Can Solana’s DEXes Propel it into the Major Leagues? Fresh Insights Indicate…
According to data published on 13 May, it was observed that the overall DEX volumes on the Solana [SOL] network increased substantially over the last week.
Solana Makes a Mark
The growth of Solana’s DEX volumes surpassed that of its competitors such as Ethereum [ETH], Arbitrum [ARB], and Polygon [MATIC].
Even though the protocol lagged behind its competitors in terms of daily activity, the rise in DEX volumes could suggest that Solana may be able to compete with other protocols in this sector soon.
A large part of the spike in DEX volumes could be attributed to Raydium’s growth. Raydium is an on-chain order book AMM.
An on-chain order book AMM facilitates trading by matching buy and sell orders on the network without the need for an off-chain order book.
According to Dapp Radar’s data, the number of unique active wallets on Raydium increased by 84.9% over the last week. Additionally, the number of transactions being made on the network surged by 147.9%.
Other dApps on the Solana network, such as Saber, also showed improvements. Dapp Radar’s data indicated that volume and activity on the protocol soared materially on the network over the past month.
