IMPORTANT POINTS:
- Record on Solana DEX: A boom in memecoin activity drives DEX volume on Solana to new all-time highs.
- Explosive TVL Growth: Total Value Locked in Solana shows a parabolic rise, indicating solid growth and adoption of the ecosystem.
- Memecoin Prevalence: Memecoins such as Book of Meme (BOME), Dogwifhat (WIF), and BONK significantly drive transaction volume and interest in Solana.
The recent memecoin boom has propelled Solana (SOL) decentralized exchange (DEX) platforms to record trading volumes, according to the latest data. DefiLlama, a blockchain analytics platform, reports that transaction volume on Solana reached 3.802 billion on Saturday, surpassing previous records set earlier this year.
Parabolic Rise in Solana’s Total Value Locked (TVL)
The Total Value Locked (TVL) on Solana has seen exponential growth, reaching a high of 4.034 billion. This indicator is essential for measuring the health and growth of a crypto ecosystem, as it represents the total amount of capital deposited in a platform’s smart contracts.
The increase in activity is mainly due to the success of several memecoins on Solana. According to Dexscreener, a decentralized finance (DeFi) analytics platform, the recently launched memecoin Book of Meme (BOME) has recorded over 907 million in volume in the last 24 hours since its listing on Binance.Dogwifhat (WIF), Solana’s largest memecoin, has recorded 568 million in volume in the last 24 hours, while BONK, another dog-themed memecoin, has reached 359 million in the same period. Additionally, numerous coins with lower market caps launched on Solana are contributing to the increase in DEX volume.
Competition between DEX on Solana and Ethereum
Data from CoinGecko shows that Solana-based decentralized exchange aggregator Jupiter (JUP) has seen more volume than Ethereum (ETH)’s Uniswap (UNI) V3 in the last 24 hours. JUP, Jupiter’s native token, has risen 143% in the last month, while Solana has seen a 58% rise in the same period.
This boom in memecoin activity and record volume on Solana DEXs demonstrates the growing interest and expansion of the cryptocurrency ecosystem on Solana, highlighting the continued innovation and growth potential in the cryptocurrency market.
