According to data compiled by venture capital firm Pantera Capital, more than 60% of the additional trading volume on decentralized exchanges (DEXs) in May occurred on the Solana blockchain. Pantera describes Solana’s growth as a monolithic architecture and refers to it as the macOS of blockchains. Solana’s share of DEX volume has increased from 0% earlier this year to 24% in May 2024, thanks to its architecture that combines hardware and software for enhanced performance. This architecture has facilitated a surge in retail activity on Solana in recent months. Solana’s unique active addresses have grown from 14,000 in October 2020 to nearly 1.3 million by May 2024. As a result, priority fees on the network have skyrocketed from less than $100,000 per month in mid-2023 to over $60 million in March 2024. Solana’s architecture has also made it a popular choice for developers working on memecoins and decentralized infrastructure projects. Since January, the network has witnessed a significant increase in the creation of new tokens, surpassing other chains like BNB Smart Chain, Ethereum, and Polygon. This increased performance has also positively impacted Solana’s SOL token, which has seen a price increase of over 723% in the past year, currently trading at $123. However, Pantera’s report does not address the network’s past challenges, including downtime due to technical issues. Solana’s upcoming Firedancer upgrade, scheduled for a full version release in 2025 with phased rollouts before that, is expected to improve the network’s resilience and reliability as activity continues to grow.
Solana dominates Mays new DEX volume earning the title macOS of blockchains with a 60 market share