Solana DEX portfolios are up 83% in the past year. Despite TVL’s decline, Solana NFT’s market and revenue are seeing growth.

According to new data presented by delphi digital, it was observed that the number of DEX wallets on the Solana network has grown tremendously over the past year.

Well, to quantify, it’s grown 83% since early 2023, which is significant growth.

Source: Delphi Digital

Collecting the income

This growth in the number of DEX wallets on the Solana network could be a positive development for the ecosystem as a whole, as it indicates increasing interest in and acceptance of Solana.

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Subsequently, the revenue generated by Solana also experienced a huge spike. According to the token terminal, it is up 30.6% in the past 30 days.

This revenue increase may be due to the growing number of DEX wallets on the Solana network, as more users lead to more trading activity and therefore more income.

In addition, the rising sales could be an indication of the growing popularity of Solana and its products. Note that this could attract more traders to the platform.

Source: token terminal

However, despite the growth in DEX portfolios and earnings, Solana’s total value locked (TVL) continued to decline according to Defi Llama. It dropped from $295 million to $275 million last month. This drop in TVL could certainly be cause for concern.

On the other hand, the NFT market on Solana witnessed significant improvements, with daily active users on Solana’s NFT marketplaces increasing, according to Dune analytics.

This increase can be attributed to the popularity of NFT collections such as y00ts and DeGods. These collections have attracted much attention and interest from the community.

However, these collections moving to different chains in the future could pose a problem for Solana’s NFT market. In that case, the SOL ecosystem may see both a decrease in the number of users and a decrease in volume.

The social aspect

One of the reasons for Solana’s growth could be its social activity. Solana saw a 41.2% spike in social mentions in recent days according to data from LunarCrush.

In addition, sentiment for Solana was also positive last month. It influenced SOL to move up the charts. For example, Solana’s volume increased according to data from Santiment. Volume increased from $496 million to $2.65 billion last month.

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Solana’s market cap followed suit and also registered a huge increase during this period.

Source: Sentiment

It remains to be seen whether Solana will be able to sustain this growth in the coming future. However, at the time of writing, Solana’s price was at $23.03 and it grew by 3.60% in the past 24 hours.

This post Solana’s DEX Market Growing: Can SOL Overcome 2023 Bearish Trends?

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