|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Solana-Native Exchanges Dominate DeFi Amid Token Speculation Frenzy
May 08, 2024 at 01:07 am
Solana's resurgence in 2023 has propelled SOL-based exchanges to the forefront of decentralized finance (DeFi) activity. In the past 24 hours, DefiLlama data shows that five Solana-exclusive protocols have跻身 top ten decentralized exchange (DEX) volumes. These DEXes have experienced significant trading volumes, with Orca ranking third with $322.4 million, Raydium in fifth place with $221.9 million, and Phoenix, Lifinity, and Meteora also making appearances in the top ten.
Solana-Native Exchanges Surge to Dominance in DeFi Amid Token Speculation
As cryptocurrency enthusiasts flock to decentralized finance (DeFi) platforms, Solana's resurgence has propelled SOL-native exchanges to the forefront of the industry. According to data from DefiLlama, five Solana-exclusive protocols have emerged within the top 10 decentralized exchanges (DEXs) by trading volume over the past 24 hours.
DEXs are blockchain-based marketplaces that allow users to buy, sell, and swap cryptocurrencies without intermediaries. They also provide opportunities for on-chain traders to provide liquidity, earning yield or passive income while facilitating transactions.
Leading the DEX landscape are Uniswap and PancakeSwap, with daily trading volumes of $1.6 billion and $616.3 million, respectively. Solana's Orca exchange ranks third with a daily volume of $322.4 million. Arbitrum-based platform DODO follows in fourth place with $227.3 million, while Raydium, Solana's largest DEX by total value locked, secures fifth position with $221.9 million.
Rounding out the top 10 are three Solana-powered exchanges: Phoenix, Lifinity, and Meteora, boasting volumes of $216.3 million, $159.6 million, and $151.4 million, respectively. Completing the list are Thorchain and Curve Finance, occupying ninth and tenth place, as per DefiLlama.
The rise of SOL-native protocols has coincided with a surge in demand for memecoins. As reported by crypto.news, Solana's ecosystem has become a hotspot for speculative trading in these tokens. The blockchain has also garnered attention from asset management giants like Franklin Templeton and venture capitalist firms such as Andreessen Horowitz.
Analysts attribute Solana's success in the DeFi space to its high transaction throughput, low transaction fees, and a thriving developer community. These factors have made the blockchain an ideal platform for building and deploying DeFi applications.
As the DeFi market continues to evolve, the prominence of Solana-native exchanges is expected to grow further. With their superior scalability and user-friendly interfaces, these platforms are poised to capture an increasing share of the DeFi market and drive innovation within the broader cryptocurrency ecosystem.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- DOGE Pumps Hard: The Strongest Meme Token Dominating Crypto
- Sep 20, 2024 at 11:15 pm
- Doge, Shib, and Floki will be left whimpering as the real alpha storms in. Meet DOGEN – the baddest, most bullish meme token to ever hit the market.
-
- Catizen's $CATI Token Lists on Multiple Exchanges
- Sep 20, 2024 at 11:15 pm
- Mantle's flagship game, Catizen, officially launched its token, $CATI, on multiple exchanges today, including Binance, OKX, Bybit, Gate.io, and Bitget.
-
- Bitcoin (BTC) Price Didn't Skyrocket Following Fed Interest Rate Cut
- Sep 20, 2024 at 10:37 pm
- Crypto Tips posted a video on YouTube to describe why the Bitcoin price did not have a major price explosion following the Federal Reserve's decision to cut the interest rate by 50 basis.
-
- Catizen Launches Its $CATI Token on Binance, OKX, Bybit, Gate.io, and Bitget
- Sep 20, 2024 at 10:37 pm
- Mantle's flagship game, Catizen, officially launched its token, $CATI, on multiple exchanges today, including Binance, OKX, Bybit, Gate.io, and Bitget.
-
- How to Invest in Bitcoin: A Guide for Beginners
- Sep 20, 2024 at 10:30 pm
- Although Bitcoin was originally envisioned as a technology for payments, today most people consider it to be an investment asset—something to save in a Bitcoin IRA
-
- Has Cardano (ADA) Price Already Peaked This Bull Cycle?
- Sep 20, 2024 at 10:30 pm
- An analysis by crypto expert Nick Regan suggests that Cardano (ADA) may face bearish pressure in the short term, despite potential for a brief upward movement.
-
- Tezos Price Prediction: 2024-2030
- Sep 20, 2024 at 10:30 pm
- Here are some key highlights based on the safemoon price prediction discussed in this article:
-
- Avalanche Struggles & Ethereum Price Surges; BlockDAG Finally Drops its Testnet While Early Backers Eye 30,000X ROI Ahead
- Sep 20, 2024 at 10:30 pm
- As crypto investors search for the best crypto to invest in, recent events surrounding Avalanche (AVAX), Ethereum and BlockDAG have grabbed their attention.
-
- GoodEgg (GEGG): An AI-Driven "Play-to-Date" Cryptocurrency Contender to Artificial Superintelligence Alliance (FET)
- Sep 20, 2024 at 10:25 pm
- As the world of crypto AI continues to gain momentum, GoodEgg (GEGG), an AI-driven “play-to-date” cryptocurrency, is emerging as a contender