Solana SOL Ecosystem Makes Waves With $1 Billion DEX Volume and Mobile Sales
Solana has been riding positive news as decentralized finance (DeFi) volume levels rise, increasing demand for the tools that support its ecosystem.
The blockchain network, which is set to expand after hitting $1 billion in trading volume on its 24-hour decentralized exchange (DEX) this week, closely follows Ethereum's $1.164 billion debut.
Main points
Solana achieved 1 billion USD in 24-hour DEX trading volume, 1.164 billion USD of Ethereum mobile phones were sold, which shows that Solana-based projects Meme coin BONK is growing in 100 records related to Solana ecosystem. % Price Increase Despite the gains, Solana's price is down more than 5% due to overselling.
The increase in 2023 highlights Ethereum for NFT sales and the top 15 cryptos with the highest year-over-year growth. Boosting Transaction Volumes It was an exciting time when Saga Mobile sold Solana-based crypto phones. Originally scheduled for a Q1 2023 release, growing institutional demand quickly lifted the US inventory.
“Amazing milestone. 6 years is just the beginning!” Raj Gokal, co-founder of Solana Labs, tweeted. The news follows the listing of meme coin BONK, which is associated with the Solana ecosystem, on major exchanges such as Binance, with a 100% gain.
Anatoly Yakovenko, the founder of Solana, expressed his shock at the passing of the $1 billion daily trading volume. “Several factors played a role in reaching this milestone,” he told reporters. “Solana Mobile includes significant acquisitions, significant trading in dog-based joke coin BONK, and optimism about Solana's ecosystem.”
Wow what day is it????????????
We have officially sold Saga phones in the US! A big thank you to everyone who is a part of this journey ♥️
For those of us in Europe, we still have a few left.
Wait what's coming????
– Solana Mobile ???? (@solanamobile) December 15, 2023
The Orca DEX aggregator has also seen its total value locked (TVL) triple over the past two months, surpassing $1 billion as investors chase airdrops. Riding a wave of network activity records, Solana reversal predictions are mounting.
“Solana's interest in DeFi is fueled by potential participants in Jupiter's ZUP climate,” said analyst Kathryn Price, whose top Solana DX project outpaced ethereum leader Uniswap's daily volume. “Token distribution will be conducted in four stages. The team does not intend to hold additional token sale rounds, so the JUP airport is the only major opportunity to get an early JUP allocation.”
24 hour volumes: Uniswap: $909MJupiter: $992M$JUP is about to go crazy.
All your volumes are now Solana.
Heck, I still own a bunch of Ethereum. Why do I continue to rummage through my own wallet?
— Jacob Canfield (@JacobCanfield) December 16, 2023
Others cautioned that the trade rout could be short-lived as speculation took profits. SOL prices have retreated nearly 6% from weekly highs.
“The increase in trading volume on Jupiter can only be driven by excitement over the upcoming airdrop options,” said one observer. For farmers focused on acquiring tokens before listing on exchanges, speculation on airdrops can significantly move markets.
However, Solana's 2010 XRP remains within striking distance of becoming the third largest blockchain by market capitalization. If developer activity, institutional interest and transaction volumes continue to grow, more volatile fireworks may be in store.
