The decentralized exchange ecosystem of Solana (SOL), a high-performance L1 blockchain, scores new milestones. In 2024, the network registered amazing TVL growth as well as notable upsurge of the native SOL coin price.
Solana (SOL) DEX market share hits new all-time high
The new historic milestone was registered by decentralized exchanges (DEXes) on Solana (SOL) blockchain. As noticed by Solana Floor platform, Solana's (SOL) dominance in the DEX trading volume metric hit a new all-time high. As of July 21, 2024, 36% of aggregated DEX trading volume is processed by Solana (SOL).
To provide context, Solana's (SOL) key rival, Ethereum (ETH), sees its dominance sitting at 23%, while Binance's BNB Smart Chain is responsible for 11.3%.
Three other mainstream blockchains, Arbitrum (ARB), Base (BASE) and Avalanche (AVAX) combined, are responsible for 20% of DEX trading volume.
Thorchain (THOR), Optimism (OP), Polygon (MATIC) and Blast (BLAST) are also ranked in the top league by this parameter.
Raydium (RAY) and Orca (ORCA) are the most popular DEXes on Solana (SOL) blockchain. Raydium (RAY) managed to increase its TVL by 20% in the last seven days, DefiLlama's data says.
Solana's (SOL) price is up by 600% in the past year: the token is trying to stay above the $180 level as of printing time.
Solana (SOL) TVL is up 300% YTD
As covered by U.Today previously, Solana (SOL) activated a number of critical tech upgrades in recent months. For instance, it implements ZK Compression to significantly advance the performance and speed of transactions.
Vladislav SopovAs explained by Helius CEO Mert Mumtaz, the aggregated boost might bring a 10,000x increase of crucial blockchain metrics.
Besides that, Solana (SOL) is experiencing parabolic TVL growth. Since Jan. 1, 2024, the net TVL of Solana's dApps rocketed from $1.43 billion to $5.83 billion.
Arman Shirinyan
Gamza Khanzadaev