Solana's decentralized exchanges (DEX), these crypto exchange platforms which operate directly on this blockchain, are experiencing remarkable dynamics. A trend which is characterized by the historic increase in recent months in the transactions they favor.
Record breakthrough in Solana DEX crypto transactions in March
At the end of the month of March, decentralized exchanges (DEXs) built on the Solana blockchain achieved notable performance in terms of transaction volume. This reached a historic record of $60.34 billion at the end of this period.
According to the data from the crypto platform DeFiLlama, this trend represents a historic movement. In particular, it marks a significant increase compared to the previous record of $28.14 billion established in December 2023.
This result places Solana as the second largest blockchain when taking into account DEX trading volume. The platform closely follows Ethereum, whose DEXs reached $77.55 billion in trading volume over the same period.
Solana is followed by Binance Smart Chain (BSC) with $47.81 billion in transaction volume. Next comes Arbitrum with $27.74 billion. Base, which saw its trading volume multiply by 7, closes this top 5 with 7.8 billion dollars during the month.
Memecoins still in control!
According to crypto analysts, this increase in trading volume of Solana DEXs is the result of sustained interest in memecoins based on this blockchain. They are thinking in particular of Dogwifhat (WIF), Bonk (BONK), Book of Meme (BOME) and Slerf (SLERF).
Each of these memecoins has attracted the interest of investors, thus generating very strong trading activity. This dynamic also extended to the memecoins of political figures such as Donald Trump and Joe Biden who also recorded gains in March.
Additionally, other less popular memecoins built on Solana, have also attracted investors. This is particularly the case for Popcat (POPCAT), which experienced a remarkable increase of 45%, subsequently reaching a price above $0.33.
Note that among Solana DEXs, Orca has established itself as the leader, with a trading volume of $3.6 billion over the past week. Raydium and Phoenix follow closely with $1.73 billion and $1.6 billion, respectively. At the same time, SOL, the Solana crypto, fell by 9.30% in the last 24 hours, settling at $184.
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