important point:
- Record on Solana DEX: A surge in Memecoin activity has pushed DEX volume on Solana to a new all-time high.
- Explosive TVL Growth: The total value locked in Solana shows a parabolic increase, indicating solid growth and adoption of the ecosystem.
- Memecoin circulation: Memecoins such as Book of Memes (BOME), Dogwift (WIF), and BONK significantly increase transaction volume and interest in Solana.
The recent memecoin boom has led the Solana (SOL) decentralized exchange (DEX) platform to record trading volumes, according to the latest data. Blockchain analytics platform DeFiLama reports that transaction volume on Solana reached 3.802 billion on Saturday, surpassing the previous record set earlier this year.
Parabolic growth in Solana’s total value locked (TVL)
Total Value Locked (TVL) on Solana has seen a rapid increase, reaching an all-time high of $4.034 billion. This indicator is essential to measuring the health and growth of the crypto ecosystem, as it represents the total capital deposited into a platform’s smart contracts.
The increase in activity is mainly due to the success of many memecoins on Solana. Recently launched memecoin Book of Memes (BOME) has recorded over 907 million volumes in the last 24 hours since its listing on Binance, according to decentralized finance (DeFi) analytics platform DexScreener.
Dogwift (WIF), Solana’s largest memecoin, has recorded 568 million volumes in the last 24 hours, while BONK, another dog-themed memecoin, has reached 359 million in the same period. Additionally, many coins with lower market caps launching on Solana are contributing to the increase in DEX volumes.
Competition between DEXs on Solana and Ethereum
Data from CoinGecko shows that Solana-based decentralized exchange aggregator Jupiter (JUP) has seen more volume in the last 24 hours than Ethereum (ETH)’s Uniswap (UNI) V3. JUP, Jupiter’s native token, has surged 143% in the past month, while Solana has seen a 58% increase over the same period.
This surge in memecoin activity and record volumes on the Solana DEX reflects the growing interest and expansion of the cryptocurrency ecosystem on Solana, highlighting the continued innovation and growth potential in the cryptocurrency market.