- The DEX volume leaped to a yearly peak of $466 million on the 11th of November.
- The TVL rose by 81% over the last month.
Solana [SOL] recorded one of its best feats in terms of decentralized exchange (DEX) volumes in the last 24 hours.
Solana’s DEX volumes on the rise
According to a recent post by popular on-chain analyst Patrick Scott, Solana climbed to the number two position in 24-hour DEX volume by chain on the 12th of November. As per Scott, this was the first time that Solana bagged the second rank.
Major changes to DEX volume by chain this week. Solana jumped to number 2. ThorChain jumped to number 3. And BSC was pushed all the way to rank 5.
As far as I can tell, BSC has been in the top 3 since September 2020. Solana has never been number 2 before. pic.twitter.com/AWAsQj1YNn
— Patrick Scott | Dynamo DeFi (@Dynamo_Patrick) November 12, 2023
As of press time, Solana slipped to the third position, according to DeFiLlama. But it took nothing away from the impressive run of Solana-based DEXes in the last few days.
Trades worth $2.25 billion were recorded on Solana over the past week, marking an increase of nearly 60%. In fact, the DEX volume leaped to a yearly peak of $466 million on the 11th of November, as shown below.
Source: DeFiLlama
Sharp jump in TVL
Apart from trading volume, the value of crypto deposited on the Solana blockchain was also soaring to new highs.
The total value locked (TVL) went past $550 million as of press time, representing a whopping 81% jump over the last month. The parabolic surge in TVL followed a sid
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Author: Aniket Verma
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