Solana sees explosive growth in DEX trading volume, surpassing $2B multiple times

The Solana Diffie sector has seen significant growth amid a market-wide rally. According to Difilama data, from March 3rd to March 6th, the decentralized foreign exchange on Solana exceeded 2 billion dollars for four consecutive days.

This figure reached $2.85 billion on March 5, a record high for daily trading.

Solana DEX activity is increasing.

Over the past seven days, Solana has seen a 150% increase in trading volume, pulling in around $15 billion in the process. The Layer 1 network recorded $2.05 billion in trading volume in the last 24 hours alone.

Solana currently commands a significant portion of the total decentralized exchange (DEX) volume, accounting for 28.5%, while Ethereum holds a slightly higher share at 36.1%.

Just a year ago, the landscape looked very different, with Solana holding a 1.1% market share and Ethereum at a high of 50-70%, according to data from Tom Wan, associate digital asset strategist at 21.co. .

This change highlights Solana's growth trajectory in the DeFi ecosystem, making it a contender for Ethereum's enduring dominance in the space despite network issues.

The leading DEXs on Solana are Orca with $847.53 million in trading volume in the last 24 hours, followed by Radium with $595.48 million and Phoenix with $288.4 million in the same period.

Meanwhile, Solana's native token SOL has once again secured its position in the top five crypto assets by market value after posting a monthly gain of approximately 50%. It was currently trading at around $140.

Network outage

Solana has experienced repeated instances of delays throughout her history. At least one significant crash per year from 2021 onwards, which will significantly disrupt block production. Following an investigation into these seasonal outages, Solana made several adjustments to address the issues.

These efforts allowed the network to maintain uninterrupted service for a full year until a 5-hour outage occurred on February 6, ending the series.

According to a subsequent postmortem report, a bug in the Just-in-Time (JIT) compilation cache caused old programs to be recompiled repeatedly, monopolizing network resources and halting blockchain operations.

The error basically triggered an endless recompilation loop in Solana's transaction process. Solana's authenticator client version 1.17 was particularly affected, causing all authenticators to stop as 95% of the cluster was using that version.