Five protocols exclusively built on Solana secure top-10 positions in decentralized finance volume rankings.
In a year marked by the relentless pursuit of gains, the Solana blockchain has experienced a remarkable resurgence, propelling its native exchanges to the forefront of decentralized finance (DeFi) activity.
According to data from DefiLlama, a remarkable development has unfolded: five Solana-exclusive protocols have emerged among the top 10 decentralized exchange (DEX) platforms by trading volume in the past 24 hours.
A DEX is a trading platform built atop a blockchain, enabling users to buy, sell, and swap cryptocurrencies. On-chain investors can also provide liquidity through these decentralized exchanges, earning yield or passive income to support their trading activities.
Leading the DEX space are the titans Uniswap and PancakeSwap, boasting daily trading volumes of $1.6 billion and $616.3 million, respectively. However, Solana’s (SOL) Orca exchange has risen to the third position, amassing a remarkable $322.4 million in the past day. The Arbitrum-based platform DODO claimed the fourth spot with $227.3 million, while Solana’s largest DEX by total value locked, Raydium, rounded out the top five with $221.9 million.
Rounding out the top 10 are three additional Solana-powered exchanges: Phoenix, Lifinity, and Meteora, with respective volumes of $216.3 million, $159.6 million, and $151.4 million. The list is completed by the well-known Thorchain and Curve Finance protocols.
The prominence of SOL-native protocols coincides with a surge in demand for meme tokens. As reported by crypto.news, Solana’s ecosystem has become the premier network for meme token speculation. Moreover, the blockchain has garnered attention from prominent asset management giants, such as Franklin Templeton, as well as leading venture capitalist firms like Andreessen Horowitz.
This remarkable resurgence of Solana-based DEXes underscores the growing significance of the blockchain within the broader DeFi landscape. As traders and investors continue to seek opportunities for gains, the Solana ecosystem has emerged as a hub of vibrant activity, solidifying its position as a key player in the ever-evolving world of decentralized finance.
