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The community registered $10B in DEX quantity up to now seven days, whereas Ethereum processed $8.8B.
Solana season is in full pressure with the community overtaking Ethereum for the primary time when it comes to decentralized change quantity and non-fungible token gross sales over the previous week.
DEX quantity on Solana has skyrocketed up to now seven days, topping $10 billion in accordance with DefiLlama., and taking pictures previous Ethereum’s d $8.8 billion over the identical time interval. Solana additionally claimed first for 24-hour quantity, with $2.1B in opposition to Ethereum’s $1.2B.
DEX quantity isn’t Solana’s solely victory. The community has processed $109 million NFT gross sales up to now seven days, Crypto Slam stories, eclipsing Ethereum by $30 million.
Solana’s token, SOL, has additionally been on a rocket ship. Its market capitalization reached $39.6B, inserting it within the high 5 largest cryptocurrencies, surpassing XRP. The token is up 7.3% to $92.78 in the present day, and has seen a whopping 670% enhance this yr.
Memecoin Frenzy
Memecoins appear to be fueling the present frenzy, with BONK going bonkers with a 300% enhance in December. In response to Coingecko, its market cap has surpassed the $1 billion mark. One other Solana-based memecoin, Dogwifhat, has additionally added to the frenzy, clocking a 428% achieve up to now seven days.
With a flurry of merchants making an attempt to get in on the following BONK, tokens are being issued at a powerful tempo. Virtually 5,000 new tokens launched in the present day alone.
SOL Touchdown
This previous week, at the very least three web3 startups which have been primarily based on different Layer 1s made the leap to Solana, with Render, Ondo Finance, and Helium touchdown on the chain.
Simply in the present day Paxos stated it acquired authorization by a NY regulator to situation its USDP stablecoin on the community. This represents the primary stablecoin issuance on one other community that isn’t Ethereum.
Giant entities similar to Visa and Shopify have additionally added help for Solana this yr.
It’s a far cry from the state of the community only one yr in the past, when it was nonetheless reeling from the collapse of FTX after struggling a number of outages within the earlier months.
The query merchants have to be asking after the rally is, can it stick with it?
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