Solana Emerges as Second Most Traded Asset on DEXs
New data from DeFi tracker DeFiLlama reveals that Solana (SOL) has become the second most traded digital asset on decentralized exchanges (DEXs), right behind Ethereum (ETH). In the past week, Solana’s trading volume on DEXs has surged by over 25% to reach a total of $5.6 billion. This significant increase has propelled Solana from fourth place to second place in terms of DEX trading volume. Despite Solana’s impressive growth, Ethereum remains the top traded asset on DEXs with a trading volume of $8.89 billion in the past week. In the last 24 hours, Solana’s DEX trading volume reached $895.9 million compared to ETH’s $1.07 billion.
Solana’s Rising Value and Network Expansion
The price of Solana currently stands at $122.32, reflecting a 7.73% gain in the last 24 hours and an astounding increase of over 1,000% since the beginning of the year. As Solana’s value surges, more participants are joining its network. Recently, stablecoin issuer Paxos announced its expansion to the Solana network after exclusively operating on Ethereum. Paxos will launch its dollar-pegged crypto asset, Pax Dollar (USDP), on the Solana blockchain starting January 17th, 2024. Raj Gokal, co-founder of Solana, expressed excitement about this development and highlighted how Solana’s high-performance network and low transaction fees can support regulated financial products.
Saga Smartphone and Bonk Meme Coin
Aside from its rising value and network expansion, Solana has also gained attention for its Web3 smartphone called Saga. The smartphone recently sold out after its launch in April. Purchasing Saga came with a bonus reward of free Bonk (BONK), a popular meme coin built on the Solana blockchain.
Hot Take: Solana Emerges as a Strong Competitor to Ethereum
Solana’s recent surge in trading volume and value highlights its growing prominence in the crypto market. With its low transaction fees, high-performance network, and increasing number of participants, Solana is emerging as a strong competitor to Ethereum. The expansion of Paxos to the Solana network further validates its potential for supporting regulated financial products. As Solana continues to gain traction and attract attention from investors and developers, it is poised to challenge Ethereum’s dominance in the decentralized finance space.
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