Solana Surges as Raydium Dominates DeFi Landscape
Solana's decentralized finance (DeFi) landscape is undergoing significant changes. The blockchain's leading DEX, Raydium, has taken a whopping 60% market share, according to DeFiLlama data.
This comes as overall DeFi activity cools off and meme coins start fleeing towards Tron. Solana's 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, attracting over 200,000 active users daily, as seen in Artemis data shared by an analyst on X. This is leaving other competing protocols in the dust.
Solana's daily active addresses have hit an all-time high, boasting an average of 5.5 million daily active users. The blockchain's base layer scalability is giving it an edge over Ethereum and its layer-2 solutions.