Solana DEX Volume Skyrockets
Solana’s DeFi total value locked, a metric that represents the total value of cryptocurrency locked within DeFi protocols on a blockchain, surged by over 200% to nearly $5 billion, placing it fourth among all networks. This indicates a growing appetite from investors for DeFi projects built on Solana.. has become the home for retail users.QoQ Metrics
Check out the full Q1 report by 👇 — Messari (@MessariCrypto)
– DEX Volume ⬆️ 332%
– Revenue ⬆️ 597%
– Total raised in ecosystem ⬆️ 51%
– Market cap ⬆️ 97%
Stablecoin Adoption On Solana On The Rise
Another bright spot for Solana in Q1 was the significant growth in its stablecoin market capitalization, which jumped by 50% to nearly $3 billion. This surge was primarily driven by USDC, the leading stablecoin, whose market capitalization on Solana increased by an impressive 110% to slightly above $2 billion. This growth reflects a rise in trust and adoption of stablecoins on the Solana blockchain, which are cryptocurrencies pegged to the value of traditional assets like the US dollar, offering stability in a volatile market.SOL market cap currently at $77.5 billion. Chart:
Solana Price Volatility A Concern
Despite the positive indicators, the report also acknowledges some potential drawbacks. While the high trading volume is a positive sign, the fact that meme coins are a major contributor raises questions about the long-term sustainability of this growth.Featured image from Pixabay, chart from TradingView