Decentralized exchanges continue to decline in the cryptocurrency industry with the general downturn in the market. In addition, DEX in Solana’s ecosystem has also felt pressure over the past three months.
According to Solana Daily, traffic for DEX projects has decreased “almost steadily” in Solana.
In retrospect, this decline coincided with the general debilitating conditions in the market. From now on, AMM is the segment that dominates the traffic market share of Solana DEX.
according to Solana DailyThe Raydium protocol, at the time of writing, was the AMM with the highest traffic density among Solana DEX.
In fact, it absorbs twice as much network traffic as the second-place buyer exchange. While most Solana-based DEXs are down, there are currently a few exceptions.
Saros Finance made the biggest jump on Solana as it increased network traffic by 96%. It is followed by Mercurial which showed steady growth during the period with an increase of 14%.
Finally, Cykura Finance completed the list with another decent growth of 28%.
Solana continues to sail
Solana Daily too mentioned At the top of Solana groups by market value. According to the update, the best group here is DeGods at $131.2 million followed by Stepn at $45.7 million. The top three were completed by Solana Monkey with a market capitalization of over $35.8 million.
Well, Solana also posted a weekly summary of his major accomplishments in the past week. The week saw significant growth in Solana-based NFT markets despite the August 26 cryptocurrency massacre.
However, Magic Eden still dominates this segment with a volume of 336 thousand SOL from 365.5 thousand transactions by more than 67.7 thousand active users. Magic Eden is followed by Exchange Art (12K SOL) and Coral Cube (2.6K SOL).
Well, development has been a major feature of Solana despite the onslaught of recent months.
However, Solana Labs focuses on building a safe and secure blockchain network. It lives up to its name as the “Ethereum Killer”.
Despite their intentions, the fate of SOL tokens is still tied to the terms of the macro. At press time, SOL is trading at $30.60 after losing more than 3.2% of its value in the past 24 hours.