Solana’s DEX Market Boom: Can SOL Beat Downtrends in 2023?

  • Solana’s DEX portfolios are up 83% in the past year.
  • Despite the decline of TVL, the Solana NFT market and revenue is growing.

According to the new data provided by him delphi digital, It has been noted that the number of DEX wallets on the Solana network has grown exponentially in the past year.

Well, to quantify, it’s grown 83% since the beginning of 2023, which is significant growth.

Source: Delphi Digital

Collects revenue

This increase in the number of DEX wallets on the Solana network could be a positive development for the ecosystem as a whole, as it indicates the growing interest and adoption of Solana.

What is 1,10,100 SOL worth today?

After that, Solana’s revenues also saw a huge increase. According to the token station, it has gained 30.6% in the last 30 days.

This increase in revenue may be due to the increasing number of DEX wallets on the Solana network, as more users lead to more trading activity and thus more revenue.

In addition, the increased revenue may be an indication of the growing popularity of Solana and its products. Note that this may attract more traders to the platform.

Source: token terminal

However, despite the growth in DEX portfolios and revenue, Solana’s total value locked (TVL) continued to decline, according to Defi Llama. It fell from $295 million to $275 million last month. This decrease in TVL may indeed be cause for concern.

On the other hand, Solana’s NFT market has seen significant improvements, with an increase in daily active users in Solana’s NFT markets, according to Dune Analytics.

This increase can be attributed to the popularity of NFT pools such as y00ts and DeGods. These groups have attracted a lot of interest and attention from the community.

However, these pools moving to different chains in the future could pose a problem for Solana’s NFT market. In this case, the SOL ecosystem may see a decrease in the number of users as well as a decrease in volume.

Social side

One of the reasons for Solana’s growth could be her activism on the social front. Solana has seen a 41.2% increase in social mentions in the past few days according to LunarCrush data.

Besides, feelings towards Solana have also been positive in the past month. It influenced SOL to climb the charts. For example, Solana has increased volume according to data from Santiment. Trading volume rose from $496 million to $2.65 billion last month.

Is your wallet green? Check out Solana’s Earnings Calculator

Solana’s market capitalization followed suit and also recorded a significant increase over the period.

Source: feeling

It remains to be seen if Solana will be able to sustain this growth in the future. However, at the time of writing, Solana’s price is at $23.03 and is up 3.60% in the last 24 hours.

Leave a Reply

Your email address will not be published. Required fields are marked *