{"id":21497,"date":"2024-11-18T20:15:50","date_gmt":"2024-11-18T20:15:50","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=21497"},"modified":"2024-11-18T20:15:50","modified_gmt":"2024-11-18T20:15:50","slug":"solanas-monthly-dex-volume-breaks-70b-for-the-first-time","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=21497","title":{"rendered":"Solana\u2019s Monthly DEX Volume Breaks $70B for the First Time"},"content":{"rendered":"

Solana has started the new week by reaching a new milestone: the monthly trading volume in its decentralized exchange (DEX) ecosystem has surpassed $70 billion for the first time in the network\u2019s history.<\/p>\n

The uptick in monthly trading activity was pushed by consistently high daily volumes, including breaking past $5 billion for three consecutive days.<\/p>\n

Growth Fueled by Major Players<\/h2>\n

According to data<\/a> from the decentralized finance (DeFi) analytics platform DefiLlama, key DEXs, such as Raydium, Orca, and Lifinity, were behind Solana\u2019s impressive growth.<\/p>\n

Raydium led the charge with its best-ever performance, contributing a staggering $43 billion in volume in the last 30 days. Orca followed with $11.55 billion, although it was far from its best returns, having managed $22.8 billion in March. Lifinity came third, racking up about $4.48 billion in monthly trading volume, which was also markedly lower than its all-time high (ATH) of $9.145 billion, also attained in March.<\/p>\n

Regarding weekly trading volumes, the three DEXs still recorded the highest numbers, with Raydium posting $27.82 billion in the last seven days, a 127% jump from the week before.<\/p>\n

Orca came next again with $7.66 billion, representing a 140% weekly increase. In comparison, Lifinity managed a slightly more modest $3.04 billion, although it still represented a much higher percentage improvement at 214%.<\/p>\n

Before this latest data, the best monthly performance collectively registered by Solana DEXs was in March, when monthly trading volumes were just under $60 billion. Since then, the closest it came to those levels was in July when it went past $54 billion, and in October, when it hit $52.49 billion.<\/p>\n

As stated earlier, Solana also hit another milestone<\/a> last week when its daily volumes surged past $5 billion for three consecutive days, the first time it had achieved such a feat.<\/p>\n

Solana Outshines Ethereum<\/h2>\n

Interestingly, in the last 24 hours, Solana bested Ethereum in terms of 24-hour trading volume. DefiLlama data shows that Solana conducted seven times more business in that period than Ethereum, recording a volume of $6.24 billion to the latter\u2019s $850 million.<\/p>\n

<\/a><\/p>\n

To further compound the network\u2019s recent dominance, Raydium alone had more than $4 billion in daily volume, dwarfing Ethereum\u2019s top performer Uniswap, which facilitated trades worth $1.5 billion in that time.<\/p>\n

Notably, meme coins have also helped boost Solana\u2019s appeal. Data shows that two meme coins based on the blockchain are now among the top 40 biggest cryptocurrencies by market capitalization.<\/p>\n

With values of $3.49 billion and $3.36 billion, dogwifhat<\/a> (WIF) and Bonk (BONK) are currently holding the #39 and #40 positions, according to information from CoinGecko.<\/p>\n

The post Solana\u2019s Monthly DEX Volume Breaks $70B for the First Time<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Solana has started the new week by reaching a new milestone: the monthly trading volume in its decentralized exchange (DEX) ecosystem has surpassed $70 billion for the first time in the network\u2019s history. The uptick in monthly trading activity was pushed by consistently high daily volumes, including breaking past $5 billion for three consecutive days. […]<\/p>\n","protected":false},"author":0,"featured_media":21498,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-21497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/21497"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21497"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/21497\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/21498"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}