Solana's DEX Trading Volume Skyrockets, Surpasses $2B Mark Repeatedly

Solana's decentralized exchange (DEX) activity has been on a meteoric rise, largely driven by platforms like Orca and Raydium.

Amidst a broader market surge, Solana's DeFi sector has experienced explosive growth. Data from DeFiLlama reveals that from March 3 to March 6, DEX trading volume on Solana exceeded $2 billion for four consecutive days, reaching a peak of $2.85 billion on March 5.

Soaring DEX Activity:

Over the past week, Solana has witnessed a staggering 150% increase in trading volume, totaling around $15 billion. In the last 24 hours alone, the network recorded a trading volume of $2.05 billion.

Currently, Solana commands a significant portion of the total DEX volume, capturing 28.5%, while Ethereum retains a slightly higher share at 36.1%.

This significant shift underscores Solana's emergence as a formidable player in the DeFi space, challenging Ethereum's long-standing dominance.

Leading DEXs on Solana:

Orca leads the pack with $847.53 million in trading volume over the past 24 hours, followed by Raydium with $595.48 million, and Phoenix with $288.4 million during the same period.

Meanwhile, Solana's native token, SOL, has reclaimed its position in the top five crypto assets by market cap, boasting approximately 50% in monthly gains and trading at around $140.

Network Outages and Resilience:

Despite its remarkable growth, Solana has grappled with network outages. While the network achieved a year of uninterrupted service, a 5-hour outage on February 6th broke this streak.

A subsequent post-mortem report revealed that a bug in the Just-in-Time (JIT) compilation cache caused older programs to be repeatedly recompiled, halting blockchain operations. Efforts have been made to address these issues, showcasing Solana's commitment to improving its infrastructure and resilience.