# Solana Achieves Record High Amid Dominance in DeFi Market

Solana has reached an all-time high, showcasing exceptional competitiveness in the decentralized finance (DeFi) sector and leading the market. According to on-chain data platform DeFiLlama, Solana topped the decentralized exchange (DEX) volume rankings with a weekly transaction volume of $45.235 billion as of the 22nd. This figure represents a 35.3% increase from the previous week, contrasting with the overall decline observed in other chains.

Solana’s market share reached 41.9%, nearly half of the total market. Additionally, its total value locked (TVL) in decentralized exchanges surpassed $3 billion, demonstrating consistent growth.

In the same period, Ethereum came in second with a weekly transaction volume of $15.375 billion, marking a 14.46% decrease from the previous week.

# DeFi Platforms: Solana Leads… Meme Coin Frenzy

Solana-based platforms are also making a significant impact in the DeFi market. Raydium reported a weekly transaction volume of $31.116 billion, a 41% increase. This stands in stark contrast to the declining transaction volumes of other chain-based platforms like Uniswap and PancakeSwap.

Aside from Raydium, Orca recorded a weekly transaction volume of $7.65 billion, an 18.48% increase, further supporting the growth of the Solana ecosystem. This surge in volume can be attributed to major centralized exchanges listing Solana-based meme coins, attracting substantial investor interest. The high yields of these meme coins have drawn in investors, leading to increased DEX transaction volumes.

# Bitcoin Surge Leads to Decrease in Other Chains’ Transactions

While Solana continued its upward trajectory, other chains experienced a decline in transaction volumes. Bitcoin surpassed $99,000, hitting a record high and drawing investor attention away from other assets.

Among the major chains, Binance Smart Chain (BSC) saw its weekly transaction volume fall by 21.65% to $8.349 billion. Polygon and Optimism also experienced declines of 17.3% and 26.25%, respectively.

Uniswap achieved a high transaction volume of $20.549 billion across platforms, but this represented a 16.99% decrease from the previous week, leading to a reduction in market share. PancakeSwap saw its transaction volume drop by 22.49%, struggling to maintain its ranking.

Last week (November 15-21), the overall DEX transaction volume was $99.792 billion, a slight 0.83% increase from the previous week. However, DeFi’s market share of centralized exchange trading fell significantly to 47.32% from 66% the previous week.