Solana’s DEX Volume Share Hits New High

Solana’s decentralized exchange （DEX） ecosystem has achieved significant growth milestones, notably increasing its dominance in the DEX trading volume metric. As of July 21, 2024, Solana’s DEX market share reached a new all-time high of 36%.

Points

• Solana SOLUSD DEX market share hit 36% on July 21, 2024.
• Ethereum and Binance Smart Chain are key rivals with lower market shares.
• Raydium and Orca are leading DEXes on Solana.
• Solana’s SOLUSD price increased by 600% in the past year.
• TVL of Solana’s dApps grew from $1.43 billion to $5.83 billion since Jan. 1, 2024.

Solana SOLUSD, a high-performance L1 blockchain, has made impressive strides in the decentralized exchange （DEX） ecosystem, marking new milestones in 2024. According to Solana Floor platform, Solana’s SOLUSD dominance in the DEX trading volume hit a historic high. On July 21, 2024, Solana’s DEX volume dominance across all blockchains soared to 36%.

To provide context, Solana’s SOLUSD is outperforming its key rival, Ethereum ETHUSD, which has a 23% dominance, and Binance’s BNB Smart Chain, responsible for 11.3%. Other blockchains like Arbitrum, Base, and Avalanche combined hold 20% of the DEX trading volume. Thorchain, Optimism, Polygon, and Blast are also notable contenders.

Raydium and Orca stand out as the most popular DEXes on the Solana SOLUSD blockchain. Data from DefiLlama reveals that Raydium increased its TVL by 20% in the last week alone. Furthermore, Solana’s SOLUSD price has skyrocketed by 600% over the past year, stabilizing above $180.

Solana SOLUSD has also experienced a remarkable 300% YTD growth in total value locked （TVL）. This surge is partly due to several critical tech upgrades, including the implementation of ZK Compression to enhance transaction performance and speed. Helius CEO Mert Mumtaz explains that these upgrades could potentially boost blockchain metrics by 10,000x. Since January 1, 2024, Solana’s dApps have seen their net TVL jump from $1.43 billion to $5.83 billion.