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5 Solana-only protocols rank in the top 10 in def volume
As traders and investors search for gains, this year’s Solana resurgence has pushed native SOL trades to the forefront of def activity.
DefilLama data shows that five Solana-only protocols have appeared in the top 10 decentralized exchange (DEX) volumes in the last 24 hours.
A DEX is a trading venue built on a blockchain that allows users to buy, sell and trade cryptocurrencies. On-chain investors can also provide liquidity through decentralized exchanges, earning yield or passive income to support trading with capital.
Top 5 Solana DEX Providers
Uniswap and PancakeSwap lead the DEX space with daily trading volumes of $1.6 billion and $616.3 million, respectively. That of Solana (SOL) The Orca exchange ranked third after accumulating $322.4 million in the last day. The Arbitrum-based DODO platform ranked fourth, recording $227.3 million, while SOL’s largest DEX by total value locked, Raydium, came in fifth with $221.9 million.
Rounding out the top 10 are Phoenix, Lifinity and Meteora. All three are Solana-operated exchanges and boast respective volumes of $216.3 million, $159.6 million, and $151.4 million. Thorchain and Curve Finance rounded out the top 10 DEX protocols by volume, placing ninth and tenth for DefiLlama.
Best SOL-Based DEX Platforms | Source: DefiLlama
SOL native protocols are gaining attention during a time of memecoin demand. Like crypto.news reported, the SOL ecosystem has become the leading network for meme token speculation. The entire blockchain has also garnered mentions from wealth management giants like Franklin Templetonas well as venture capital firms such as Andreessen Horowitz.