Solana Decentralized Exchange Altcoin Surges by Over 95% in a Week Amid Rapid Network Growth
The native token of a decentralized exchange (DEX) built on Solana (SOL) has experienced a remarkable surge of over 95% in value this week, fueled by the network’s robust growth. Raydium (RAY), an on-chain order book automated market maker (AMM), has seen its native token, RAY, trading at $1.72 at the time of writing, marking a significant increase from around $0.88 just one week ago. This 144th-ranked cryptocurrency by market cap has also jumped by nearly 16% in the last 24 hours and an astonishing 1,140% since the beginning of the year.
RAY’s impressive gains coincide with the explosion of total value locked (TVL) in the Raydium protocol. TVL measures the amount of capital deposited within smart contracts and provides insights into the health of a crypto ecosystem. As of now, Raydium boasts a TVL of $116.8 million, reflecting a remarkable increase of over 38% in the past week and 118% in the past month, according to DeFi Llama, a decentralized finance tracker.
Solana itself has witnessed a significant surge in TVL over the past month, with the Ethereum (ETH) competitor now reporting a total value locked of $1.328 billion at the time of writing. This represents a jump of nearly 28% in the last week alone and an impressive 154% increase in the last month.
At the time of writing, SOL, the 5th-ranked cryptocurrency by market cap, is trading at $96.62, experiencing a 4% increase in the past 24 hours.
[Generated Image: Midjourney]