Ethereum noisy neighbors turn up the volume
Raydium, a leading decentralized finance protocol on the Solana blockchain, has surpassed industry leaders this week. A surge in active wallets propelled it to the third position in the overall DeFi ranks based on users. The platform attracted almost 20% more active wallets week over week, driving over $1 billion in volume. Placing Raydium above arguably more established players Uniswap v3, Sushi, Apeswap, and MetaMask Swap.
In the last 7 days, the Raydium DeFi platform attracted 87,830 unique active wallets that completed 5.49 million transactions that drove $1.05 billion in volume through Raydiums smart contracts. Interestingly that shows us that an average transaction in the last 7 days on Raydium is worth around $200. Interesting mainly because on leading Ethereum DeFi protocols the figure is much higher.
One reason for the surge has been the introduction of fusion pools for certain token pairs, launched on the 27th of October. The pools accommodate investors looking to earn more RAY and further rewards in SYP by providing liquidity for SYP/SOL, SYP/USDC, or SYP/RAY which returns some handsome rewards for investors.
Solana turns up the heat
Solana has made a very impressive start to its journey. Having already amassed $12.7 billion in total value locked across its DeFi protocols, Raydium is responsible for $1.8 billion of that figure. While the number of daily active wallets interacting with Raydium is certainly close to competitors’ figures, the fact they are climbing speaks volumes about the Solana network and its dapps. We may observe these DeFi dapps interchanging positions over the coming weeks and months but one thing is very clear. The DeFi landscape has more to offer hungry investors than ever and while some prefer to stick with Ethereum dapps, others are finding better deals elsewhere.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in ETH, BTC, ADA, MATIC, SAFEMOON, HEX, LINK, GRT, CRO, OMI, USDT, SOL, SHIBA INU, AVASTR, RAY, BOSON, AND OCEAN