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    NFT Sales Spike in July—but Still Miles Below 2024’s Highs

    Ethereum Collections Lead NFT Sales Today

    Ethereum Collections Lead NFT Sales Today

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  • Crypto
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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    NFT Sales Spike in July—but Still Miles Below 2024’s Highs

    Ethereum Collections Lead NFT Sales Today

    Ethereum Collections Lead NFT Sales Today

    how NFTs became a global brand and a Web3 “social currency”

    how NFTs became a global brand and a Web3 “social currency”

    Pixel Vault Removes CEO Following Self-Dealing and Rug Pull Accusations

    Pixel Vault Removes CEO Following Self-Dealing and Rug Pull Accusations

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    Labubus have succeeded in every way that NFTs have failed

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    CryptoPunks Floor Price Hits 3-Year High of $208,000

    NFT sales surge to $574 million in July, second-highest in 2025

    NFT sales surge to $574 million in July, second-highest in 2025

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    Crypto Scammer Gets Prison Time for Swiping NFTs, Coins via Hacked X Accounts

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    CryptoPunks price surges to $200k, $PUNKS loaner Gondi accused of facilitating chandelier bids

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    Ethereum NFT Sales Surge 56% in July 2025 as Alt-Chains Lose Market Share

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    The Biggest Games Releasing in August 2025

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    TaskOn Joins EPHYRA to Elevate AI-Powered Gaming Experience

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    The Squid Fighter game is taking Telegram by storm — join the fight and claim your NFT before it’s too late!

    Early Off the Grid Skin Holders Are Cashing In – Will You?

    Early Off the Grid Skin Holders Are Cashing In – Will You?

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    This Game Lets You Relive the Ethereum Story Through Vitalik Buterin’s Eyes

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    NFTs at Your Fingertips: Inside Japan’s NFT Vending Machine Trend

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  • Blockchain
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    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

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    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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  • AI
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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

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    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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Home Altcoins

Solana Explodes Over 300% Amid DEX Boom

April 6, 2024
in Altcoins
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Solana Explodes Over 300% Amid DEX Boom
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CryptoGames now supports Tether (USDT) for deposits and announces partnership with Bitinvestor

Toncoin heats up: What does $398M in trading volume indicate?

In the first quarter of 2024, Solana became the clear leader thanks to a notable increase in the amount of Decentralized Exchange (DEX) and Decentralized Finance (DeFi).

In addition to its remarkable rise in DEX and DeFi sectors, Solana’s dominance was further solidified by its scalability, low transaction fees, and robust infrastructure.

The massive increase in DEX volume signifies a substantial rise in trading activity within the SOL ecosystem. This trend aligns with the broader adoption of DeFi, with Solana establishing itself as a major player in the space.

This remarkable increase is described in detail in a new report titled “State of Solana Q1 2024” by on-chain analytics company Messari.

The research states that throughout the last three months, The altcoin’s average daily spot DEX volume increased by over 300% to $1.5 billion.

Solana DEX Volume Skyrockets

Solana’s DeFi total value locked, a metric that represents the total value of cryptocurrency locked within DeFi protocols on a blockchain, surged by over 200% to nearly $5 billion, placing it fourth among all networks. This indicates a growing appetite from investors for DeFi projects built on Solana.

.@solana has become the home for retail users.

QoQ Metrics
– DEX Volume ⬆️ 332%
– Revenue ⬆️ 597%
– Total raised in ecosystem ⬆️ 51%
– Market cap ⬆️ 97%

Check out the full Q1 report by @ph0rt0n 👇https://t.co/hYA1d2ZPY6 pic.twitter.com/egpv6U9Rl8

— Messari (@MessariCrypto) April 5, 2024

Stablecoin Adoption On Solana On The Rise

Another bright spot for Solana in Q1 was the significant growth in its stablecoin market capitalization, which jumped by 50% to nearly $3 billion. This surge was primarily driven by USDC, the leading stablecoin, whose market capitalization on Solana increased by an impressive 110% to slightly above $2 billion.

See also  Improvements to Solana Following The ‘Kiss of Death’

This growth reflects a rise in trust and adoption of stablecoins on the Solana blockchain, which are cryptocurrencies pegged to the value of traditional assets like the US dollar, offering stability in a volatile market.

SOL market cap currently at $77.5 billion. Chart: TradingView.com

Solana Price Volatility A Concern

Despite the positive indicators, the report also acknowledges some potential drawbacks. While the high trading volume is a positive sign, the fact that meme coins are a major contributor raises questions about the long-term sustainability of this growth.

Meme coins are often known for their erratic price movements and lack of underlying utility. Their dominance in Solana’s DEX volume might indicate a speculative bubble rather than genuine growth based on solid projects.

At the time of writing, SOL was trading at $174, reflecting a 12% decrease in the last seven days. This price volatility is a common concern in the cryptocurrency market, and Solana is not immune to it.

Featured image from Pixabay, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Tags: BoomDEXExplodesSolana

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