Solana-based DEXs Surpass Ethereum in Daily Trading Volume
Solana-based decentralized exchanges (DEXs) have taken the lead over Ethereum in a key metric, with recent data from DeFiLlama showing that Solana’s daily trading volume surpassed Ethereum’s. In the last 24 hours, Solana recorded a trading volume of $1.14 billion, while Ethereum DEXs lagged behind with a volume of $1.133 billion. This achievement comes after Solana’s daily DEX volume surpassed Ethereum’s in December 2023, indicating growing interest and positive sentiment for the Solana (SOL) ecosystem.
Weekly Change Shows Solana’s Upward Momentum
In addition to overtaking Ethereum in daily trading volume, Solana also saw a significant weekly change of +37.67% in its trading volume. However, when looking at the 7-day volume metric, Ethereum still maintains its lead over Solana, with $7.852 billion compared to Solana’s $6.113 billion. Nevertheless, Solana’s impressive performance in the DEX space shows its potential for further growth and development.
Solana’s DEXs Jupiter and Orca Among Top Volume Exchanges
Further data from CoinGecko reveals that Solana-based DEXs Jupiter and Orca have emerged as major players in the decentralized exchange market. In the last 24 hours, Jupiter recorded a daily volume of $614 million, securing the second spot in the ranking, while Orca followed closely with a volume of $380 million, occupying the third spot. Ethereum’s Uniswap V3 remained at the top with a daily volume of $636 million. The inclusion of Solana-based DEXs in the top rankings showcases the increasing popularity and trading activity within the SOL ecosystem.
Jupiter’s Rise in Popularity Fuels Solana’s Growth
SoSo Value, a research platform, highlighted Jupiter’s recent rise in popularity and increase in monthly users as a key driver of Solana’s boost in activity. This surge in interest in Solana’s DeFi ecosystem has created a favorable environment for the platform’s growth and development. With more attention and trading activity pouring into the Solana ecosystem, the future looks promising for the blockchain project.
Solana’s Price Action and Potential
Solana’s recent surge in interest can be attributed to several factors, including its meme coin sector, airdrops, and fast transaction speeds. As a result, the native token, SOL, has managed to regain lost territory and find stability in the $90-$100 price range. In the last 24 hours, SOL’s price has increased by 1.9%, and over the previous 7 days, it has surged by 6.3%. While Ethereum still remains the dominant force in the DeFi sector, Solana’s growing momentum and strong performance indicate its potential to attract further attention and interest.
Conclusion
Recent data clearly demonstrates Solana’s strong positioning in the DEX space, surpassing Ethereum in daily trading volume. Solana-based DEXs such as Jupiter and Orca have emerged as major players, attracting traders with their high volumes. The rise in popularity of Jupiter and increasing monthly users contribute to the overall positive sentiment and growth of the Solana ecosystem. While Ethereum still reigns as the king of DeFi, Solana’s performance and potential should not be underestimated. With its fast-growing blockchain and attractive features, Solana has the potential to disrupt the DeFi landscape and attract even more attention in the future.
Analyst comment
Positive news: Solana-based DEXs have surpassed Ethereum in daily trading volume, indicating growing interest and positive sentiment for the Solana ecosystem.
As an analyst, I expect the market for Solana to continue to grow and develop, attracting more attention and interest. Solana’s strong positioning in the DEX space, with high trading volumes and major players like Jupiter and Orca, will contribute to its positive momentum. While Ethereum still dominates the DeFi sector, Solana has the potential to disrupt and attract even more attention in the future.
