Solana DeFi Dominance Sparks Meme Coin Exodus
Solana's decentralized finance (DeFi) scene is heating up, led by Raydium, a leading decentralized exchange (DEX), which has grabbed a whopping 60% market share. This comes as overall DeFi activity cools off and meme coins start fleeing towards Tron.
According to DeFiLlama data, the total value locked across major blockchains sits at $77 billion, with Ethereum still leading the pack but Solana making waves.
Raydium's user base is exploding, with over 200,000 active users daily, as shown by Artemis data shared on X. This leaves other competing protocols in the dust.
Solana's daily active addresses have hit an all-time high, with 5.5 million daily active users on average. Ethereum and its layer-2 solutions can't keep up, thanks to Solana's base-layer scalability.