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Solana (SOL), one of the largest cryptos in terms of market capitalization, has turned bullish in the past few hours. On the other hand, the blockchain’s network activity has been declining after increasing dramatically over the past several months. In the meantime, a new DEX is making headlines with its surge in adoption. Ergo, let’s take a closer look at what’s going on with this new DEX, GRVT.
Solana’s dropping network activity
As per Artemis, a popular data analytics platform that provides insights into several blockchains’ network activity, Solana was witnessing a decline in its activity. This was evident from the decline in its daily active addresses in the seven-day time span. During the same time, the blockchain’s daily transactions also dipped—signaling less usage. Apart from that, things in the captured value front also didn’t look good as both Solana’s fees and revenue dropped.
GRVT is now in the limelight!
While Solana’s network activity was declining, a newcomer, GRVT, has been making news. GRVT is the world’s first regulated DEX that operates as a self-custodial CEX. By using smart contracts to guarantee self-custody, scalability, and security, the company hopes to make it possible for anybody to purchase, sell, trade, and invest in financial items. In only a month since its mainnet alpha launch, the DEX has gained much traction. GRVT’s daily active traders (DAT) are among the highest for a DEX’s first 30 days, with recent numbers crossing 1,000—a major milestone. Additionally, they have onboarded 33,266 KYCed users to date—more than many DEXes achieve in their lifetime.
In 30 days, GRVT traded a total of $1.3 billion. The platform’s daily volume already surpasses many top DEXs in their first month. Hong Yea, co-founder and CEO of GRVT mentioned, “We’ve shipped over 6 new features including configurable leverage, cross-chain bridging, PnL tracking, and more. GRVT improves daily.”
To sum things up!
While Solana faces declining activity, GRVT’s explosive growth and innovation highlight its potential to reshape the DEX landscape. With impressive achievements in as little as 30 days, GRVT is drawing interest from the cryptocurrency world. This points to a bright future for decentralized trading that is regulated. Meanwhile, it’s also worth noting that Solana bulls stepped up their game in the last 24 hours by pushing the token’s price up by 5%. At the time of writing, the token is trading at $237 with a market capitalization of over $115 billion.
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