The Solana network has surpassed other blockchains in the monthly decentralized exchange trading volume for February, according to WatcherGuru.
Solana has maintained its dominance for the fifth time in a row, surpassing Ethereum, Binance Smart Chain, and other blockchains in the decentralized exchange space. It recorded over $105 billion in trading volume.
Binance Smart Chain (BSC) comes in second with a trading volume of $84.3 billion, followed by Ethereum with a trading volume of $82.0 billion.
According to a report by SolanaFloor, the total DEX volume increased this month, with a massive flow of bridged assets to the network.
An additional report by Artemis.XYZ, a crypto metrics and analytics firm, indicated that over $700 million worth of assets were sent to Solana from other blockchains. $400 million of the total assets were sent from Ethereum to Solana. This indicates an increased interest and preference for the Solana network.
Solana Dominates the Market
In addition to Solana’s domination in trading volume, the DeFi network has established a strong presence in the NFT market. Solana has surpassed other blockchains in NFT user adoption, with over 146,000 users and a 32% margin. This is the highest in the market.
While it succumbed to the recent bear rally in the crypto market, experiencing a decline of 29% in the last month, it has seen a significant price appreciation with a 14% rise in the last 24 hours.
Most of Solana’s recent success can be attributed to its addition to President Donald Trump’s proposed reserve of digital assets. Since then, these assets, including XRP, Bitcoin, Ethereum, Cardano, and Solana, have all experienced significant price increases.
As Solana continues to chart its path to recovery, analysts believe that more activity on its network is to lead to a price surge. While SOL is currently trading between $159 and $161, the token can reach the $200 threshold as long as it continues its current trajectory.
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