Raydium, the leading Solana DeFi platform, has recorded stellar performance in the past week. The dapp boosted its user base by 21% and crossed the 100.000 UAW milestone. Raydium is the number one dapp on the Solana blockchain, according to DappRadar rankings. The DeFi platform outperforms any other dapp on Solana by a margin of tens of thousands of users.
In the past seven days, more than 114.000 unique active wallets interacted with Raydium smart contracts. This means that these users either swapped one token for the other, or they added or removed liquidity to or from the decentralized exchange. Additionally, the platform recorded upwards of $3.5 billion in trading volume for the same period of time.
Compared to competitors Orca, Solend, and Saber, Raydium is clearly dominating the DeFi space on the Solana blockchain. Orca, the second-largest dapp in the Solana ecosystem, managed to attract less than a third of Raydium’s audience at 35.960 unique active wallets in the past seven days. Interestingly, Solanart, the biggest NFT marketplace on the Solana blockchain, ranks third in DappRadar charts. The NFT marketplace steals some thunder from DeFi solutions like Solend and Saber.
SOL, the native token for the whole Solana ecosystem, has had a rollercoaster ride in terms of valuation in the past couple of months. Starting at the beginning of August, SOL steadily pushed its valuation up. While one SOL token was worth about $36 on August 1st, today the native token of the Solana blockchain is looking at completely different figures. Only in the past week, SOL gained more than 20% in valuation, reaching a high of $258. Considering this, it is no surprise DeFi platforms like Raydium are experiencing an influx in activity. The spike in valuation stirred up spirits in the Solana community, and more people ventured into the DeFi sector.
Raydium branches out of DeFi
While Raydium is first and foremost a DeFi platform, the team behind it has decided to venture into other aspects of blockchain technology. Raydium DropZone, for example, is an initiative that aims to promote the growth of NFTs on Solana. The project also aims to support teams with the infrastructure needed to launch new collections.
DropZone has been quite the success among NFT enthusiasts looking to start collecting Solana-based NFTs. Ultimately, Raydium’s decision to branch out of DeFi also helps the platform boost its user base. The most recent Solana-based collection to launch through DropZone was Blockasset’s Legends. This is a collection of 10.000 athlete-verified NFTs which sold out almost instantly.
As the borders between DeFi, NFTs and games begin to dissolve, more projects will follow in Raydium’s footsteps. DappRadar will continue monitoring the development of the Solana dapp ecosystem, as more developers venture to explore its fast transaction speeds and minimal gas fees. To learn more about Solana, Raydium, and the DeFi space, check out the links below. If you want to keep up with the latest news in the space, follow DappRadar on Twitter and Discord.
