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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Solana DeFi Landscape Thrives With Record $11 Billion Trading Volume

Christian Encila
Christian Encila
1 year ago
3 mins read
Solana

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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The Solana decentralized finance (DeFi) sector is experiencing a period of phenomenal growth, with decentralized exchanges (DEXes) witnessing record-breaking trading volumes and the native token, SOL, reaching a new 20-month high. However, amidst the euphoria, experts advise caution due to potential market risks.

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Solana: ‘Greed’ Index

While Solana’s DeFi landscape flourishes, it’s crucial to acknowledge the potential risks associated with the current market sentiment.

Market data from CFGI indicates that the current sentiment is characterized by “Greed,” implying a scenario where the market might be overbought. This raises concerns about the possibility of sharper price corrections in the near future.

Source: CFGI

DEXes Drive The Surge

Data from DeFiLlama reveals that between February 25th and March 2nd, Solana-based DEXes processed a staggering $11.24 billion in cumulative trading volume, marking a significant milestone in weekly activity.

This surge surpasses previous benchmarks and outpaces major blockchains, including Ethereum. NewsBTC analysis shows a remarkable 177% increase in Solana’s DEX activity over a single week, solidifying its position as a major player in the DeFi arena.

SOL market cap currently at $57 billion. Chart: TradingView.com

This growth is a stark contrast to the subdued performance during the recent bear market. However, the fourth quarter of 2023 witnessed a reversal of fortunes, culminating in December with the highest-ever monthly DEX volumes, exceeding $28 billion.

Jupiter, the largest DEX on Solana, has been instrumental in this surge. CoinGecko reports that Jupiter executed $1.5 billion in trading volumes within the last day, temporarily surpassing the established leader, Uniswap V3.

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Beyond Trading: TVL And SOL Price Rally

The growth extends beyond trading volumes. Solana’s Total Value Locked (TVL), which represents the combined value of all cryptocurrencies deposited in its DeFi protocols, has surged by an impressive 52% in the last month, reaching $5.13 billion. This growth can be partly attributed to the remarkable gains observed in SOL, Solana’s native token.

Source: DeFiLlama

SOL’s price performance has been exceptional, currently trading at $132, marking a 4% increase from the previous day. This upward trend includes a 30% surge in the past week and a stellar 37% increase in the last 30 days.

This price appreciation signifies a significant breakthrough, reaching a new peak not seen since November 2021, placing it 20 months removed from its all-time high of $260.

Featured image from Freepik, chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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