Solana’s DeFi sector has experienced massive growth amid a market-wide rally. According to DeFiLlama’s data, the decentralized exchange trading volume on Solana from March 3 to March 6 surpassed $2 billion for four consecutive days.an increase of over 150% in its trading volume, attracting around $15 billion in the process. The layer 1 network recorded $2.05 billion trading volume in the last 24 hours alone.
Just a year ago, the landscape looked vastly different, with Solana holding a mere 1.1% market share while Ethereum dominated with a substantial 50%-70% share, according toThis shift essentially highlighted Solana’s growth trajectory within the DeFi ecosystem, positioning it as a competitor to Ethereum’s longstanding dominance in the space despite its network issues.
Meanwhile, Solana’s native token, SOL, has once again secured its position in the top five crypto assets by market cap after posting approximately 50% in monthly gains. It was currently trading at around $140.Solana has faced recurrent instances of downtime in its history. Since 2021, it has encountered at least one significant crash annually, severely disrupting block production. Following scrutiny due to these periodic outages, Solana implemented several fixes to address the issues.
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