The Solana Telegram bot ecosystem achieved a significant milestone yesterday, with trading volume hitting $211 million, according to Dune Analytics.
The Trojan bot spearheaded this increase, amassing a trading volume of $93.7 million, which represents almost 44.4% of the total. This bot launched earlier this year as an updated version of Unibot.
Solana Bots Remain Dominant in the DEX Trading Market
Regarding total trading volume over time, BonkBot continues to command the largest share of the DEX bot market. BonkBot’s lifetime trading volume is currently at $8.69 billion, followed by Maestro and Trojan.
Nevertheless, in terms of average weekly trading volume, Trojan has recently gained the upper hand. Data from Dune indicates that Trojan contributes to 39% of the overall DEX bot sector’s weekly trading volume, trailed by BonkBot at 13.6%.
Read more: Do Crypto Trading Bots Work?
Solana’s network activity soared to new heights as its Real Economic Value (REV) — an essential measure of blockchain revenue — reached a record $11.1 million on October 24, likely due to a recent surge in meme coin trading.
Since October 19, Solana’s economic activity has consistently exceeded that of Ethereum, signaling a remarkable market shift. Additionally, DEX bot activity on Solana has drastically increased, with daily trading volumes rising almost 70-fold in two months, from about $30 million in September.
This trading momentum has had a positive effect on SOL, which has seen a 15% increase this week. Furthermore, Solana’s DEX Raydium has recently surpassed Ethereum in daily fees collected, with the fees on Raydium, primarily arising from swap transactions, reflecting the increased activity on the platform.
The current liquidation map indicates a bullish sentiment among SOL traders, exhibiting a greater volume of long positions compared to shorts. While this optimism correlates with Solana’s recent growth, it also presents potential risks if market dynamics change unexpectedly.
Read More: Solana ETF Explained – What It Is and How It Works
This month has also seen notable advancements in Solana’s exchange-traded products. The investment firm VanEck has recently introduced staking rewards for its Solana ETNs in the European market. However, the future of a Solana ETF in the US remains uncertain, as both VanEck and 21Shares have submitted separate ETF applications, with a decision unlikely before the upcoming election.
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