Solana DEX Trading Surges 34% To Over $3 Billion, Setting New Records

November 20, 2023 - Around 2 mins mins to read

Key Points:

Solana DEX trading surged by 34% in the past week, reaching over $3 billion and setting a new record high.
Top DEXs Orca and Raydium experienced more than 40% growth during this period.

Solana DEX trading surged 34% to over $3B in the past week, reaching a record high. Top DEXs Orca and Raydium saw over 40% growth. Solana ranks third in weekly transaction volume behind Ethereum and Arbitrum.

The trading volume of Solana’s decentralized exchanges (DEXs) has witnessed a significant surge, with a 33.89% increase in the past week, reaching over $3 billion.

The growth has propelled Solana to become the third-largest chain in terms of weekly transaction volume, trailing only Ethereum and Arbitrum. With top DEXs Orca and Raydium both growing by more than 40%.

Solana DEX Trading Surges 40% To Over $3 Billion

Solana is currently the third-largest chain in terms of weekly transaction volume behind Ethereum ($9.87 billion) and Arbitrum ($4.33 billion).

This surge in trading activity marks a departure from the previous year’s trend, during which Solana’s DeFi sector experienced a decline in TVL due to the decreasing price of SOL and the overall market downturn.

Concerns about the project’s association with the financially troubled FTX exchange further contributed to the downward trajectory. However, the recent surge in Solana DEX trading volume indicates a renewed confidence in the ecosystem.

Despite this positive momentum, Solana faced a security vulnerability in the Solana Saga phone, an Android-based smartphone that integrates the Solana Mobile Stack (SMS).

CertiK, a leading cybersecurity firm, discovered a flaw that put over 2,100 devices at critical risk since April. The vulnerability allowed assets to be transferred within a minute of obtaining the phone. CertiK promptly informed Solana and issued a public alert regarding the issue.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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