Solana DEXes book record volumes following airdrops
As Solana continues its price run, activity is picking up on the networks DeFi protocols. Liquidity on Solanas largest decentralized exchanges has grown tenfold since October 17, according to a Dune Analytics dashboard. DeFiLlama data shows December DEX volume on Solana beating the previous monthly high, set in November, by almost triple. The volume growth came on the heels of two large airdrops in Solana DeFi, while a third airdrop looms. Since DeFi caught on in force during 2021, Solana‘s decentralized exchanges (DEXes) booked marginal volumes in comparison to DeFi’s main hub, Ethereum. The discrepancy worsened after Solana backer Sam Bankman-Fried was outed for fraud in late 2022. Solana‘s DeFi ecosystem narrowed the gap with Ethereum considerably in December. During certain week-long periods this month, Solana’s DEXes booked more volume than Ethereums. In the past seven days, Solana DEX volume increased 26% to roughly $5.8 billion. This is compared to $8.5 billion on Ethereum DEXes, which saw roughly the same volume as the week before, per DeFiLlama. The DEX revival came on the heels of sizable token airdrops from Solana DeFi protocols Pyth and Jito. In late November, the oracle network Pyth airdropped its users tokens worth roughly $87 million at current prices, and