Solana's DEXs Break Records: $60 Billion in Crypto Transactions in March

Solana’s decentralized exchanges (DEX), the cryptocurrency exchange platforms that operate directly on this blockchain, are experiencing significant momentum. A trend marked by the historic rise in transactions they have facilitated in recent months.

Unprecedented Surge in Solana’s DEX Crypto Transactions in March

By the end of March, decentralized exchanges (DEX) built on the Solana blockchain achieved notable performance in terms of transaction volume, reaching a historical record of $60.34 billion at the end of the period.

According to the data from the crypto platform DeFiLlama, this trend signifies a historic movement, particularly marking a significant increase compared to the previous record of $28.14 billion established in December 2023.

This result places Solana at the second rank among the most significant blockchains when considering DEX trading volume. The platform closely follows Ethereum, whose DEXs reached a trading volume of $77.55 billion during the same period.

Following Solana is Binance Smart Chain (BSC) with a transaction volume of $47.81 billion. Next comes Arbitrum with $27.74 billion. Base, which saw its trading volume multiply by 7, closes this top 5 with $7.8 billion for the month.

Solana DeFi Trading Hits All-Time High Amid Meme Coin Frenzyhttps://t.co/0x6pbNtfP8

— John Morgan (@johnmorganFL) April 1, 2024

Memecoins Still Leading the Charge!

According to crypto analysts, this increase in trading volume for Solana’s DEXs is the result of sustained interest in memecoins based on this blockchain. Notably, they consider coins like Dogwifhat (WIF), Bonk (BONK), Book of Meme (BOME), and Slerf (SLERF).

Each of these memecoins has piqued investor interest, thus driving significant market activity. Moreover, this dynamic has extended to political figure-themed memecoins such as those referencing Donald Trump and Joe Biden, which also recorded gains in March.

In addition, other lesser-known memecoins on Solana have also attracted investors. Notably, Popcat (POPCAT), which has seen a remarkable increase of 45%, reaching a price above $0.33 in the process.

It is worth mentioning that among the Solana DEXs, Orca has positioned itself as the leader, with a trading volume of $3.6 billion over the past week. Raydium and Phoenix closely follow with respective volumes of $1.73 billion and $1.6 billion. Meanwhile, SOL, the Solana cryptocurrency, has fallen by 9.30% over the past 24 hours, standing at $184.