Journalist
Posted:
- Daily swap transactions on Solana rose to 9.25 million on Christmas Day.
- Solana outperformed Ethereum in 7-day DEX volume.
Solana [SOL] has far outperformed other blockchains in the decentralized finance (DeFi) space lately.
Swaps on Solana wave
According to AMBCrypto’s analysis of Flipside’s statistics, daily swap transactions on Solana rose to 9.25 million on Christmas Day. For comparison: the larger smart contracts network Ethereum [ETH] could only clock 135,000 transactions.
Source: Flipside
Crypto swapping, as is known, allows one to instantly trade one cryptocurrency for another, without going through any crypto-to-fiat exchange. It has become one of the most critical indicators of a protocol’s DeFi growth.
Solana’s high swap volume reflected increased trust and demand for its DeFi protocols, including decentralized exchanges (DEXs).
A look at Solana’s DEX growth
According to AMBCrypto’s examination of DeFiLlama data, Solana-based DEXes recorded transactions worth $10.74 billion in the past week. This even outperformed Ethereum, which performed $9.42 billion in transactions.
In fact, December has proven to be the most productive month for Solana’s DEX activity. Since the beginning of the month, more than $24 billion has been settled at the time of writing, a phenomenal threefold increase from the previous month.
Source: DeFiLlama
Aside from the frenzy on its DEXs, the network saw a significant increase in the USD value of cryptos locked on its DeFi projects.
Over the past month, the total value of Solana (TVL) has more than doubled to $2.19 billion at the time of writing. In fact, Solana had the fastest monthly growth rate of the top ten networks.
Source: DeFiLlama
As was clear, the jump was mainly driven by SOL’s rally on the price charts. However, the SOL-denominated TVL also rose 5.6% this week.
How much are 1,10,100 SOLs worth today?
SOL returns as traders lock in profits
SOL witnessed a sharp pullback in the last 24 hours as impatient traders decided to take profits. This retracement caused SOL’s market capitalization to fall, pushing it to fifth position CoinMarketCap.
However, when zooming out it was all green. SOL posted a gain of 87% last month and almost eleven times more than at the beginning of the year.
