Crazy Weekend: 10 Charts Explaining Crypto Market’s Solana Moment
Reprinted from panewslab
01/21/2025·3MAuthor: Ignas , crypto KOL
Compiled by: Felix, PANews
Last weekend was probably the craziest weekend in crypto. The following 10 charts provide a visual understanding:
Record DEX trading volume:
Solana network DEX trading volume reached US$27 billion, far exceeding ETH's US$5 billion.
DEX trading volume on Solana jumped from an average of approximately $5 billion to $27 billion, an increase of 5.4 times.
Therefore, the proportion of DEX relative to CEX spot trading volume reached a record high of 19%.
Price discovery happens on DEX, not CEX.
Funds flow from Arbitrum to Solana, ETH and Base.
The Solana network saw a net inflow of $153 million, while Arbitrum lost $405 million in a week.
The image below is another way to visualize Solana traffic.
DeBridge analysis shows that weekly flows to Solana are approximately $300 million. Mainly from Ethereum, Base and Arbitrum.
Solana's outflows amounted to approximately $140 million.
Phantom reports more than 8 million requests per minute.
The trading volume of Phantom users is US$1.25 billion, with 10 million transactions.
Assuming Phantom's current rate is 0.85%, the Swap fee is $10.6 million.
On the day the TRUMP coin was launched, SOL recorded its largest single-day
increase against ETH since 2021. The 25% increase further damaged the morale
of the Ethereum community and increased the pressure for internal reforms of
the Ethereum Foundation. 
But not all is good for Solana:
- Average cost increased 20 times
- Many people simply cannot complete the transaction
High fees are very beneficial to SOL stakers.
A total of $57 million in fees was paid, but the majority were $33 million in priority fees and $23.5 million in Jito Tips.
Importantly, SOL destroyed a record of approximately $16.7 million.
Don’t use “ultra-sound money” as an excuse, because weekend destruction accounts for 81% of SOL issuance, which is much higher than daily.
The picture below shows Solana’s destruction rate:
Overall, it was a wild weekend for Solana, with TRUMP, MELANIA and SOL dominating the market. Meanwhile, market sentiment regarding ETH has once again turned negative.
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