Solana’s DEX Volume grew by an impressive 332% in the first quarter despite ongoing blockchain network problems. Indeed, data from Messari The platform’s overall health is shown by calling it “the “home for retail users.”
It is not a post to X (formerly Twitter)Data analytics company identified the impressive features of network during the first quarter 2024. But these new developments come amid user frustration. 75% of all failed transactions led to an avalanche of complaints from users.
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Solana’s DEX volume surges in Q1 despite ongoing network complaints
Solana emerged throughout the year as a beneficiary of the digital assets focus in 2024. In March, it played a key role in the meme coin frenzy. In fact, early adopters of the meme coin like Dogwifhat(WIF) or Book of Meme(BOME) saw impressive growth curves.
The network’s user problems have hampered its impressive performance. But that does not appear to be indicative of the recent successes. Messari, a data analytics platform, noted that Solana’s (SOL), DEX volume saw an increase of 332% despite network issues.
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It has been a great year for the DEX platform. The platform has at times even performed better than Ethereum. But that is not all that has been benefited. Its revenue increased by a staggering 597% during Q1, and its market capitalization has also skyrocketed 97%.
This doesn’t change the fact that there are still issues the network is trying to address. It appears that the network is having difficulty meeting the demand as retail traders are struggling with their experience. Moreover, Dune analytics More than 75 percent of the non-voting transactions reported failed.
According to experts, this development could be linked to an increase in bot spam. Helius CEO Mert Mumtaz. He noted, in fact, that 95% percent of the graph of failed transactions are “bots and failing arbitrage attempts.” In the end, this correction should allow the network to mirror its incredible performance in the last month.
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Source: watcher.guru