Decentralized exchanges on the Solana blockchain have set a brand new monthly document for trading volume, surpassing $60.34 billion in March, primarily based on DeFiLlama data.
This achievement greater than doubles the earlier document of almost $28.14 billion from December 2023 and is the second-highest volume of all blockchains — surpassed solely by Ethereum’s $77.55 billion throughout the month.
BSC boasted the third-highest DEX trading volume at $47.81 billion, whereas the fourth spot went to Arbitrum’s $27.74 billion. Notably, the trading volume on BASE grew nearly 7x throughout the month to $7.8 billion.
Memecoin frenzy
The surge in trading volume aligns with a major curiosity in memecoins throughout the Solana ecosystem, highlighted by notable performers like Dogwifhat (WIF) and Bonk (BONK), alongside newer entrants corresponding to E book of Meme (BOME) and Slerf (SLERF).
Meme cash associated to political figures like Donald Trump and Joe Biden additionally skilled good points in March.
Different meme cash on Solana, corresponding to Popcat (POPCAT), additionally noticed important will increase, with a forty five% rise to a worth above $0.33.
Regardless of the standard 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 area, with a trading volume of $3.6 billion prior to now week, adopted by Raydium and Phoenix with $1.73 billion and $1.6 billion, respectively.
This era of heightened trading exercise has notably benefited Jupiter, a decentralized trade 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 over the past 24 hours, at present priced slightly below $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 throughout the decentralized finance sector and the colourful meme coin market.
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