Solana DeFi Sector Sees Massive Growth With Record Trading Volume

According to CryptoPotato, Solana's decentralized finance (DeFi) sector has experienced significant growth, with the decentralized exchange (DEX) trading volume surpassing $2 billion for four consecutive days from March 3 to March 6. The figure reached a record high of $2.85 billion on March 5. Over the past week, Solana's trading volume increased by over 150%, attracting around $15 billion. In the last 24 hours, the layer 1 network recorded a trading volume of $2.05 billion. Solana now accounts for 28.5% of the total DEX volume, while Ethereum holds a slightly higher share at 36.1%. A year ago, Solana had a market share of just 1.1%, while Ethereum dominated with a 50%-70% share. Leading DEXs on Solana include Orca with $847.53 million in trading volume over the past 24 hours, followed by Raydium with $595.48 million, and Phoenix with $288.4 million during the same period. Solana's native token, SOL, has regained its position in the top five crypto assets by market cap after posting approximately 50% in monthly gains, currently trading at around $140. Despite recurrent instances of downtime, Solana has implemented fixes to address the issues, maintaining uninterrupted service for an entire year until a 5-hour outage occurred on February 6th. A bug in the Just-in-Time (JIT) compilation cache caused older programs to be repeatedly recompiled, monopolizing network resources and halting blockchain operations. The bug impacted version 1.17 of Solana's validator client, resulting in the stall of all validators, as 95% of the cluster stake was using that version.

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