Solana-based DEX Jupiter Surpasses Uniswap in Trading Volume
Data from CoinGeko reveals that the decentralized exchange (DEX) Jupiter, built on the Solana blockchain, has surpassed Ethereum’s leading DEX Uniswap in terms of trading volume. In the past 24 hours, Jupiter recorded over $510 million in trading volume, while Uniswap V3 and V2 recorded $455 million and $76 million, respectively. The recent surge in Jupiter’s dominance can be attributed to the WEN airdrop that took place on its launchpad, which brought new money into the Solana ecosystem. This development signifies a growing trend of Solana competing with Ethereum in the crypto ecosystem.
SOL Network Matching Ethereum’s Numbers
DeFiLlama data shows that besides Jupiter’s dominance, Solana is matching Ethereum’s numbers. In the last 24 hours, Solana recorded a trading volume of $704 million compared to Ethereum’s $741 million. This is not the first time Solana has outperformed Ethereum; in December 2023, it surpassed Ethereum in 7-day DEX volume and NFT trading volume as well.
Could Solana Overtake Ethereum?
Ethereum has long been known for housing leading decentralized applications (dApps) and dominating the DeFi landscape. However, if Solana continues its successful runs, this could change. Solana has always been referred to as the “Ethereum killer” and already has an edge over Ethereum due to its faster and more cost-effective nature. Ethereum’s high gas fees have become a major concern for users and hinder mainstream adoption of DEXs.
In addition, liquidity is flowing into Solana, which could attract more DeFi users to the ecosystem. The WEN airdrop was just the beginning, as the JUP token airdrop is scheduled for January 31. This highly anticipated event is expected to drive attention and trading activity towards Jupiter and Solana, with eligible participants diversifying their funds across the SOL ecosystem.
Hot Take: Solana’s Rise Poses a Threat to Ethereum’s Dominance
The recent surge in trading volume on Solana-based DEX Jupiter and the matching numbers with Ethereum indicate that Solana could pose a threat to Ethereum’s position as the King of DeFi. With its faster transactions and lower costs, Solana has already gained an edge over Ethereum. The influx of liquidity and upcoming airdrops further enhance Solana’s appeal, enticing more users into its ecosystem. If this trend continues, it won’t be long before Solana overtakes Ethereum as the go-to platform for decentralized finance.
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