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The events of 2022 involving FTX were once interpreted as the end for the Solana network and its native token SOL. The price had dropped to $8 after this period, facing predictions of its demise. However, everything changed, and as of December 25, 2023, the price rose to $122, leaving all negative comments behind and ranking among the top altcoins of the year.
Current State of Solana (SOL)
New data provided by DeFiLlama, which closely follows developments in decentralized finance (DeFi), revealed that Solana (SOL) has become the second most traded crypto asset on decentralized exchanges (DEXs), following Ethereum (ETH), as of the time of writing.
According to data from DeFiLlama, Solana’s DEX trading volume increased by more than 25% last week, reaching a total of $5.6 billion. Consequently, SOL ascended to the position of the second most traded cryptocurrency on DEXs. Just 12 days earlier, on December 13, Solana was ranked fourth in DEX trading volume.
During this period, Ethereum generated a trading volume of $8.89 billion over the past week, making it the most traded DEX asset.
In the last 24 hours, Solana’s DEX trading volume was close to Ethereum’s $1.07 billion volume at $895.9 million, albeit slightly behind. The price of Solana saw a 7.73% gain in the last 24 hours and has experienced a tremendous increase of over 1,000% since the beginning of the year. It was trading at $122.32 at the time of writing.
New Developments in the Solana Network
As the SOL price increases, so does the number of participants in the Solana network. Last week, stablecoin issuer Paxos made a significant announcement, revealing plans to expand to the Solana network.
The New York-based crypto firm announced that it would launch its stablecoin, Pax Dollar (USDP), on the Solana blockchain starting January 17, 2024.
Solana’s co-founder Raj Gokal made the following statement:
The decision by Paxos to bring its stablecoin issuance to the Solana blockchain will demonstrate how Solana’s high-performance network and low transaction fees can support regulated financial products, offering leaders like Paxos new ways to scale and innovate.
Another development for Solana occurred in the mobile technology field. The Web3 smartphone Saga, which went on sale in April and sold out shortly after, received significant attention. As a surprise, Saga came with a reward of a rapidly rising meme coin on the Solana network, Bonk (BONK).
