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Solana takes over Ethereum in the DeFi market
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The Solana ecosystem has made progress in its growth trajectory, consolidating itself as one of Ethereum’s main competitors in the decentralized finance (DeFi) sector.
Weekly volume of decentralized exchanges (DEXs) on Solana reaches new heights. Compared to Ethereum, the weekly volume percentage on Solana shows an increase of 266%, showing that the network’s DEXs process more than double the volume of those based on Ethereum.
According to DeFiLlama, Solana’s market share on DEXs represents 36% of the total in DeFi in the last week and 46% in the last 24 hours.
The increase in the use of DEXs is driven by activity involving memecoins. Additionally, DeFi adoption on Solana gains momentum, reflecting substantial growth in the network’s total value locked (TVL).
Solana in DeFi
Since January, this value has increased by 500%, jumping from US$1.4 billion to US$8.4 billion. The growth not only results from the appreciation of the SOL token, but also from initiatives aimed at strengthening the ecosystem.
On November 20, Sky, formerly MakerDAO, revealed the launch of USDS on the Solana network. The proposal aims to make USDS the main DeFi-focused stablecoin on the platform.
The integration takes place directly into Solana’s largest DeFi protocols, such as Raydium, Jito, Drift and Kamino Finance, expanding the possibilities for users and investors.
The Wormhole solution plays a crucial role in the integration between Ethereum and Solana. USDS support facilitates native token transfer between networks, ensuring unified liquidity. Wormhole highlights the relevance of the moment, referring to the integration as a milestone in the renaissance of DeFi.
This boost from Solana in the DeFi market, combined with investor optimism in the cryptocurrency market, has seen the SOL token rise by more than 20% in November and analysts believe it could rise even further with the approval of Solana ETFs in the US.
Solana takes over Ethereum in the DeFi market
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Solana takes over Ethereum in the DeFi market
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Solana takes over Ethereum in the DeFi market
