Solana Emerges as the Premier Blockchain of Choice for This Key Factor

Solana’s Remarkable December Performance

Solana is poised to achieve its highest monthly decentralized exchange (DEX) volume in 2023 during December.

Notably, Solana experienced an impressive 81% increase in weekly DEX volumes, reflecting the platform’s growing prominence in the blockchain space.

The native coin SOL has undergone a remarkable surge, skyrocketing by 261% since the mid-October rally.

Furthermore, Solana (SOL) has surpassed Arbitrum (ARB) to secure the position of the second-largest blockchain in terms of DEX volumes over the last 24 hours.

Increased Activity on Solana-based DEXs

According to AMBCrypto’s analysis of DeFiLlama’s data, Solana-based DEXes recorded trades valued at more than $912 million, surpassing Arbitrum’s $721 million in trading volume.

Meanwhile, Ethereum (ETH) maintained its position as the market leader, with transactions exceeding $1 billion.

Over the past seven days, Solana witnessed a significant surge in DEX volumes, exceeding $6 billion, marking an impressive 81% increase. The analysis revealed a notable spike in trading activity over the last month and a half.

• In November, Solana saw deals worth $7.4 billion, breaking the dry spell of average monthly volumes.
• In December, volumes have already reached $7 billion at the midway point, potentially making it the most productive month for Solana DEX volumes.

Major liquidity providers on the Solana network, including Orca and Raydium, played a significant role in this surge.

Solana’s TVL Reaches New Heights

Aside from the bustling activity on its DEXes, the Solana network witnessed substantial growth in the USD value of cryptocurrencies locked in its DeFi projects.

Utilizing DeFiLlama’s data, it was revealed that Solana’s total value locked (TVL) more than doubled since mid-October, experiencing nearly a 45% gain, second only to Avalanche (AVAX).

SOL Becomes Market Favorite

Solana’s DeFi prospects received a significant boost from its impressive performance in the price charts. The native coin SOL surged by 261% since the mid-October rally, reclaiming pre-bear market levels of 2022, according to CoinMarketCap.

This remarkable turnaround in spot price attracted the attention of derivatives traders, as indicated by AMBCrypto’s analysis of Coinglass data. Capital invested in active SOL futures contracts more than tripled, mirroring the upward trajectory of the coin’s price.