Forget Q1 Slump: Solana Explodes Over 300% Amid DEX Boom

In the first quarter of 2024, Solana became the clear leader thanks to a notable increase in the amount of Decentralized Exchange (DEX) and Decentralized Finance (DeFi).

In addition to its remarkable rise in DEX and DeFi sectors, Solana’s dominance was further solidified by its scalability, low transaction fees, and robust infrastructure.

The massive increase in DEX volume signifies a substantial rise in trading activity within the SOL ecosystem. This trend aligns with the broader adoption of DeFi, with Solana establishing itself as a major player in the space.

This remarkable increase is described in detail in a new report titled “State of Solana Q1 2024” by on-chain analytics company Messari.

The research states that throughout the last three months, The altcoin’s average daily spot DEX volume increased by over 300% to $1.5 billion.

Solana DEX Volume Skyrockets

Solana’s DeFi total value locked, a metric that represents the total value of cryptocurrency locked within DeFi protocols on a blockchain, surged by over 200% to nearly $5 billion, placing it fourth among all networks. This indicates a growing appetite from investors for DeFi projects built on Solana.

.@solana has become the home for retail users.

QoQ Metrics – DEX Volume 332% – Revenue 597% – Total raised in ecosystem 51% – Market cap 97%

Check out the full Q1 report by @ph0rt0n