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In the last 30 days, there has been a significant change in the performance of DeFi protocols on Solana. Orca, a decentralized exchange, experienced an increase of 85.5% in Daily Active Users (DAU), rising from 7,600 to 14,100. Conversely, Raydium, a Solana-based AMM, saw its active user count soar by 161.2%, from 6,700 to 17,500. Dooar Swap recorded a modest growth of 41.9%, with DAU numbers climbing from 3,100 to 4,400. At the same time, Serum noted a substantial rise of 153.8%, increasing from 2,600 to 6,600.
Chart illustrating the Daily Active Users (DAUs) on Solana’s DeFi protocols from Oct. 3 to Nov. 1, 2023 (Source: Dune Analytics)
Although the total DAU figures have risen for all protocols, their relative proportions among all users on Solana have experienced some changes. Orca’s share decreased from 30% to 26%, while Raydium’s share increased from 27% to 32%. Dooar Swap’s share fell from 12.4% to 8.2%, and Serum’s share saw a slight rise from 11.2% to 12.5%.
Graph depicting the number of Daily Active Users (DAUs) on Solana’s DeFi protocols as a percentage of all users from Oct. 3 to Nov. 1, 2023 (Source: Dune Analytics)
Regarding transactions, Orca’s transaction share increased from 34.3% to 40%. Raydium’s share saw a notable rise from 18.2% to 35.3%.
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The price of Solana’s native token, SOL, nearly doubled, rising from $23.4 to $43.4. Raydium’s RAY token grew from $0.02 to $0.3. Orca’s ORCA token also experienced a significant increase, moving from $0.88 to $1.44.
Graph showing the percentage increase for Solana (SOL), Raydium (RAY), and Orca (ORCA) from Oct. 3 to Nov. 1, 2023 (Source: TradingView)
The data reflects strong growth in user adoption for the DeFi protocols on Solana, particularly for Raydium and Serum. The notable rise in DAU for these protocols indicates an increasing trust and interest in their services. The change in DAU as a percentage of all users highlights a dynamic and competitive environment. While Orca and Dooar Swap experienced a reduction in their relative share, Raydium and Serum succeeded in capturing a larger portion of the user base. The transaction volume data further emphasizes Orca and Raydium’s prominence within the Solana ecosystem. Their growing transaction share suggests that these platforms are becoming integral to the Solana DeFi landscape.
The price increases of SOL, RAY, and ORCA tokens reflect a positive market sentiment towards Solana and its related protocols. However, such swift price escalations should be approached with caution, as they may also signify speculative bubbles. Solana’s ecosystem is clearly flourishing, with its DeFi protocols witnessing considerable growth in user adoption and transaction volume. While this expansion is noteworthy, it is crucial to view such data with a healthy skepticism. Rapid increases, particularly in token prices, can sometimes be influenced by speculative activities rather than authentic adoption or utility.
The post A month in review: Solana’s DeFi protocols break new ground appeared first on CryptoSlate.
