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- DeFi trading on Solana increased by more than 170% to touch a new weekly high of $12.7 billion
- The new high surpassed December’s high by roughly $2 billion
- The rise in trading volume has been attributed to the ongoing positive attitude across the crypto space
The Solana blockchain continues to command the DeFi market with its weekly volume reaching $12.7 billion after rising 177% in the last week. The weekly volume exceeded its previous high of $9.8 billion it had set in December last year. Although the rise in volume can be linked to the ongoing bull run, there are fears that the positive momentum is almost over.
A 250% Increase in a Week
According to blockchain data aggregator DefiLlama, the top six DeFi protocols on Solana in the last one week in terms of traded volume are Orca, Raydium, Phoenix, Lifinity, Allbridge Classic and OpenBook in that order. The protocols have registered a trading volume of between $364 million and $4.9 billion in a week.
Despite Orca leading in trading volume with $4.9 billion, Lifinity, Raydium and Phoenix beat it in the weekly percentage increase with 250%, 203% and 196% respectively against Orca’s 146%.
Most of the activity has been attributed to the ongoing positive sentiment across the crypto market with Solana-based meme coins such as BONK and Dogwifhat (WIF) contributing a bigger percentage of the trading volume of Solana-based DeFi platforms.
Leading by $5 Billion
Ethereum DeFi platforms’ weekly traded volume towers that of Solana by close to $5 billion. The top six DeFi platforms on Ethereum are Uniswap, Curve Finance, Balancer, PancakeSwap, DODO and Sushi, with a 7-day trading volume of between $142 million and $13.3 billion.
The increase comes two months after Solana beat Ethereum in DEX trading volume by over $200 million.
With the ongoing crypto bull run and a rise in meme coin trading, it’s yet to be seen whether Solana’s DeFi trading volume will exceed that of Ethereum, again.
