Solana Dominates DEX Market with $6 Billion Weekly Trading Volume and $9.2 Billion Total Value Locked

According to data from DefiLlama, the decentralized exchange (DEX) trading activity on the Solana blockchain has demonstrated impressive resilience, sustaining an average daily volume exceeding $6 billion over the past week. This remarkable figure represents nearly 45% of the total market share for decentralized trading platforms, highlighting Solana’s strong position amidst a decline in trading volumes across other leading blockchain DEXs.

Further enhancing its competitive edge, Solana’s total value locked (TVL) has surged to approximately $9.2 billion, outperforming the BNB Chain, which boasts a TVL of $5.3 billion. As DappRadar reports, Solana has also attracted a staggering 29.3 million unique active addresses interacting with decentralized applications (DApps) in just the past week, dwarfing figures from Near, Binance Smart Chain (BSC), and Avalanche.

The funding rate for SOL futures has reached a noteworthy peak of about 4.2% as of November 22nd, indicating a stable long position trend at approximately 2.4% per month, marginally above neutrality. These metrics paint a picture of a robust and growing ecosystem within the Solana network, positioning it favorably for future developments.