Solana Surpasses Polygon in Daily DEX Trading Volume
Recent on-chain data reveals that Solana has exceeded Polygon in terms of daily decentralized exchange (DEX) trading volume. According to charts on the digital assets data platform Artemis XYZ, Solana currently has a daily DEX trading volume of $240.47 million, while Polygon sits at $137.49 million.
Solana Overtakes Polygon in Nine Days
Last week, Polygon had a daily DEX trading volume of $247.45 million, surpassing Solana’s $135.37 million. However, within just nine days, Solana has overtaken Polygon and is now leading in daily DEX volume.
Solana and SOL Experience Significant Growth
Solana and its native asset, SOL, have seen substantial growth in recent months. The proof-of-stake blockchain has attracted attention from institutional investors and is leading in institutional investment inflows.
SOL has become a favorite altcoin among institutional investors, with $74 million in institutional investment inflows year-to-date, second only to Bitcoin. Last week alone, it received $15.5 million from institutional investors, accounting for 47% of its total assets under management (AUM).
Solana-based products also experienced a significant increase in AUM in October, reaching $140 million.
Solana’s Impressive Growth Despite Challenges
Despite being associated with the bankrupt crypto exchange FTX and its disgraced founder Sam Bankman-Fried (SBF), Solana has witnessed remarkable growth this year. Although FTX’s collapse caused temporary setbacks for Solana, the crypto asset has surged by 80% monthly and 40% annually, outperforming Bitcoin, Ethereum, and Ripple.
Several factors contribute to Solana’s recent rally and growth, including the launch of Firedancer, a new validator client, which improves the network’s resilience and speed. Additionally, the ongoing Solana conference, Breakpoint 2023, has further boosted SOL’s upward surge.
Hot Take: Solana Emerges as a Strong Competitor
Solana’s rapid rise in daily DEX trading volume demonstrates its increasing popularity and potential to compete with established blockchain platforms. With its growing institutional investment inflows, Solana is gaining recognition as a promising altcoin.
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