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20 03, 2024

Solana surpasses Ethereum on DEX volume amid meme coins rally

By |2024-03-20T17:52:44+02:00March 20, 2024|Forex News|0 Comments


The Solana blockchain has supplanted Ethereum as the leader in trading volume on decentralized exchanges.

According to DeFiLlama, trading volume on decentralized exchanges (DEX) in Solana increased by 67% in seven days to $21.3 billion. Over the same period, the volume of decentralized exchanges based on Ethereum grew by 3% to $19.4 billion.

Source: DefiLlama

Solana (SOL) tested the $200 level this year, while Ethereum (ETH) climbed to the $4,000 level in March amid Bitcoin’s (BTC) rally to a new all-time high.

Solana managed to gain primacy thanks to the hype around Solana-based meme coins Dogwifhat (WIF), Bonk (BONK), Book of Meme (BOME), and Slerf (SLERF). According to Reflexivity Research, Solana’s volume growth began in the fourth quarter of 2023 due to the proliferation of points and giveaway programs such as Solana DEX Jupiter.

“Solana has recently begun to significantly outpace Ethereum, suggesting a higher level of operational efficiency within its ecosystem.”

Reflexivity Research

However, the Solana Network faced problems as the demand for meme coins increased dramatically, leading to transaction issues. Users often experienced failed or missing transactions as the Solana network struggled with the influx of activity.

As a result, the Solana Foundation has announced several recommended guidelines for developers to cope with the high load that the network is currently experiencing. The fund recommended implementing priority commissions and a number of optimizations to avoid transaction loss.


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20 03, 2024

Yen close to intervention levels, dollar gains before Fed By Reuters

By |2024-03-20T17:09:48+02:00March 20, 2024|Forex News|0 Comments


© Reuters. FILE PHOTO: Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. REUTERS/Florence Lo/File Photo

By Herbert Lash and Stefano Rebaudo

NEW YORK (Reuters) -The yen hit a fresh multi-month low versus the dollar on Wednesday hours before the Federal Reserve concludes a two-day policy meeting after the Bank of Japan (BOJ) the day before raised interest rates for the first time in 17 years.

Analysts said the yield differential between U.S. Treasuries and Japanese government bonds remains wide and will keep pressure on the yen as it nears a multi-decade low of 151.94 hit in October 2022. The dollar rose to 151.92 last November.

But the major central banks are largely moving in lockstep as they plan to cut interest rates to spur growth as economies slow and inflation keeps decelerating.

“Nobody’s expecting the BOJ to embark on a prolonged hiking cycle,” said Bipan Rai, North America head of FX strategy at CIBC Capital Markets in Toronto. “You’re still going to end up in a scenario where the rate differentials between the United States and Japan are going to look fairly wide.”

The dollar was last up 0.6% against the yen at 151.79.

A potentially hawkish meeting of the Fed Open Market Committee poses downside risks to the yen, which could trigger a fresh round of measures from Japanese authorities to support it.

While investors expect the U.S. central bank to keep rates unchanged at its policy announcement at 2 p.m. ET (1800 GMT), the statement and comments by Fed Chair Jerome Powell could be more hawkish about the timing and extent of future easing.

“If the yen falls further from the current levels, I expect some verbal intervention from Japanese authorities to support the currency,” said Athanasios Vamvakidis, global head of forex research at BofA.

The yen weakened and Japanese government bond yields fell after the BOJ announced on Tuesday that there would be an exit from years of ultra-easy monetary policies.

“The BOJ decided for a dovish exit from its negative rates policy. They raised rates but for now they are staying there. Meanwhile they will continue buying the same amount of bonds,” BofA’s Vamvakidis said.

The yen’s drop was broad-based, with the currency weakening to 164.71 against the euro, its lowest since 2008, while against the pound, yen slipped to 192.84, its lowest since 2015.

Low Japanese rates have made the yen the funding currency of choice for carry trades, in which traders typically borrow a low-yielding currency to then sell and invest the proceeds in assets denominated in a higher-yielding one.

The , a measure of the U.S. currency against six others, rose 0.25% to 104.100.

Recent stronger-than-expected U.S. inflation reports have led traders to further reduce bets on Fed rate cuts this year, with markets now pricing in 74 basis points (bps) of easing by year end, or about half expectations at the start of 2024.

The euro was down 0.25% at $1.0838 as investors positioned ahead of the Fed meeting. European Central Bank President Christine Lagarde said on Wednesday the ECB will continue to be data dependent and will not commit to a pre-set number of rate cuts even after it starts easing its monetary policy.

The eased 0.19% to $0.6518, a day after Australia’s central bank held interest rates steady as expected.

In cryptocurrencies, bitcoin last rose 2.71% to $63,572.00.



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20 03, 2024

Bitcoin Price Forecast – Bitcoin Continues to See Buyers on Dips

By |2024-03-20T16:24:05+02:00March 20, 2024|Forex News|0 Comments


Bitcoin Technical Analysis

You can see that it looks like we are trying to hang on to just above the $60,000 level. It’s not a huge surprise that we’ve seen this pullback despite the fact that it’s been somewhat brutal, the reality is the market shot straight up in the air and therefore we needed to see a little bit of a pullback to offer value. $60,000 of course is a large round number and this is something that will attract a lot of attention. Furthermore, later in the day on Wednesday we will have the Federal Reserve FOMC policy statement, press conference, et cetera, et cetera, which will move interest rate markets and that has a major influence on crypto, especially Bitcoin.

So with that being said, if the Federal Reserve sounds somewhat dovish today, it’s likely that Bitcoin will just simply take off. And if they sound a bit hawkish, that might open up a buying opportunity a little closer, perhaps as low as $52,000, which quite frankly would be a very interesting level. I don’t think we get down there, but it is something to hope for.



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20 03, 2024

Ago raises $2.5 million to make DeFi accessible to all

By |2024-03-20T16:20:32+02:00March 20, 2024|Forex News|0 Comments


Imagine a unique application that brings together the best of traditional and decentralized finance, all in the palm of your hand. That’s the promise of Ago, an innovative platform that aims to make finance accessible to everyone thanks to the power of blockchain. Take a behind-the-scenes look with Coinpri at this fast-growing French startup, which already raised 2.5 million dollars and is poised to shake up the codes of finance as we know it.

Ago, tomorrow’s finance, today

Ago‘s vision is simple: to radically transform the financial sector by unleashing the full potential of blockchain technology. The aim is to create a sustainable, fair and transparent financial model.

To achieve this, Ago eliminates unnecessary intermediaries, guaranteeing total transparency of every transaction without compromising security. This approach significantly reduces costs compared to traditional financial services, giving users absolute control over their finances and actively involving them in the financial ecosystem.

As is often the case behind every ambitious project, a talented team is at work, and Ago‘s is no exception. With over ten years’ experience in the finance sector, the team members have collaborated with renowned financial institutions, investment funds, and even participated in the creation of one of the first real estate tokenization platforms.

Drawing on these experiences, they have set themselves the mission of overcoming the deficiencies of the traditional financial system by developing an innovative ecosystem that puts the interests of its users first.

Backed by this vision and its skilled team, Ago stands out as a forerunner, paving the way towards a more equitable financial future. Thanks to an easy-to-use platform, every individual can manage his or her money with complete autonomy and security, embodying the promise of finance accessible to all.

An all-in-one platform to simplify your operations

Whether you’re a seasoned trader or a curious neophyte, Ago opens the door to a wide range of financial services. The centerpiece is its Decentralized Exchange (DEX) which offers a huge choice of over 1000 trading pairs. Thanks to Ago, you can finally say goodbye to the exorbitant fees that used to tarnish your cryptocurrency trading experience.

But the real strength of Ago lies in its system for bridging traditional and digital currencies. Thanks to its ergonomic interface “On-ramp/Off-ramp“, buying your first Bitcoins or Ethers becomes child’s play.

Ago has thought of everything to make your life easier, offering you a multitude of payment options to suit your preferences: credit card, bank transfer, but also Apple Pay or Google Pay. Whatever your preferred method, you’re bound to find what you need to take your first steps into the captivating world of crypto assets with complete peace of mind.

The AGO token, the driving force behind dazzling growth

Since its launch in early 2024, Ago experienced an exceptional growth of 1000%. The platform has indeed built up a dynamic and committed community of more than 10,000 users, won over by its innovative approach and its promise of fairer, more transparent finance.

This impressive momentum is largely due to the AGO token. Essential for settling transactions on the platform, the AGO offers its holders a host of exclusive advantages, including discounts of up to 18% on fees.

Holders are also rewarded, with 1% of fees redistributed and an attractive staking model. What’s more, the community is actively involved in governance via the Ago DAO, guaranteeing transparent, collaborative management of the platform.

But the benefits don’t stop there! 80% of revenues generated by Ago are redistributed to AGO token holders, while the remaining 20% is allocated to the ongoing development of the platform. This business model guarantees sustainable growth and optimal alignment of the interests of all stakeholders. An initiative that we at Coinpri applaud.

Furthermore, the AGO token also owns a deflationary economic model. This guarantees an increasing token value over the long term. In parallel, Ago has opted for decentralized governance, in order to put users at the heart of strategic decisions.

By buying and holding AGO tokens, you’re not just investing in a promising digital asset. You become a real player in this exciting revolution in decentralized finance.

An Ambitious project to democratize DeFi

Ago is not resting on its laurels and plans to push boundaries even further. Building on the success of its IBAN-enabled Visa card, which has already attracted more than 10,000 users in the pre-order phase, the project is set to revolutionize your daily life by simplifying the management of your digital assets.

That’s already a big thing, but there’s more to come:

  • As early as 2024, the long-awaited launch of the Ago Card, an IBAN-backed card that makes it easy to spend your cryptos in your daily life
  • The listing of the AGO token on leading external exchange platforms, starting with PancakeSwap, to increase the liquidity and visibility of this promising digital asset.
  • The establishment of liquidity and staking pools to offer AGO holders new opportunities for returns.
  • Deployment of a Launchpad to enable the community to participate in the ecosystem’s most innovative projects.

In 2025, Ago will reach a new milestone by offering cryptocurrency lending solutions, as well as the tokenization of real assets such as real estate. A major breakthrough that will pave the way for unprecedented democratization of investment and effective diversification of your digital wealth.

These are just some of the innovations that will make Ago your essential partner for accompanying you on the road to financial independence and making the most of the opportunities offered by decentralized finance.

Join the Ago adventure now and benefit from an exclusive airdrop!

To thank you for your interest and allow you to discover our ecosystem, Ago has set up a generous airdrop program. This is the perfect opportunity to receive your first AGO tokens and take part in this revolution in decentralized finance!

To take advantage of the program, simply:

  1. Join the Ago community on Telegram to chat with the team, follow the latest project news and take part in exclusive events.
  2. Participate in campaigns airdrop on Zealy and Galxe to increase your rewards and community involvement.
  3. Link your Metamask to the Ago platform and carry out your first transactions to definitively validate your participation in airdrop and enjoy all the benefits reserved for early adopters.

Ago embodies perfectly the promise of decentralized finance that is both efficient and accessible. As you’ve seen with Coinpri, by harmoniously blending the advantages of blockchain with the services favored by the public, the platform is positioning itself as a key player in the democratization of DeFi. So don’t wait any longer for DYOR and get your airdrop !

 



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20 03, 2024

Dogecoin Founder Issues Major Statement on Crypto Bloodbath

By |2024-03-20T15:37:39+02:00March 20, 2024|Forex News|0 Comments


Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Dogecoin (DOGE) founder Billy Markus, who goes by the name Shibetoshi Nakamoto on X (formerly Twitter), has reacted to the latest cryptocurrency market crash. After the most recent crypto rally, where Bitcoin (BTC) hit a new all-time high (ATH) of $73,835, the market started a downtrend by the end of last week.

However, Tuesday witnessed a substantial crash of the crypto market. Data from CoinGlass reveals that there have been $637.31 million in liquidations during the last 24 hours. Notably, $526.49 million of these were in long liquidations, while $110.82 million were in short liquidations, highlighting how the market was not even expecting this sudden crash.

In addition, Bitcoin, the leading cryptocurrency in terms of market capitalization, has witnessed a major price dip of 7.25% during the last 24 hours. Currently trading at $63,235, the BTC price seems to have lost its bullish momentum, and it appears that it has entered the much-anticipated pre-halving retracement period.

Dogecoin founder reacts to market crash

Commenting on this recent market crash, Dogecoin founder Billy Markus took a humorous jab at market participants. He ironically tweeted that he thinks crypto is “awesome.” However, Markus added that one must experience “poor mental health” to deem it awesome. Markus, who created the popular meme coin, DOGE, with Jackson Palmer in 2013, has been clear on his stance on crypto.

He previously mentioned on X that he does not consider cryptocurrencies as long-term investment assets. Last week, the DOGE founder shared another comment questioning the sanity of crypto holders. He shared a video on the social media platform showing a person doing irrational things like jumping out of a window. Markus mentioned that this is exactly what it feels like to hold digital assets.





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20 03, 2024

Kickstart your FX trading for March 20 with a technical look at EURUSD, USDJPY and GBPUSD

By |2024-03-20T14:51:19+02:00March 20, 2024|Forex News|0 Comments


In the kickstart video for March 20, 2024, I take a look at the three major currency pairs from a technical perspective.

The EURUSD is moving lower and in the process is testing it 200 day moving average at 1.0837. Recall from yesterday, the price also tested that moving average before bouncing higher.

The USDJPY extended above 2024 highs and has raced up to test the 2022 and 2023 highs at 151.91 and 151.94. The high price has gotten with 15-18 pips of those high levels which if broken would take the price to the highest level since 1990.

The GBPUSD stalled at the 100 bar MA on the 4 hour chart at session highs today at 1.2730 and rotated lower. THe 200 bar moving average on the 4-hour chart at 1.2672 is the next target. Yesterday the price briefly moved below that moving average before bouncing back prior and stalling near the aforementioned 100 bar moving average on the 4-hour.



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20 03, 2024

2024-03-20 | NEO:DEFI | Press Release

By |2024-03-20T14:48:39+02:00March 20, 2024|Forex News|0 Comments


TORONTO, March 20, 2024/PRNewswire/ – DeFi Technologies Inc. (the “Company” or “DeFi Technologies“) (NEO: DEFI) (GR: RB9) (OTC: DEFTF), a crypto native technology company that pioneers the convergence of traditional capital markets with the world of decentralised finance (“DeFi“), is pleased to announce its upcoming participation in a Bitcoin Investor Day panel discussion.

DeFi Technologies will be represented by Russell Starr, Head of Capital Markets at DeFi Technologies, who will participate in a panel alongside Zach Pandl, Managing Director of Research at Grayscale, and Brett Tejpaul, Head of Coinbase Institutional. The discussion will be moderated by Anthony Pompliano. This engaging session is scheduled to take place from 3:10 PM to 3:40 PM EST on Friday, March 22. Johan Wattenström, Co-Founder and Board Director of Valour Inc., a subsidiary of DeFi Technologies, will also be participating in the conference.

The Bitcoin Investor Day, orchestrated by Reflexivity Research LLC (“Reflexivity“), aims to assemble hundreds of institutional investors, capital allocators, and forward-thinking entrepreneurs. The day-long event, moderated by the co-founder of Reflexivity, Anthony Pompliano, promises a lineup of top-tier speakers, unmatched networking opportunities, and a series of profound discussions on the future of Bitcoin in the realms of traditional and institutional finance.

Reflecting on the importance of insightful discourse, the event will feature a stellar lineup of speakers, including Cathie Wood of ARK Invest, Anthony Scaramucci of SkyBridge Capital, Mike Novogratz of Galaxy Digital, and many other executives from the digital asset sector.

Bitcoin Investor Day will be held in New York, New York, with doors opening at 9:30 AM. The event schedule promises a full day of engaging programming. Registration details and additional information can be found on the event’s official webpage: https://lu.ma/btcinvestorday

About Reflexivity Research LLC

Reflexivity Research LLC is a leading research firm specializing in the creation of high-quality, in-depth research reports for the bitcoin and cryptocurrency industry, empowering investors with valuable insights. Reflexivity Research is a wholly owned subsidiary of DeFi Technologies Inc. (NEO: DEFI) (GR: MB9) (OTC: DEFTF). For more information please visit https://www.reflexivityresearch.com/

About DeFi Technologies

DeFi Technologies Inc. (NEO: DEFI) (GR: MB9) (OTC: DEFTF) is a crypto native technology company that pioneers the convergence of traditional capital markets with the world of decentralized finance (DeFi). With a dedicated focus on industry-leading Web3 technologies, DeFi Technologies aims to provide widespread investor access to the future of finance. Backed by an esteemed team of experts with extensive experience in financial markets and digital assets, we are committed to revolutionizing the way individuals and institutions interact with the evolving financial ecosystem. Join DeFi Technologies’ digital community on Linkedin and Twitter, and for more details, visit https://defi.tech/

About Valour

Valour Inc. issues exchange traded products (ETPs) that enable retail and institutional investors to access digital assets like Bitcoin in a simple and secure way via their traditional bank account. Established in 2019, Valour is a wholly owned subsidiary of DeFi Technologies Inc. (NEO: DEFI) (GR: MB9) (OTC: DEFTF).

In addition to their novel physical backed digital asset platform, which includes 1Valour Bitcoin Physical Carbon Neutral ETP, 1Valour Ethereum Physical Staking, and 1Valour Internet Computer Physical Staking, Valour offers fully hedged digital asset ETPs with low to zero management fees, with product listings across European exchanges, banks and broker platforms. Valour’s existing product range includes Valour Uniswap (UNI), Cardano (ADA), Polkadot (DOT), Solana (SOL), Avalanche (AVAX), Cosmos (ATOM), Binance (BNB), Ripple (XRP), Enjin (ENJ), Bitcoin Carbon Neutral (BTCN), and Valour Digital Asset Basket 10 (VDAB10) ETPs with low management fees. Valour’s flagship products are Bitcoin Zero and Ethereum Zero, the first fully hedged, passive investment products with Bitcoin (BTC) and Ethereum (ETH) as underlyings which are completely fee free.

For more information, to subscribe, or to receive company updates and financial information, visit valour.com.

Cautionary note regarding forward-looking information:

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to the the Company and other parties participating in the Bitcoin Investor Day conference ; development and listing of future ETPs; the regulatory environment with respect to the growth and adoption of decentralized finance; the pursuit by DeFi and its subsidiaries of business opportunities; and the merits or potential returns of any such opportunities. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Such risks, uncertainties and other factors include, but is not limited the acceptance of Valour exchange traded products by exchanges; growth and development of decentralised finance and cryptocurrency sector; rules and regulations with respect to decentralised finance and cryptocurrency; general business, economic, competitive, political and social uncertainties. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/defi-technologies-to-join-coinbase-and-grayscale-in-upcoming-panel-discussion-at-bitcoin-investor-day-moderated-by-anthony-pompliano-302094074.html

SOURCE DeFi Technologies Inc.





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20 03, 2024

Unilever cuts 7,500 jobs and spins off ice cream segment to boost profits LeapRate

By |2024-03-20T14:04:56+02:00March 20, 2024|Forex News|0 Comments


Unilever PLC (UL) announced on Tuesday, 19 March 2024, that it is axing 7,500 jobs and spinning off its renowned ice cream business to curb costs and amplify profits.

Unilever cuts 7,500 jobs and spins off ice cream segment to boost profits LeapRate

The company manufactures diverse consumer products, including globally well-known brands such as Ben & Jerry’s, Dove, and Horlicks.

The company said that these moves form part of its Growth Action Plan and the initiation of a major productivity programme. It further indicated that the ice cream segment’s alternative operating model justifies the planned spin-off and “best serves the growth of both ice cream and Unilever”.

Apart from Ben & Jerry’s, Unilever’s ice cream business also includes household names such as Wall’s and Magnum. The company believes that this division would profit from separate ownership and indicated that the planned severance should be completed by the end of 2025.

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According to an Associated Press report, the London-based company presently has 128,000 employees on its payroll. The cuts, which form part of the new productivity programme, would mostly be administrative functions throughout its locations worldwide.

Unilever aims to employ technologies to boost efficiency and eliminate duplication. The firm reportedly expects these initiatives to save approximately €800m ($867m) over the next three years.

Unilever’s chairperson, Ian Meakins, said:

 The separation of Ice Cream and the delivery of the productivity programme will help create a simpler, more focused, and higher performing Unilever. It will also create a world-leading ice cream business, with strong growth prospects and an exciting future.

 

 



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20 03, 2024

Dollar strengthens ahead of Fed decision; sterling slips after CPI By Investing.com

By |2024-03-20T13:18:59+02:00March 20, 2024|Forex News|0 Comments


© Reuters.

Investing.com – The U.S. dollar rose in European trade Wednesday ahead of the Federal Reserve latest policy decision, while sterling fell after signs of cooling U.K. inflation and the Japanese yen continued to retreat. 

At 05:55 ET (09:55 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.3% higher at 103.800, sitting near two-week highs.

Fed decision looms

Fed officials conclude their later in the session, and are widely expected to keep interest rates at elevated levels as they continue to battle inflation.

However, traders will be studying carefully comments from Chair at the accompanying press conference as well as the central bank’s new economic projections for clues as to when the officials deem it possible to start cutting interest rates. 

Earlier in March, Powell said the Fed was “not far” from gaining the confidence it needs in falling inflation to start easing rates, but a recent run of resilient U.S. inflation data has prompted a change in expectations for the pace and scale of Federal Reserve rate cuts this year.

Traders are pricing in a 59% chance of the Fed starting its easing cycle in June, the CME FedWatch tool showed, sharply lower than earlier expectations.

Sterling weakens after CPI release

traded 0.2% lower at 1.2696, after U.K. inflation prices fell by more than expected in February, the day before the Bank of England announces its latest monetary policy decision.

rose by 3.4% in annual terms in February, slowing from a 4.0% increase in January, and below the 3.5% expected.

This was the lowest rate of inflation since September 2021, and offers hope that inflation, which has been persistent for some time, will finally fall back to the central bank’s 2% target in the coming months.

The BoE is widely expected to keep interest rates unchanged on Thursday, but signs of cooling inflation could provide the central bank officials with room to offer more dovish future guidance.

traded 0.2% lower to 1.0845, with the euro trading near to two-week lows amid growing expectation that the will soon agree to a series of interest rate cuts, starting in early summer.

ECB President tried to rein these expectations Wednesday, saying the central bank cannot commit to a pre-set number of interest rate cuts even after it starts reducing borrowing costs as that will depend on incoming data.

That said, has fallen from a double-digit percentage increase in the autumn of 2022 to 2.6% last month – dropping close to the bank’s 2% medium-term target.

Yen continues to drop

traded 0.6% higher to 151.75, climbing to its highest level since mid-November, even with Japan on holiday.

The Japanese yen continued to weaken in the wake of the Bank of Japan’s latest policy-setting meeting. BOJ Governor said the central bank will maintain accommodative conditions to support the Japanese economy, and these comments largely overshadowed the bank’s move away from negative interest rates and yield curve control.

edged higher to 7.1996, trading very close to the psychologically important 7.2 level. The People’s Bank of China kept its benchmark unchanged as expected earlier Wednesday.

 



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20 03, 2024

Solana Leapfrogs Ethereum on DEX Volume — TradingView News

By |2024-03-20T13:17:40+02:00March 20, 2024|Forex News|0 Comments


Solana has replaced Ethereum as the No. 1 smart-contract blockchain by trading volume.

Trading volume in Solana-based decentralized exchanges (DEX) has increased 67% to $21.3 billion in seven days, data tracked by DeFiLlama show. Volume in Ethereum-based decentralized exchanges rose 3% to $19.4 billion over the same period. There are 17 DEXes on Solana. Orca, the largest, accounts for 88% of the total volume. On Ethereum, Uniswap leads the pack of 46 DEXes.

The so-called flippening seems to have been catalyzed by speculative fervor in Solana-based meme coins dogwifwhat, bonk, book of meme, and slerf.

At press time, the top trending tokens for the past 24 hours on the DEX Screener were from Solana. Such has been the speculative frenzy that 2,300 meme coins came into existence in a single hour on March 13 and the supply of stablecoins on Solana hit a multiyear high of $2.80 billion.

According to Reflexivity Research, the surge in Solana’s volume began in fourth-quarter 2023 as a result of the proliferation of points programs and airdrops like the Solana DEX Jupiter.

Solana also boasts a higher capital efficiency than Ethereum and other smart-contract blockchains. In other words, the blockchain can support higher trading volumes with a lower dollar value of assets locked in its DeFi ecosystem.

“The DEX volume-to-total value locked (TVL) ratio, has recently highlighted Solana’s notable performance over Ethereum. This ratio, one measure of capital efficiency, suggests that Solana has recently begun to significantly outpace Ethereum, suggesting a higher level of operational efficiency within its ecosystem,” Reflexivity Research said in a recent report commissioned by Solana Foundation.

Solana’s SOL token has jumped 68% to $170 this year, while ether has rallied 40% to $3,214 and the CoinDesk 20 Index, a measure of the broader crypto market, added 33%, CoinDesk data show.The SOL/ETH ratio hit a record high of 0.059 on Monday and was hovering near 0.053 at press time, according to data tracked by TradingView.

Ethereum remains the world’s biggest smart-contract blockchain in terms of the total value locked in the DeFi ecosystem. At press time, the TVL in Ethereum stood at $46.44 billion versus $3.6 billion in Solana.



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