The DeFi platform on Solana's blockchain noted a significant increase in trading volume, reaching a record $16 billion over the week.
Solana DEX Records
According to DeFiLlama, Solana's decentralized exchanges (DEXs) achieved a milestone with a $5 billion daily trading volume for three consecutive days. This is the first time SOL has reached such heights. The majority of the trading volume came from the Raydium platform, which accounted for more than 62% of Solana's weekly trading volume.
Solana's Growth Among Blockchains
A report from Syncracy Capital highlighted how Solana's blockchain is catching up with Ethereum, with SOL's market share growing significantly in 2024. The Solana network's real economic value (REV) rose to 111% of Ethereum's last month. This spike can be attributed to the network's MEV tips and transaction fees.
Economic Value and Future Development
The total application revenue (TAR) of Solana grew to 109% of ETH’s TAR, indicating an increase in fees generated from applications on the blockchain. Analysts suggest Solana is gaining Ethereum's market share. The platform's growth is driven by on-chain activity, particularly meme coin trading. The DePIN sector's impact has grown significantly by crowdsourcing infrastructure costs efficiently.
Solana's rising popularity, coupled with on-chain activity's high engagement, allows the platform to strengthen its market position and draw the attention of developers and users.
