Solana DeFi Landscape Thrives With Record $11 Billion Trading Volume
TRADERS MISSED SPONGE MEME COIN DO 100X? BUY $SPONGEV2 BEFORE LISTINGS!
BUY NOW
Bitcoin News
Breaking News: BREAKING: Bitcoin Price Soars To New All-Time High Above $69,000
Solana
Solana DeFi Landscape Thrives With Record $11 Billion Trading Volume
Christian Encila by Christian Encila March 6, 2024
The Solana decentralized finance (DeFi) sector is experiencing a period of phenomenal growth, with decentralized exchanges (DEXes) witnessing record-breaking trading volumes and the native token, SOL, reaching a new 20-month high. However, amidst the euphoria, experts advise caution due to potential market risks.
Related Reading: Can DOGE Avoid A Dive? Sell Pressure Puts Memecoin To The Test
Solana: ‘Greed’ Index
While Solana’s DeFi landscape flourishes, it’s crucial to acknowledge the potential risks associated with the current market sentiment.
Market data from CFGI indicates that the current sentiment is characterized by “Greed,” implying a scenario where the market might be overbought. This raises concerns about the possibility of sharper price corrections in the near future.
Source: CFGI
DEXes Drive The Surge
Data from DeFiLlama reveals that between February 25th and March 2nd, Solana-based DEXes processed a staggering $11.24 billion in cumulative trading volume, marking a significant milestone in weekly activity.
This surge surpasses previous benchmarks and outpaces major blockchains, including Ethereum. NewsBTC analysis shows a remarkable 177% increase in Solana’s DEX activity over a single week, solidifying its position as a major player in the DeFi arena.
SOL market cap currently at $57 billion. Chart: TradingView.com
This growth is a stark contrast to the subdued performance during the recent bear market. However, the fourth quarter of 2023 witnessed a reversal of fortunes, culminating in December with the highest-ever monthly DEX volumes, exceeding $28 billion.
Jupiter, the largest DEX on Solana, has been instrumental in this surge. CoinGecko reports that Jupiter executed $1.5 billion in trading volumes within the last day, temporarily surpassing the established leader, Uniswap V3.
Related Reading: Bitcoin On The Brink, Price Soars Above $68,000 – Will BTC Break Its 2021 Record?
Beyond Trading: TVL And SOL Price Rally
The growth extends beyond trading volumes. Solana’s Total Value Locked (TVL), which represents the combined value of all cryptocurrencies deposited in its DeFi protocols, has surged by an impressive 52% in the last month, reaching $5.13 billion. This growth can be partly attributed to the remarkable gains observed in SOL, Solana’s native token.
Source: DeFiLlama
SOL’s price performance has been exceptional, currently trading at $132, marking a 4% increase from the previous day. This upward trend includes a 30% surge in the past week and a stellar 37% increase in the last 30 days.
This price appreciation signifies a significant breakthrough, reaching a new peak not seen since November 2021, placing it 20 months removed from its all-time high of $260.
Featured image from Freepik, chart from TradingView
No KYC Casino and Sportsbook with up to 300% match bonus + 175 Free Spins, and Wager Free Cashback. Play now at ROLR.IO!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Tags: altcoinscryptoDeFimemecoinsSolSolana
Christian Encila
Christian Encila
Christian is a journalist, editor and a former layout design consultant. Alongside his passion for writing, he is an avid fan of cryptocurrency and works tirelessly throughout the week. When he's not on his computer, you can find him tinkering with his old motorbike as a grease monkey, or lounging on the patio hammock while pondering about artificial intelligence and whether he'll ever understand his cat's thoughts and calmness.
Related Posts
Bitcoin
Analyst Cites Key Indicators That Signal Bitcoin Correction
March 6, 2024
Bitcoin
Why Did Bitcoin Price Crash 10% After Reaching $69,000 All-Time High?
March 6, 2024
Bitcoin price BTFP Fed end
Bitcoin Crash Or Surge? Fed’s BTFP Program Ends In 5 Days
March 6, 2024
Should You Buy Shiba Inu? Explore The 5 Best Meme Coins To Snatch Now!
Should You Buy Shiba Inu? Explore The 5 Best Meme Coins To Snatch Now!
March 6, 2024
Fetch.AI FET price
Fetch.AI (FET) Price Gains Another 15% Following This Big News
March 6, 2024
Dogecoin
Can DOGE Avoid A Dive? Sell Pressure Puts Memecoin To The Test
March 6, 2024
Premium Partners
Top Casinos
BitStarz
BitStarz
Review · Visit
Trust Dice
Trust Dice
Review · Visit
Marsbet
Marsbet
Review · Visit
mBit
mBit
Review · Visit
Inmerion
Inmerion
Review · Visit
Bets.io
Bets.io
Review · Visit
Press Releases
BEFE Meme Coin: The Pre-Binance Buying Frenzy –...
1 hour ago
March Mayhem: Shiba Inu (SHIB) and Dogecoin (DOGE)...
3 hours ago
Scorpion Casino: Secure and Licensed Online Web3 Gambling...
5 hours ago
The One Investment You Can’t Afford to Miss: Bitgert...
5 hours ago
BloFin Announces Platinum Sponsor of TOKEN2049 Dubai 2024
5 hours ago
About Us
NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.
We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.
Disclaimer
The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Cryptocurrency news
Bitcoin
Ethereum
Ripple
Chainlink
Cardano
EOS
Tezos
Technical Analysis
Bitcoin (BTC)
Ethereum (ETH)
Ripple (XRP)
Chainlink (LINK)
Cardano (ADA)
Tezos (XTZ)
Company
Advertising
Comments Policy
Privacy Center
Disclaimer
Sitemap
About Us
Contact
© 2024 NewsBTC. All Rights Reserved.
News
Analysis
Learn
Directory
Casinos
Play Games
Private Casino
Predict BTC price
Huge Win
ADVERTISE
© 2024 NewsBTC. All Rights Reserved.
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy. I Agree
