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DEX Volume of Solana Exceeds $28 Billion in December

2024-01-02 16:45:40

In December, the decentralized exchanges operating on the Solana network collectively recorded a trading volume exceeding $28 billion.

Source:abcc.com

The decentralized exchange (DEX) landscape on Solana, encompassing a range of platforms, significantly contributed to the blockchain's strong performance over the month. Raydium, a prominent DEX within the Solana ecosystem, experienced a weekly decrease of 42.6%, registering a 24-hour trading volume of $224.1 million and a weekly volume of $2.4 billion. Despite this weekly decline, Raydium continued to dominate, accounting for 41.1% of the overall trading volume, which totaled $53.6 billion.

Following closely, Orca and Lifinity secured their places as the second and third top performers, each witnessing weekly drops of 19.7% and 11.7%, respectively. Orca reported a 24-hour trading volume of $209 million and a weekly volume of $2.6 billion, whereas Lifinity posted figures of $47.1 million and $824.2 million for the same periods. Mango Markets stood out with a positive weekly growth of 17.6%, recording a 24-hour volume of $9.5 million and a seven-day volume of $332.7 million. Additionally, platforms like Drift, OpenBook, Crema Finance, Saber, Penguin, Aldrin, Saros, Serum, and Synthetify also contributed to the overall growth of Solana's DEX ecosystem during the month.

Solana's impressive 87% growth in December has transformed many small investors into millionaires, with some achieving this feat from investments as low as $100. Data from Lookonchain highlights some remarkable success stories. One investor started with just $92 in Solana (SOL) and managed to grow this to around $1.55 million within 16 days. By buying 0.7 SOL, they acquired 20.5 million SILLY tokens. With the token's significant price rise, they now hold 15 million SILLY tokens, valued at about $1.35 million, distributed across two wallets.

In another instance, an investor saw their $242 swell to $250,000 in under 24 hours, marking a thousandfold return. This was accomplished by acquiring 38.5 million MELON tokens for 3 SOL and later selling a portion for 1,562 SOL. Recently, a trader netted over $5.7 million in just six days from a $2,220 initial investment. This impressive return, exceeding 2570 times the original amount, came from buying 16 billion ANALOS tokens shortly after their market debut.


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