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During the weekend, the entire cryptocurrency market saw a notable downward move, with the price of Solana losing the $200 mark in a swift and sudden pullback. Nonetheless, this sharp bearish move in price did not hinder the network’s on-chain activity, which continues to grow strongly.
While Markets Crashed, Solana Network Stood Strong
The Solana blockchain has displayed notable resilience once again, even as the broader crypto market experienced a huge bearish wave. With the report from SolanaFloor on the social media platform X, the leading network maintained a positive performance in opposition to its price action.
According to the platform, the network did quite well during the biggest cryptocurrency liquidation event in history, with median fees staying low. This high network performance and uptime reinforce its growing reputation as one of the most robust and scalable blockchains in the crypto sector. Meanwhile, Ethereum layer 2s mimicked mainnet fee increases, with Arbitrum gas hitting roughly $100 per transaction.
Solana’s performance metrics continue to astonish the crypto community, as the blockchain recently witnessed a significant surge in raw transactions. This astounding throughput, which greatly exceeds that of the majority of other major blockchains, highlights SOL’s technological advantage in scalability and efficiency.
Data from the platform shows that SOL’s raw transactions surged to an impressive 6,000 to 10,000 per second. Such a high number of transactions points to increasing developer adoption, NFT engagement, and active Decentralized Finance (DeFi).
In addition to the rise in raw transactions, SolanaFloor highlighted that utilization drew close to 60 CUs per block. During this time, its median transaction fees have stayed low, indicating the rising prominence of SOL as a top platform for blockchain apps with outstanding performance.
SOL’s DEXs Trading Volume On The Rise
Amid the largest crypto liquidation event in history, where billions were wiped out across major crypto exchanges, Solana Decentralized Perpetual Exchanges (perp DEXs) have reached an unprecedented milestone.
In another post on X, SolanaFloor reported that the blockchain’s perp DEXs recorded their highest-ever trading volume, which is situated at over $4.49 billion. The notable expansion points to a developing DeFi ecosystem on SOL, driven by minimal costs, lightning-fast transactions, and growing institutional involvement.
According to the report from SolanaFloor, the Jupiter Exchange, with a volume of $2.34 billion, was at the forefront of this surge in perp DEXs. This surge comes as traders rushed to reposition themselves during extreme market volatility.
During last night’s massive liquidation event, SOL DEXs also processed a substantial wave of trading volume. SolanaFloor revealed that a total of more than $8 billion in processed trading volume, with Orca leading the charge. With $2.49 billion, Orca has taken the number 1 spot in trading volume. Furthermore, a combination of four SOL DEXs surpassed $1 billion in trading volume over a 24-hour period.
Featured image from Adobe Stock, chart from Tradingview.com
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