Solana Decentralized Exchange Altcoin Exploded By Over 95%
Solana is the star of the week, according to the latest reports. Check out the following details about the price of the altcoin below. Solana sees price explosion The native token of a decentralized exchange (DEX) develo...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
Solana is the star of the week, according to the latest reports. Check out the following details about the price of the altcoin below.
Solana sees price explosionThe native token of a decentralized exchange (DEX) developed on Solana (SOL) has surged by over 95% this week due to the network’s rapid growth.
Raydium (RAY) is an automated market maker (AMM) with an on-chain order book. RAY’s native token is currently trading at $1.72, up from approximately $0.88 a week ago.
The crypto asset is ranked 144th by market cap and has risen by almost 16% in the last 24 hours and over 1,140% since the beginning of 2021.
RAY cryptocurrency has seen recent gains due to the explosion in total value locked (TVL) within the Raydium protocol.
TVL refers to the amount of capital deposited within a protocol’s smart contracts, and it’s often used to gauge the health of a crypto ecosystem.
According to the decentralized finance tracker DeFi Llama, Raydium’s TVL has reached $116.8 million at the time of writing, which represents an increase of over 38% in the past week and 118% in the past month.
Solana, which is known as a competitor to Ethereum (ETH), has also experienced a significant increase in TVL in the past month. As per the current data, Solana’s TVL is $1.328 billion, an increase of almost 28% in the past week and 154% in the past month.
At the time of writing, SOL – the 5th-ranked crypto asset by market cap – is trading at $96.62. It has seen an increase of over 4% in the past 24 hours.
Solana in the newsStablecoin issuer, Paxos, is expanding its services to the Solana (SOL) network.
This marks the first time a multi-chain platform is regulated across multiple jurisdictions.
The New York-based cryptocurrency firm has exclusively worked with Ethereum (ETH) in the past, but will now release its dollar-pegged crypto asset, Pax Dollar (USDP), over the Solana blockchain.
Why this matters
This altcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on CryptoGazetteRelated market context
Crypto crash liquidations face massive data gap as public records contradict $18B Solana claim
Solana Research Institute, a Solana-aligned research group, used an Aug. 14 post to revive a July open letter by Angus Scott to th...
Solana leads growth in tokenized US T-bills with $378M increase
Solana's surge in tokenized T-bills highlights its growing role in blockchain finance, challenging Ethereum's dominance and attrac...
Perpetual Futures Now Rule Crypto Trading as Volumes Sink to a 31-Month Low
Perpetual futures are winning the crypto market, but the prize is smaller than it was a year ago. Stocks, indexes, gold and pre-IP...
Compute Exchange launches contracts to lock in AI token prices for six months
Compute Exchange's contracts could stabilize AI operational costs, fostering broader AI adoption and innovation by mitigating fina...
Israel’s Largest Bank to Offer Bitcoin, Ether and Solana Trading With Galaxy in 2027
Key Takeaways: Bank Leumi will be the first bank in Israel to allow customers to trade digital assets. LEUMI and PEPPER will allow...
Why a weekend break below $62,500 could unleash a Bitcoin selling wave toward $58,500
Bitcoin trades near $62,900 heading into the weekend, having touched an intraday low of $62,538 on Aug. 14. That low effectively t...