Decentralized finance (DeFi) enthusiasts have increasingly turned their attention to Solana [SOL]-based protocols, particularly decentralized exchanges (DEXes), in recent months.
Solana's DEXes have witnessed a remarkable surge in activity, with a total trading volume of $11.24 billion recorded between February 25th and March 2nd. This marks a historic milestone in the ecosystem, reflecting a 177% weekly growth rate, surpassing even Ethereum [ETH].
After a period of subdued activity during the bear market, Solana's DEXes began to ascend in the fourth quarter of 2023. December saw record-breaking monthly DEX volumes, exceeding $28 billion.
Leading the surge is Jupiter [JUP], Solana's largest DEX, which recently executed trading volumes worth $1.49 billion in a 24-hour period, briefly outperforming Uniswap [UNI] V3.
Alongside the booming DEX activity, Solana has experienced a significant increase in the USD value of cryptocurrencies locked in its DeFi projects. Solana's total value locked (TVL) soared by 52% over the past month, reaching $5.13 billion.
The native token's remarkable price surge has been a major driver of this growth, with SOL-denominated TVL also witnessing a substantial 22% year-to-date increase.
At present, SOL is trading at $130.70, having experienced a 2.81% decline in the last 24 hours. However, the broader picture remains bullish, with SOL up by 28% since the beginning of 2024.
Market sentiment, as indicated by Hyblock Capital data analyzed by AMBCrypto, currently leans towards "Extreme Greed," suggesting an overbought market and raising concerns about potential sharp pullbacks in the near future.
The US Consumer Price Index (CPI) data for May showed that the inflation rate remained at 0.3%, surpassing market expectations. However, on an annual basis, it decreased from 3.4% in the previous month to 3.3%. This cooling trend has sparked optimism in the market.
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