According to Odaily, data compiled by venture capital firm Pantera Capital reveals that over 60% of the increase in decentralized exchange (DEX) trading volume in May occurred on the Solana blockchain. The share of Solana in DEX trading volume has risen from 0% at the beginning of 2021 to 24% in May 2024.
The number of unique active addresses on the network has also seen a significant increase, from 14,000 in October 2020 to nearly 1.3 million in May 2024. This growth in active addresses indicates a growing user base and increased activity on the Solana blockchain.
These figures highlight the growing popularity and adoption of the Solana blockchain in the decentralized finance (DeFi) sector. The significant increase in DEX trading volume on Solana suggests that more traders are turning to this blockchain for their trading activities, contributing to its growing market share in the DEX trading volume.