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DeFi Powerhouse: Solana’s TVL Reaches Two-Year Peak on the Backdrop of Surging DEX Volume

Solana is rapidly gaining authority in the DeFi space 

Solana's ascent in the crypto bull market is undeniable, with its SOL token experiencing a remarkable 30% increase in value over the past month, reaching around $190. This growth is mirrored in Solana's decentralized finance (DeFi) sector, which has soared to unprecedented heights. According to DeFiLlama, the surge in Solana-based decentralized exchange (DEX) activity has been extraordinary, with daily transaction volumes surpassing $3.6 billion, a new all-time high. 

This uptick in activity is attributed to the network's low transaction fees and the rising popularity of meme coins such as Wen, Dogwifhat, Bonk, and Book of Meme (BOME), which have seen significant trading volumes.

Mert Mumtaz, CEO of Helius Labs, commented on the network's performance, stating: 

"Solana is insanely congested right now and still broke a record in all-time DEX volume stoked to see what we can achieve once the network is functioning better." 

This sentiment reflects the optimism surrounding Solana's potential despite current network congestion.

Milestones and records: Solana's defining moments in DeFi

The trajectory of Solana's DeFi ecosystem is marked by several significant milestones, underscoring its dominance. Notably, the network's total value locked (TVL) surged to a two-year high, nearly touching $4 billion. This achievement is a testament to the growing confidence and investment in Solana's infrastructure. Patrick Scott, a DeFi analyst, highlighted this moment, stating: 

"Solana DeFi TVL, including liquid staking, flipped the Binance Smart Chain (BSC) for the first time during the past day."

In a similar vein, Lark Davis, a prominent crypto influencer, remarked on Solana's resilience and growth: 

"In 2023, Solana DeFi was declared dead. Since then, its TVL is up 18x. And yesterday, Solana just flipped Ethereum in daily stablecoin transfer volume. That’s quite a turnaround." 

This dramatic recovery and expansion speaks volumes about Solana's capabilities and its competitive stance against Ethereum.

Adding to its list of achievements, Solana has seen a notable increase in the creation of new Solana Public Library (SPL) tokens. Over the past week, an average of over 7,800 SPL tokens were minted daily on the network, with a peak of 9,690 tokens on March 11, setting a new record for single-day creation, as reported by Solscan.