Trading volume on Solana's DEX exceedes $12.9B for the week
DEX trading volume on Ethereum totaled $9.835 billion
Trading activity on Solana’s decentralized exchanges (DEXs) has seen a significant increase, with volume surging by 11% to surpass $12.7 billion over the past week. This four-week record shows underscores renewed interest in decentralized finance (DeFi) on the Solana blockchain, positioning it as a strong contender in the competitive landscape of blockchain networks.
According to data from Defillama over the last week, DEX trading volume on Ethereum totaled $9.835 billion, up 10.87%.
DEX trading volume on Base reached $7.618 billion, also representing an increase of 6.62%, while volume on BSC decreased 13.48% to $4.977 billion.
The largest increase was recorded on Arbitrum, where trading volume totaled $4.263 billion, up 15.94%.
Solana's successes in the DEX space
The uptick in trading volume reflects both market dynamics and a growing confidence in Solana's ecosystem. Despite a broader environment marked by market volatility, Solana’s DEX platforms, including popular exchanges like Orca and Raydium, have managed to capture attention from traders seeking efficient, low-cost transactions. Solana’s infrastructure, known for its high throughput and low transaction fees, continues to appeal to users who prioritize speed and cost-effectiveness in trading digital assets.
Market analysts attribute this surge to several factors, including recent upgrades to Solana’s network that have enhanced reliability and throughput. These technical improvements have helped rebuild trust among traders and developers, particularly after the network’s previous high-profile outages.
The broader DeFi market has shown signs of recovery, and Solana’s performance in the DEX space is an indicator of its resilience and competitive edge. By surpassing the $12.7 billion mark in weekly trading volume, Solana has demonstrated its capacity to handle substantial transactional loads, further cementing its place as a leading blockchain for decentralized applications.
In addition, we informed that crypto asset management company Canary Capital has filed an application with the U.S. Securities and Exchange Commission (SEC) for the Solana Exchange Traded Fund (ETF). This is the third filing for Solana ETF, following the filings of VanEck and 21Shares.
