In a disappointing start to the year for the rest of the market, major projects on Solana are witnessing unprecedented volumes.
Solana Economy Shows Resilience
The first week of January has been a challenging time for the crypto-verse at large due to the marketwide slump, but several top projects in the Solana ecosystem are witnessing volumes like never before.
Serum, one of the leading decentralized exchanges (DEXs) and liquidity providers on Solana, hit a near all-time high of trading volumes of nearly $321 million on January 7, as per analytics from the VybeNetwork, which are run in collaboration with Project Serum. The DEX achieved this in a highly congested market and bearish market conditions, which have impacted the native token of the Solana network, SOL.
Jupiter, a liquidity and swap aggregator, built on Solana, hit an all-time high in trading volume of $166.2 million on January 7, as per data from the protocol’s official analytics page. On January 8, the protocol announced the launch of Solana’s first trade splitting, wherein orders are split dynamically between different AMMs to minimize slippage and attempt to deliver the best prices for its users.
Drift Protocol, the perpetual swap exchange on Solana that uses a dynamic AMM, is also witnessing volumes like never before. At the time of writing, Drift witnessed an all-time high of 24 hr trading volume of $102.37 million on January 11, as per data from Drift. Simultaneously, this took the cumulative volumes traded on the protocol to just over $1 billion, a landmark moment for the platform.
Additionally, as previously reported by Solana.News, it was revealed by the Solana Foundation on December 25 that the Solana network achieved carbon neutrality in 2021. The foundation achieved this objective by funding a process called refrigerant destruction in order to offset the carbon footprint of the Solana network for all of 2021.
What is Solana?
Solana is one of the fastest-growing blockchain networks in the market. The network was initially released in April 2019 by co-founders Anatoly Yakovenko and Raj Gokal. The total value locked (TVL) on DeFi protocols based on the Solana network hit an all-time high of $15.25 on Nov. 9, 2021, as per data from DeFiLlama. At the time of writing, the TVL on the network is at $9.41 billion.
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Source : solana.news
