Solana-based decentralized exchanges (DEXs) have experienced a record-breaking week in trading volume, surpassing previous highs and underscoring the blockchain’s growing activity.
Between Feb. 24 and Mar. 2, Solana DEXs facilitated over $11.19 billion worth of digital asset trades, marking a 154% increase from the volume recorded in the preceding week, according to data from DeFi Llama. This performance eclipses the prior record of $9.88 billion set in mid-December.
Key contributors to Solana’s trading volume surge
Orca and Raydium, two leading DEXs on the Solana network, were major contributors to this surge. Orca saw $4.5 billion in trades, while Raydium accounted for $3.52 billion during the same period. Both platforms have witnessed their trading activity more than double in recent weeks, coinciding with a broader uptick in the cryptocurrency market.
The increase in trading volume comes as Solana-based tokens, including SOL, the network’s native token, and meme coins like BONK and Dogwifhat, saw significant price gains. SOL notably reached a 22-month high, climbing over 30% in a week.
Furthermore, Solana DEXs recorded a daily trading volume exceeding $2 billion for only the second time in their history, with the first occurrence during a meme coin-fueled frenzy on Dec. 21, reaching $2.6 billion.
Despite these trading volume achievements, the total value locked (TVL) across the Solana ecosystem stands at just over $2.6 billion, a figure provided by DeFi Llama. This indicates that while transactional activity has increased, the overall value of assets within the network remains lower than the trading volumes suggest. Solana reached its peak TVL in Nov. 2021, with assets valued at approximately $9.9 billion.
