DeFi
5 Solana-only protocols rank top 10 in challenge volume
As traders and investors look for gains, Solana’s revival this year has propelled SOL-native exchanges to the forefront of challenge activity.
ChallengeLlama data shows that five Solana-only protocols appeared in the top 10 decentralized exchange (DEX) volumes over the past 24 hours.
A DEX is a trading platform built on a blockchain that allows users to buy, sell and trade cryptocurrencies. On-chain investors can also provide liquidity through decentralized exchanges, generating yields or passive income to support capital trading.
Top 5 Solana DEX Providers
Uniswap and PancakeSwap lead the DEX space with daily trading volumes of $1.6 billion and $616.3 million, respectively. That of Solana (GROUND) The Orca exchange ranked third after raising $322.4 million last day. Arbitrage-based platform DODO placed fourth, recording $227.3 million, while SOL’s largest DEX by total value locked, Raydium, came fifth with $221.9 million. dollars.
The top 10 is completed by Phoenix, Lifinity and Meteora. All three are Solana-powered exchanges and have respective volumes of $216.3 million, $159.6 million, and $151.4 million. Thorchain and Curve Finance rounded out the top 10 DEX protocols by volume, ranking ninth and tenth by DefiLlama.
Top DEX Platforms Based on SOL | Source: DéfiLlama
SOL-native protocols are attracting attention during a period of memecoin demand. Like crypto.news reported, the SOL ecosystem has become the first meme token speculation network. The whole blockchain has also been mentioned by asset management giants like Franklin Templetonas well as venture capital firms such as Andreessen Horowitz.