solana
In the last 30 days, Solana registered **$94.8 billion** in DEX volume, significantly surpassing **$64.8 billion** for Ethereum. This growth was supported by platforms such as Jupiter (50% of volumes), Raydium, and Zeta Markets, the latter witnessing a **212%** increase in volume over the month. Additionally, the TVL reached **$11 billion**, with a **14%** increase, while fees amounted to **$48.7 million**.
Decline of Memecoins and Its Consequences
The decline in popularity of memecoins, such as Giga (-42%) and Popcat (-35%), has significantly impacted network activity. Memecoins, which once boosted transaction volumes and revenues, no longer provide the previous levels of engagement, threatening the future of DEX. This emphasizes the need for Solana to convert its technological achievements into sustained user commitment.
Future Threats and Opportunities for Solana
A new challenge for Solana is the upcoming unlocking of **3.55 million SOL**, which could put pressure on the market. Additionally, there is a threat from MEV attacks. Conversely, the anticipated approval of a Spot Solana ETF could bring a new market impulse. However, current signals are causing skepticism, and analysts emphasize the importance of increasing user engagement for achieving stable growth.
Despite current successes in DeFi profiles, Solana faces a host of challenges. Focusing on increasing user activity and countering market threats is crucial for ensuring sustainable growth.
