This Week in Solana: The Trade War Saga Continues, DEX Volumes Crash, and the Ecosystem's Market Cap Tumbles 11.49%

Here is a recap of this week's highs and desperate lows within the Solana ecosystem.

Solana had a rough week with ecosystem tokens taking a hit and DeFi TVL dropping.

However, some DEXs outside the top 10 managed to post impressive gains.

Despite the losses, Solana still fared better than competitors like Avalanche and NEAR.

Solana's market cap decreased by 11.49%, while trading volume surged by 47.88% last week. Among the ecosystem tokens, the majority faced double-digit losses.

Top Gainers

Cropper (+97.58%)

Sanctum (+104%)

Manifest Trade (+52.65%)

Top Losers

Cre8tr (-90.07%)

Port (-78.03%)

Zeta (-69.21%)

Solana's DeFi ecosystem experienced a decline last week, with TVL dropping by 6.57%. This loss was observed across various DeFi blockchain networks, except for CORE which saw a gain of 4.23%.

Top Gainers

STEPN (+10.07%)

Top Losers

Port (-78.03%)

Zeta (-69.21%)

Cre8tr (-90.07%)

Pump.fun, a Solana-based Web3 game, is facing a class-action lawsuit for allegedly violating securities laws. The complaint accuses the game's developers of offering unregistered securities and making false statements.

Solana-based ride-hailing startup Teleport has announced its closure due to financial difficulties. The company encountered challenges in raising funds and expanding its operations.

Over $2 billion worth of crypto positions were liquidated in 24 hours on March 8, as traders reacted to the news of Silvergate's failure and the worsening banking crisis.

Coinbase is reportedly planning to launch Solana futures on its exchange, following the successful introduction of Ethereum futures in 2023. The exchange aims to capitalize on the growing demand for sol futures.

Raydium, a Solana-based decentralized exchange, has surpassed Uniswap in monthly DEX volume, according to Footprint Analytics. This marks a significant achievement for the Solana ecosystem.