Decentralized exchanges on the Solana blockchain have set a brand new month-to-month file for buying and selling quantity, surpassing $60.34 billion in March, primarily based on DeFiLlama knowledge.
This achievement greater than doubles the earlier file of practically $28.14 billion from December 2023 and is the second-highest quantity of all blockchains — surpassed solely by Ethereum’s $77.55 billion in the course of the month.
BSC boasted the third-highest DEX buying and selling quantity at $47.81 billion, whereas the fourth spot went to Arbitrum’s $27.74 billion. Notably, the buying and selling quantity on BASE grew virtually 7x in the course of the month to $7.8 billion.
Memecoin frenzy
The surge in buying and selling quantity aligns with a big curiosity in memecoins inside the Solana ecosystem, highlighted by notable performers like Dogwifhat (WIF) and Bonk (BONK), alongside newer entrants akin to Ebook of Meme (BOME) and Slerf (SLERF).
Meme cash associated to political figures like Donald Trump and Joe Biden additionally skilled positive factors in March.
Different meme cash on Solana, akin to Popcat (POPCAT), additionally noticed vital will increase, with a forty five% rise to a worth above $0.33.
Regardless of the everyday volatility of the meme coin market, Dogwifhat closed March up by 43.9%, and Bonk ended the month with a 1.3% enhance.
Main DEXs
Orca led the Solana DEX house, with a buying and selling quantity of $3.6 billion previously week, adopted by Raydium and Phoenix with $1.73 billion and $1.6 billion, respectively.
This era of heightened buying and selling exercise has notably benefited Jupiter, a decentralized change aggregator on Solana, whose native token JUP rose by 24.9% over the previous week.
As meme cash drive shopping for frenzies on the Solana community, the SOL token itself began April with a 4% lower in its worth during the last 24 hours, at present priced just under $189.
Even with this slight downturn, Solana’s market capitalization hit an all-time excessive of over $90 billion in March, reflecting the expansive progress and engagement inside the decentralized finance sector and the colourful meme coin market.