Record Volumes for Solana DEX:
- Solana’s decentralized exchanges (DEX) are experiencing rapid growth, with volumes increasing tenfold since October 17.
- In December, Solana DEX volume nearly tripled compared to the previous record in November.
- This surge follows two major token airdrops in the Solana DeFi ecosystem, with a third one in the works.
Crazy Growth of Solana DEX
Activity on Solana’s DeFi protocols has seen a significant rise, partly fueled by price increases. DeFiLlama data reveals that December’s exchange volume on Solana DEX broke the previous monthly record set in November, almost tripling it.
In the last 24 hours, Solana DEX recorded just under $1.45 billion in total, nearly $200 million less than the volume recorded by Ethereum DEX.
Historically, Solana DEX had relatively low volumes compared to Ethereum. However, in December, the gap between the Solana and Ethereum DeFi ecosystems has considerably narrowed. At certain times during the month, Solana DEX even recorded more volume than Ethereum DEX.
The Impact of Airdrops on DEX Growth
The recent token airdrops by Solana’s DeFi protocols, such as Pyth, Jito, and the upcoming Jupiter, have stimulated activity on Solana DEX.
In late November, the Pyth oracle network airdropped tokens to its users. The total value of these tokens, based on current market prices, is estimated to be around $87 million. Shortly after, Jito, recognized as the second-largest liquid staking protocol on the Solana blockchain, also conducted a token airdrop worth approximately $228 million.
Today, attention is partly focused on Jupiter, which announced the upcoming launch of its own token, with 40% of its supply being distributed to the community.
