In the quest for profits, the resurgence of Solana this year has propelled SOL-native exchanges to the forefront of defi activity, according to data from DefiLlama. In the past 24 hours, five Solana-only protocols have emerged in the top 10 decentralized exchange (DEX) volumes.
DEX platforms are blockchain-based trading venues that enable users to trade, buy, and swap cryptocurrencies. On-chain investors can also provide liquidity through decentralized exchanges, earning yields or passive income to support their trading activities.
Leading the DEX space in terms of daily trading volumes are Uniswap and PancakeSwap, with $1.6 billion and $616.3 million respectively. Solana’s Orca exchange has secured the third spot with $322.4 million in trading volume over the past day. DODO, an Arbitrum-based platform, follows in fourth place with $227.3 million, while Raydium, SOL’s largest DEX by total value locked, ranks fifth with $221.9 million.
Completing the top 10 are Phoenix, Lifinity, and Meteora, all of which are Solana-powered exchanges with trading volumes of $216.3 million, $159.6 million, and $151.4 million respectively. Thorchain and Curve Finance round out the list, placing ninth and tenth according to DefiLlama.
Solana’s native protocols are gaining attention amidst a surge in demand for meme coins. The blockchain has emerged as a leading network for meme token speculation, attracting interest from asset management giants like Franklin Templeton and venture capitalist firms such as Andreessen Horowitz.
Despite a decline in activity, experts predict that Solana is poised to surpass its all-time high in the near future.