Solana’s ecosystem has recently experienced a meme coin issuance frenzy, leading to a significant increase in on-chain trading volume. Among them, the trading volume of Jupiter and Raydium has far exceeded that of Uniswap V3 on Ethereum.
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1. Solana’s on-chain trading volume exceeds 1 billion pounds more than Ethereum
2. Jupiter takes the top spot in trading volume, surpassing Uniswap
3. Solana reaches a new high since November 2021 and then falls back
Ever since Solana’s phenomenon-level meme coin, BOME (BOOK OF MEME), appeared, the Solana ecosystem has triggered a wave of ICO-like issuance, with various projects starting public fundraising and attracting a frenzy of community chasing, thereby driving the surge in on-chain trading volume.
According to DeFiLlama data, the decentralized exchange (DEX) trading volume on Solana reached $3.478 billion in the past 24 hours, surpassing Ethereum’s $2.327 billion and Binance Smart Chain’s (BSC) $1.337 billion, accounting for 34.43% of the total network trading volume. The trading volume in the past week also reached $19.48 billion, slightly higher than Ethereum’s $19.31 billion, and significantly ahead of BSC’s $12.919 billion.
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Furthermore, the on-chain trading on Solana is mainly concentrated in the DeFi aggregator Jupiter, decentralized exchange Raydium, and Orca.
According to CoinGecko data, the total trading volume of these three platforms accounts for 50% of the DEX trading share in the Solana ecosystem. As of the deadline, Jupiter and Raydium had trading volumes of approximately $2.477 billion and $2.473 billion in the past 24 hours, respectively, nearly twice the trading volume of Uniswap V3 on Ethereum, which was $1.416 billion during the same period. The third-ranking exchange on Solana in terms of trading volume, Orca, also reached a trading volume of $1.241 billion, approaching Uniswap V3 on Ethereum.
It is worth mentioning that the most traded currency on Jupiter and Raydium is the meme coin SLERF, highlighting its significant contribution to the substantial increase in on-chain trading volume on Solana.
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Meanwhile, Solana broke through $200 on the 18th and reached a high of $210.18, setting a new high since November 2021. Its market capitalization once exceeded $92.5 billion, surpassing Mercedes-Benz’s $85.36 billion and SoftBank’s $85.78 billion.
However, there was a correction of more than 10% before the deadline, temporarily reporting $187.83, but the overall ecosystem’s heat remains high.
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