Demex Daily #59: $SOL Solana DEXs Thrive Post-Airdrops Rivaling Ethereum in DeFi

What’s Interesting Today:

Solana's DeFi sector has experienced a significant surge in trading volumes, particularly on its decentralized exchanges (DEXs), following two major airdrops from Pyth and Jito, valued at approximately $87 million and $228 million respectively. This increase in activity has narrowed the gap with Ethereum's DeFi volumes, with Solana's DEXs occasionally surpassing Ethereum's in certain weeks. The growth is also linked to the Jupiter aggregator's role in optimizing trade prices and its upcoming token airdrop. However, this rise in DEX activity coincides with a decrease in liquid staking interest on Solana, evidenced by a reduction in total staked Solana and outflows from Jito.

Trade SOLANA SOL-PERP on Demex!

The Metis (METIS) cryptocurrency recently saw a notable increase of 50%, boosting its 30-day gains to more than 240%. This surge is attributed to the MetisDAO Foundation's announcement of a $360 million ecosystem development grant. Set for distribution in early 2024, this fund is expected to foster growth, liquidity, and broader adoption in the Metis ecosystem. As a result, the total value locked in Metis-based projects has soared to over $500 million. Ecosystem tokens such as Maia (MAIA) and Hermes (HERMES) have also experienced substantial growth, with some liquidity pools offering annual rewards up to 200%. Moreover, the trading activity on the Tethys decentralized trading protocol witnessed a significant uptick, resulting in a 60% increase in the value of TETHYS tokens.