Meteora, a decentralized exchange (DEX) and liquidity hub for Solana, experienced a meteoric rise in total value locked (TVL). The metric rose over 300% in the past week to a record $1.9 billion, per DefiLlama.
The TVL growth is attributed to Meteora’s flagship product, the DLMM (Dynamic Liquidity Market Maker) DEX platform to swap Solana-based tokens, whose total deposits soared from less than $210 million on January 15 to a record $1.64 billion as of this writing.
The frenzy surrounding the new Trump and Melania meme coins has driven this liquidity surge. On Monday, January 20, Donald Trump is scheduled to be sworn in as US President for a second term, replacing Joe Biden.
Last week, he launched an official meme coin on Solana, and Melania followed with her own coin on Monday, also on Solana. Today, $TRUMP’s market cap is nearly $10 billion after hitting a record $15 billion on Sunday. $MELANIA is already a $1.5 billion market.
On Meteora, SOL used to dominate the platform’s liquidity for nearly a year. Its share dropped to less than 5% after the introduction of the two meme coins. Today, USDC accounts for nearly half of all TVL, followed by TRUMP with 22%, and MELANIA with 16%.
On Sunday, Meteora experienced record daily inflows, with over $540 million worth of tokens deposited on the DEX. USDC accounted for more than half of it as it’s used to fund the TRUMP/USDC and MELANIA/USDC pools. On Monday, another $360 million worth of USDC was deposited on the platform.
Meteora reports an impressive daily trading volume of over $10 billion as of this writing. Dune data shows that weekly volumes surpassed a record $18 billion.
Thanks to its rapid TVL growth, Meteora is now among Solana’s top 10 dapps.
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