Solana’s DEX Ecosystem Achieves Record Trading Volume Despite Relatively Lower Total Value Locked (TVL)
Despite the soaring trading activity, the total value locked (TVL) in Solana remains just above $2.6 billion, significantly lower than the peak TVL of $9.9 billion in November 2021.
Leading the surge in trading volumes are Orca and Raydium, with trading volumes reaching $4.5 billion and $3.52 billion, respectively.
Solana-based DEX platforms recorded an impressive $11.19 billion in trading volume from February 24 to March 2, marking a 154% increase from the previous week. This surpasses the previous record of $9.88 billion in mid-December.
Solana’s DEXs set a new trading volume record, surpassing previous highs and confirming the significant contribution of key stakeholders to Solana’s trading volume growth.
Major contributors to this increase were Orca and Raydium, two leading DEX platforms on the Solana network. Orca recorded $4.5 billion in trading, while Raydium reached $3.52 billion during the same period. Both platforms experienced more than double their trading activity in recent weeks, coinciding with the broader cryptocurrency market’s uptrend.
Noteworthy price gains were observed for tokens like BONK and Dogwifat, with SOL reaching its highest level in 22 months, experiencing a more than 30% increase in a week.
This surge in trading volume comes as Solana, including its native token SOL and meme coins like Llama, witnessed daily trading volumes exceeding $2 billion for only the second time in its history. The first instance occurred during the cryptocurrency frenzy on December 21, reaching $2.6 billion.
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Despite these achievements in trading volume, the TVL across Solana’s ecosystem hovers just above $2.6 billion, indicating that the total value of assets within the network remains lower than suggested by trading volumes. Solana reached its TVL peak in November 2021, with asset values reaching approximately $9.9 billion.
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