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Solana DEXs soar to 210 million transactions, beating competitors

Decentralized exchanges (DEXs) on the Solana blockchain have outperformed those on other networks. It has recorded 210 million transactions in the last 30 days.

This performance reflects Solana's growing role in the decentralized finance (DeFi) ecosystem and its ability to efficiently manage a high volume of transactions.

What makes Solana successful in DEX trading?

Dune dashboard data shows that Solana DEXs have significantly outperformed 15 other layer 1 (L1) and layer 2 (L2) blockchains. These include Ethereum, BNB Chain and Arbitrum.

Solana's 210 million transactions over the past 30 days put it ahead of its closest competitors. BNB Chain also recorded 29 million transactions, while Arbitrum had 13 million. Ethereum, a major player in the DeFi space, only handled 6.7 million transactions, placing it in fifth place.

Additionally, Solana DEXs also saw a notable total volume of $47.75 billion and over 11 million unique traders during the same period. These numbers also stand in stark contrast to the BNB chain, which reported a total volume of $20.54 billion and over 4.6 million unique traders.

Raydium, one of the leaders of the Solana DEX, has also become a major player with an average weekly trading volume of around $5 million. Whirlpool and Meteora followed closely behind. The average weekly trading volume for each of them was around $1.4 million. Notably, these figures do not include data from some popular Solana DEXs, such as Orca.

Read more: Solana network meme coins generate huge profits. So what is it ?

Weekly trading volume on DEXs in Solana.
Weekly trading volume on DEXs in Solana. Source: Dune

The native token Solana (SOL) mainly generated a high number of transactions. It also represents almost 40% of transactions. Additionally, meme coins and low-cap tokens contributed 20-30% of transactions.

These numbers are particularly noteworthy given that meme coins played a significant role in Solana's performance in the first quarter of 2024. BeInCrypto reported that the market capitalization of the top 10 meme coins Solana It has increased by over 800% during this period. By the end of March, these assets had reached a total market capitalization of $9.36 billion.

Solana's achievements go beyond the number of transactions. A recent report from CoinGecko highlighted Solana as the fastest among major blockchains. As of April 6, 2024, its actual daily average was 1,504 transactions per second (TPS). This speed is 46 times faster than Ethereum and more than five times faster than Polygon – the fastest scaling solution for Ethereum.

Learn more: Three different ways to buy Solana Coin

“Despite being ranked as the fastest blockchain, Solana only reaches 1.6% of its theoretical maximum speed of 65,000 TPS. » as mentioned In the report.

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