• Solana’s key DeFi indicators showed signs of recovery in an otherwise under par February.
• The chain’s daily DEX trading volume also showed signs of a rebound after it more than doubled at the time of writing.
• SOL has come out of the FTX-induced negativity to a great extent in 2023 with its price exhibiting higher volatility.
Solana’s Key DeFi Indicators Show Signs Of Recovery
Solana’s key DeFi indicators showed signs of recovery in an otherwise under par February. According to an 18 February tweet by Kamino Finance, Solana’s decentralized exchange (DEX) activity was better than other chains if a particular metric was put into consideration. Called ‚DeFi Velocity‘, the metric basically measures the trading volume versus total value locked (TVL) on a blockchain. The report highlighted that Solana’s average DeFi velocity for January stood at 0.25, more than twice of the second-ranked Polygon [MATIC] on the list.
Solana Witnesses Uptick In Its DeFi Activity
DeFi recovery on the cards? Solana witnessed an uptick in its DeFi activity with its TVL registering a 6% jump over the last week, data from DeFiLlama pointed out. This development came even as Solana underperformed in the month of February, impacted by a waning interest in its ambitious meme coin, BONK. The chain’s daily DEX trading volume also showed signs of a rebound after it more than doubled at the time of writing, plunging to a monthly low on 11 February. Despite this, the cumulative weekly volume dropped by 2.3%, highlighting the stress Solana has been in February.
SOL Price Performance
What does SOL’s price say? SOL has come out of the FTX-induced negativity to a great extent in 2023. According to data from CoinMarketCap, the token locked gains of 112% since the start of 2023. Of late, the price has exhibited higher volatility with wild inter-day swings. At press time, it was valued at $22.99 with a 1