Solana’s DeFi has seen a huge growth in the midst of a market rally. DeFiLlama data shows that the volume of trading on Solana decentralized exchange from March 3 through March 6 exceeded $2 billion four days in a row.
The daily trading volume peaked on 5th March at $2.85billion, which is a record.
Solana DEX Activity Soars
Solana has been busy the last seven days. witnessed The trading volume of the network has increased by over 150%, bringing in around $15 billion. In the last 24 hour, layer 1’s trading volume reached $2.05 billion.
Solana currently controls a large portion of the decentralized exchange volume (DEX), accounting for 28,5%. Ethereum has a slightly larger share, at 36.1%.
According to a report by Reuters, just a year earlier, the market landscape was vastly different. Solana held a tiny 1.1% share of the market, while Ethereum had a significant 50%-70% share. data Tom Wan shares his experience as a digital assets strategy associate with 21.co.
This shift highlighted Solana’s rapid growth within the DeFi Ecosystem. It positioned it as a rival to Ethereum’s dominance of the space, despite its long-standing network problems.
Orca is the leading DEX on Solana, with a trading volume of $847.53 Million in the past 24 hour, followed closely by Raydium, $595.48 Million, and Phoenix, $288.4 millions.
SOL, the native token of Solana, has once more secured its place in the top five crypto assets based on market capitalization after posting monthly gains of approximately 50%. It is currently trading around $140.
Network Outages
Solana’s history is filled with instances of downtime. Since 2021 it has experienced at least one major crash per year, which severely disrupts block production. Solana addressed the issue after he was criticized by these outages.
The network was able to provide uninterrupted service throughout the year up until a five-hour outage. occurred The streak was broken on the 6th of February.
The post-mortem report that followed was a good indication of the cause of death. reportA bug in the Just-in-Time compilation cache caused older applications to be repeatedly recompiled. This monopolized network resources, and brought blockchain operations to an abrupt halt.
It was a bug that caused an infinite loop of recompiling in Solana’s transactions process. It affected the version 1.17 Solana validator client. As a result, all validators would stall. stake I was using this version.
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Source: cryptopotato.com