Solana slides 8% to $129, TVL drops to $6.4 billion.
TL;DR
- Solana slides 8% to $129, TVL drops to $6.4 billion.
- BONK acquires NFT marketplace.
- Raydium shrugs off a mounting challenge to dominate DEX volume.
- Hyperliquid delists Solana-based meme coin.
- Solana DEX volume skyrockets 32% to $10.5 billion.
Introduction
Solana has yet to decide on a clear direction this week, experiencing a correction and giving back 8% of the gains made last week to trade at $129 at the time of writing.
Beyond price movements, there were other positive takeaways. PumpSwap, the newly launched native DEX by Pump.fun, reached nearly $2.5 billion in cumulative volume within just over a week. Despite facing competition from PumpSwap, Raydium continues to lead DEX volumes on Solana.
Crypto advocate Miller Whitehouse-Levine launched the Solana Policy Institute to educate Washington lawmakers on digital assets beyond Bitcoin.
Additionally, Zeus Network introduced zBTC, a permissionless BTC asset on Solana, signaling a new development for Bitcoin on the layer-1 network.
Solana also held a well-attended regional Apex conference in Cape Town, South Africa, where several local projects took center stage.
Here is a breakdown of what went down in Solana’s ecosystem this week.
Top 5 Solana News Stories
Zeus Network Launches $zBTC on Solana
Zeus Network launched the Apollo Bitcoin exchange on Solana on March 27, introducing $zBTC, the first permissionless Bitcoin-pegged token on the network. This milestone aims to enhance Bitcoin liquidity and composability on Solana.
HyperLiquid Delists JELLYJELLY To Prevent Liquidation Crisis
HyperLiquid delisted the Solana-based meme coin JELLYJELLY after a $6 million leveraged short bet threatened the platform’s stability.
The exploit left the market to question if HyperLiquid is truly decentralized.
Solana Policy Institute Launches To Educate Lawmakers on Crypto
Miller Whitehouse-Levine launched the Solana Policy Institute to educate Washington lawmakers on the broader crypto ecosystem beyond Bitcoin. The non-partisan group aims to influence legislation on stablecoins and market structure while engaging with regulatory bodies like the SEC and CFTC.
Raydium Dominates Solana DEX Volumes Despite PumpSwap Launch
Despite expectations that PumpSwap's launch would challenge Raydium’s dominance, Raydium continues to lead Solana’s DEX rankings. After one week of trading data, PumpSwap’s volume remains lower than both Raydium and its competitors, Orca and Meteora.
BONK Acquires Exchange Art To Support Solana’s Artistic Culture
BONK, the Solana-based meme coin, has acquired the 1/1 NFT marketplace Exchange Art to support the network’s artistic community. Following the acquisition, Exchange Art’s native token, $ART, saw a surge but continues to face liquidity issues.
Solana Numbers the Last 7 Days
Source: CoinMarketCap
- Price: $129, down 8%
- Market cap: $66.51 billion
- DeFi TVL: $6.642 billion
- Daily active addresses: >3.4 million
- 24H trading volume: $2.96 billion
Solana’s key metrics did not fare well this week, with the total value locked (TVL) falling below the $7 billion mark to $6.64 billion. The daily active wallet addresses slid 11% to 3.4 million.
Source: Artemis
DEX volume on Solana increased by 32% week-over-week to $10.5 billion, showing continued growth within the ecosystem.
Source: DeFiLlama
- Solana DEXs experienced strong performance, with Pump at the top of the leaderboard, posting nearly 200% gains.
- Raydium, despite a 4% decline, recorded the highest trading volume of the week at $2.39 billion. But how long will it hold onto this lead?
.
Source: DeFiLlama
How Did Solana Stack Up Against Its Competitors?
The CMC Fear and Greed Index plummeted as more Trump tariff scares spooked markets, dropping from 34 to 24 during the week.
Source: CoinMarketCap
The leading assets saw losses this week, with Bitcoin tanking nearly 3% despite Strategy splashing $1.92 billion on BTC between March 24 and 30.
Solana and Ethereum performed similarly, while XRP bore the brunt of the market volatility with a 10% loss.
Source: CoinMarketCap
Solana generated higher fees and app revenue than Ethereum and Tron over 24 hours.
Source: DeFiLlama
Solana Ecosystem the Last Week
Solana's market cap and volume decreased by nearly 8% as volatility returned to the ecosystem.
Source: CoinMarketCap
- Bears wrestled control from the bulls, with Jupiter (JUP) falling nearly 24%.
- However, Grass (GRASS) is a top performer with a 27% gain.
Source: CoinMarketCap
Top Gainers:
Top Losers:
- Jupiter (JUP) -23.85%
- Virtuals Protocol (VIRTUALS): -24.51%
- Lido DAO (LDO): -14.64%
- Axie Infinity (AXS): -14.44%
- PYTH Network (PYTH): -13.7%
Solana DeFi
- Tron was the biggest winner in DeFi after adding 13% to its TVL.
Source: DeFiLlama
- Solana remains in second position despite a 10% decrease in TVL.
- Ethereum has surpassed the $50 billion mark once again.
Source: DeFiLlama
Solana Meme Coins
- After last week's impressive run, many Solana-based meme coins cooled off as BNB Chain saw an increase in meme coin surge.
- All top Solana meme tokens are down, with the exception of MEW and GIGA. Big names like Bonk and WIF dropped between 10-20% over the last week.
Source: CoinMarketCap
Top Gainers:
- Bobaoppa (BOBAOPPA): +48.15%
- Cat in a dogs world (MEW): +19.6%
- Gigachad (GIGA): +3.52%
Top Losers:
- Mumu the Bull (MUMU): - 30.53%
- Smoking Chicken Fish (SCF): - 26.92%
- Fwog (FWOG): -23.38%
- Michi (MICH): -22.58%
- Dogwifhat (WIF): - 19.64%
Solana DePIN
Source: DePIN Scan
- Solana DePIN had a challenging week, with io.net down 18% and Hivemapper (HONEY) following closely with a 12% decline.
- Grass (GRASS) stood out with notable double-digit gains.
Dabba Network, a Solana DePIN project, is making the internet more affordable and accessible in India.
NFTs
- The rivalry between Solana and Ethereum intensifies as Ethereum takes a narrow lead again in the NFT space.
- With both networks vying for supremacy, can Solana regain its lead next week?
Source: NFT Pulse
What You Can Do Now
- Check out Zeus Network's Apollo Bitcoin Exchange to enjoy Bitcoin transactions on Solana.
- Monitor the price of JELLYJELLY closely after its delisting from Hyperliquid.
- Stay updated on the Solana Policy Institute, as its efforts could impact SOL’s price in the long term.
- Keep an eye on Raydium as it continues to lead the DEX space on Solana.
- Watch how BONK’s price reacts following its acquisition of the NFT marketplace Exchange Art.
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