For two consecutive months Solana recorded trading volumes exceeding $20 billion, with a 177% increase on dex in 7 days

Solana's numbers

The impressive numbers recorded by Bitcoin in the last week have overshadowed the performances of the main altcoins, not so much in terms of price action, but in terms of their fundamentals.

Among these, above all, Solana, whose DeFi ecosystem records the most interesting numbers. Precisely this, in fact, according to data collected by DeFiLlama, would have reached a cumulative volume of 11.24 billion dollars in the period between February 25th and March 2nd, marking an absolute record in a weekly interval. A growth rate of 177%, well above any other blockchain.

Solana's DeFi business started growing in the fourth quarter of 2023, and it was in December that the highest monthly volumes ($28 billion) were reached.

The launch of the native Jupiter token, the largest dex on Solana, contributed largely, but even today the platform seems to have taken on a leading role, with volumes that compete with those of other dexes such as Uniswap.

The growth of SOL

Likewise, Solana's TVL is also growing steadily, up 52% (the highest rate among all ecosystems) in the last month and above $5 billion. The growth was mainly driven by the massive rise in SOL as such, but interest in staking also seems to be increasing in parallel (+22% year to date).

SOL seems to be floating around $130 these days, in a context where volatility reigns supreme. However, the bullish pattern appears to remain so, following growth of 28% since the beginning of 2024.

The only risk, in this moment of growing euphoria, is that there could instead be strong corrections in the price in the near future, accentuated by the FOMO of new investors.