Solana decentralised exchanges (DEXs) have had an exceptional week in terms of trading volume, hitting a remarkable milestone of $11 billion in trades. This surge highlights the increasing activity on the Solana blockchain. Between February 24 and March 2, the trading volume on Solana DEXs surged by 154%, compared to the previous week, according to data from DeFi Llama. This surpasses the previous record set in mid-December, which was $9.88 billion.
Orca and Raydium, the two prominent DEXs on Solana, played significant roles in this surge. Orca facilitated $4.5 billion in trades, while Raydium accounted for $3.52 billion during the same period. Both platforms have experienced more than double the trading activity in recent weeks, coinciding with a broader uptick in the cryptocurrency market.
The surge in trading volume aligns with notable price gains observed in Solana-based tokens such as SOL, the network’s native token, and meme coins like BONK and Dogwifhat. SOL notably reached a 22-month high, registering a 30% increase in just a week.
Solana DEXs also saw a daily trading volume surpassing $2 billion for only the second time, with the first occurrence happening during a meme coin frenzy in December, reaching $2.6 billion.
Despite these impressive trading volume figures, the total value locked (TVL) across the Solana ecosystem stands at just over $2.6 billion, according to DeFi Llama. This suggests that while transactional activity has surged, the overall value of assets within the network is lower than what the trading volumes indicate. Solana’s peak TVL was recorded in November 2021, with assets valued at approximately $9.9 billion.