Meteora, a decentralized alternate (DEX) and liquidity hub for Solana, skilled a meteoric rise in complete worth locked (TVL). The metric rose over 300% prior to now week to a file $1.9 billion, per DefiLlama.
The TVL progress is attributed to Meteora’s flagship product, the DLMM (Dynamic Liquidity Market Maker) DEX platform to swap Solana-based tokens, whose complete deposits soared from lower than $210 million on January 15 to a file $1.64 billion as of this writing.
The frenzy surrounding the brand new Trump and Melania meme cash has pushed this liquidity surge. On Monday, January 20, Donald Trump is scheduled to be sworn in as US President for a second time period, changing Joe Biden.
Final week, he launched an official meme coin on Solana, and Melania adopted together with her personal coin on Monday, additionally on Solana. At present, $TRUMP’s market cap is sort of $10 billion after hitting a file $15 billion on Sunday. $MELANIA is already a $1.5 billion market.
On Meteora, SOL used to dominate the platform’s liquidity for almost a yr. Its share dropped to lower than 5% after the introduction of the 2 meme cash. At present, USDC accounts for almost half of all TVL, adopted by TRUMP with 22%, and MELANIA with 16%.
On Sunday, Meteora skilled file each day inflows, with over $540 million value of tokens deposited on the DEX. USDC accounted for greater than half of it because it’s used to fund the TRUMP/USDC and MELANIA/USDC swimming pools. On Monday, one other $360 million value of USDC was deposited on the platform.
Meteora stories a powerful each day buying and selling quantity of over $10 billion as of this writing. Dune information reveals that weekly volumes surpassed a file $18 billion.
Due to its speedy TVL progress, Meteora is now amongst Solana’s high 10 dapps.
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