Solana Surges Further, Outpacing Polygon (MATIC) in Daily DEX Trading Volume

Solana Surpasses Polygon in Daily DEX Volume

Solana, a competitor to Ethereum (ETH), is experiencing a sustained upward trend as it surpasses Polygon (MATIC) in terms of daily decentralized exchange (DEX) volume. According to data from blockchain tracking platform Artemis, Solana has outperformed MATIC in both overall DEX volume and the number of daily transactions.

Artemis’ data reveals that Solana’s DEX volume is approximately $240.5 million, exceeding Polygon’s $137.5 million. Moreover, Solana has far surpassed its competitors, including ETH and Avalanche (AVAX), in terms of daily transactions. On November 2nd alone, Solana recorded 19.5 million transactions, compared to ETH’s 1.05 million, MATIC’s 2.59 million, and AVAX’s 192,000.

Additionally, Solana has been leading the market cap race since October and continues to set itself apart in November.

Solana’s Growth and Price Increase

Solana’s growth is evident not only in its market cap but also in its price. The smart contract platform has witnessed a significant price increase of approximately 300% since January 1st, 2023 when it was trading at $9.97. Currently, Solana is priced at $39.36 with a slight decrease over the past 24 hours.

Industry experts have also commented on Solana’s rise. Macro guru Raoul Paul likened Solana to a “rocket ship” following the release of Firedance, a new validator client for the SOL blockchain that improved scalability and speed. Additionally, pseudonymous crypto trader Pentoshi predicted that Solana would retrace towards the $32 range before making another upward move.

Hot Take: Solana Outperforms Polygon in Daily DEX Volume

Solana continues to gain momentum as it surpasses Polygon in terms of daily decentralized exchange volume. With a higher DEX volume and a greater number of daily transactions, Solana is establishing itself as a formidable competitor to Ethereum and other digital assets. The platform’s market cap and price have also been on the rise, indicating strong growth and investor interest. With positive comments from industry experts, Solana’s upward trajectory appears to be sustainable. As the crypto market evolves, Solana’s performance and innovations will be worth keeping an eye on.