In a month marked by records, decentralized exchanges (DEXs) operating on the Solana blockchain exceeded all expectations, reaching an impressive monthly trading volume of more than US$60.34 billion. This feat not only sets a new milestone for the Solana ecosystem, but also highlights the growing interest and trust in the decentralized finance (DeFi) space.

March’s record mark more than doubled the previous volume seen in December 2023, which stood at almost US$28.14 billion, according to data from DeFiLlama. This feat puts Solana in an enviable position, recording the second highest transaction volume among all blockchains, behind only the giant Ethereum, which reported US$77.55 billion in the same period.

Interestingly, Binance Smart Chain (BSC) came in third place with $47.81 billion in trading volume, followed by Arbitrum, which recorded $27.74 billion. Another highlight was the performance of BASE, which saw its transaction volume grow almost seven times, reaching US$7.8 billion.

The surge in transaction volume on Solana coincides with a spike in interest in memecoins within the network. Coins like Dogwifhat (WIF) and Bonk (BONK), along with new arrivals like Book of Meme (BOME), Cat in a Dogs World (MEW), and Slerf (SLERF) dominated the scene. In fact, memecoins themed around political figures, representing Donald Trump and Joe Biden, also saw considerable gains.

Among DEXs, Orca led with a volume of $3.6 billion, followed closely by Raydium and Phoenix. Jupiter, a decentralized exchange aggregator, also benefited from this period of intense trading activity, with a 24.9% increase in the value of its JUP token.

Despite a slight 3% decline in the price of the SOL token in the last 24 hours, quoted at US$193, the Solana ecosystem reached a peak market capitalization of more than US$90 billion in March. This growth signals strong involvement in the decentralized finance sector and an insatiable appetite for the vibrant memecoin market.


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.


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