Orca, a Solana DEX, gains market share as ecosystem booms

November 19, 2023 06:02 PM PST | By Invezz

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Orca, a Solana DEX, gains market share as ecosystem booms — Image source: Invezz

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Orca, a leading decentralised exchange (DEX) in the Solana ecosystem, is gaining market share in the industry. Data compiled by CoinMarketCap shows that the trading volume in the ecosystem jumped to over $132.5 million, giving it a 4.4% market share in the industry.

Orca is the fourth biggest DEX after dYdX and Uniswap v3. dYdX handled over $757 million in transactions in the past 24 hours while Uniswap’s Ethereum and Arbitrum processed $512 million and $150 million, respectively. Other fast-growing DEXes are THORChain, Apex Protocol, and Jupiter.

Orca’s growing market share is happening even though it is not available in key markets like the United Kingdom and United States. Like other DEXes, Orca exited these markets because of their strict regulations.

Orca is growing as part of Solana’s performance. Solana has been the best-performing big cryptocurrency recently as the price surged by over 650% from its lowest level this year. This rally has brought its total market cap to over $25 billion, making it the sixth-biggest cryptocurrency in the world.

Other cryptocurrencies in Solana’s ecosystem have jumped sharply. For example, Bonk price has jumped by over 2,160% from the lowest point this year. Similarly, Helium, Render Token, and Raydium have jumped sharply in the past few weeks.

The number of Unique Active Wallets (UAW) in Orca has jumped by over 265% in the past 30 days to 1.8k. Transactions have risen by over 221% to over 61.8k while the volume in the same period stands at over $603k.

The strong market share gain of Orca has also led to a rebound of ORCA token price. It jumped to a high of $2.63, the highest point since March 2022. It has soared by over 492% from the lowest point this year.

Still, not everything is going on well for Orca. For example, data compiled by DeFi Llama shows that the Total Value Locked (TVL) has dropped to 1.21 million SOL, the lowest point since September 2021.

The post Orca, a Solana DEX, gains market share as ecosystem booms appeared first on Invezz

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