Solana activity decreases while the volume of GRVT’s regulated DEX increases to $1.3B, and user adoption is swift within a 30-day period.
In the past few hours, Solana (SOL), one of the largest cryptocurrencies in market capitalization, has experienced a favorable trend. Conversely, the blockchain’s network activity has been diminishing after experiencing a substantial increase in the past few months. In the interim, a new decentralized exchange (DEX) is generating significant media attention due to its rapid adoption. Therefore, we must thoroughly examine the current state of this new DEX, GRVT.
Solana’s network activity is decreasing
Solana’s activity was experiencing a decline, according to Artemis, a widely used data analytics platform that offers insights into the network activity of numerous blockchains. This was apparent in the decrease in daily active addresses over seven days. At the same time, the blockchain’s daily transactions experienced a decline, indicating a reduction in utilization. The acquired value front was also unfavorable, as Solana’s revenue and fees decreased.
GRVT is currently receiving attention
GRVT, a newcomer, has been making news while Solana’s network activity is diminishing. GRVT is the world’s first regulated DEX that functions as a self-custodial CEX. The company aspires to enable anyone to purchase, sell, trade, and invest in financial products by utilizing smart contracts to ensure self-custody, scalability, and security. The DEX experienced significant growth this month following its mainnet alpha launch. GRVT’s daily active traders (DAT) are among the highest for a DEX’s first 30 days, with recent figures surpassing 1,000—a significant milestone. Furthermore, they have onboarded 33,266 KYCed users to date, a higher number than many DEXes in their tenure.
GRVT traded a total of $1.3 billion over 30 days. In its inaugural month, the platform’s daily volume exceeded that of numerous prominent DEXs. GRVT’s co-founder and CEO, Hong Yea, stated, “We have launched more than six new features, such as configurable leverage, cross-chain bridging, and PnL tracking.” The GRVT is enhancing daily.
In conclusion
GRVT’s potential to revolutionize the DEX landscape is underscored by its unprecedented growth and innovation, whereas Solana is experiencing a decline in activity. GRVT generates interest in cryptocurrency due to its remarkable accomplishments in as few as 30 days. This suggests that regulated decentralized trading has a promising future. In the interim, it is also important to mention that the Solana supporters have increased their activity in the past 24 hours, causing the token’s price to increase by 5%. The token currently trades at $237, with a market capitalization exceeding $115 billion.