Solana DEXs Surpass Ethereum in Daily Trading Volume
Recent data from DeFiLlama reveals that Solana-based decentralized exchanges (DEXs) have surpassed Ethereum in terms of daily trading volume. In the last 24 hours, Solana’s DEXs recorded a trading volume of $1.14 billion, surpassing Ethereum’s $1.133 billion. This milestone was first achieved in December 2023 when Solana’s daily DEX volume reached $1.475 billion, indicating a growing interest in the SOL ecosystem.
Solana DEXs Among Top 3 by Volume
CoinGecko data shows that Solana-based DEXs Jupiter and Orca are among the top three decentralized exchanges by volume in the last 24 hours. Jupiter recorded a daily volume of $614 million, while Orca had a volume of $380 million. Ethereum’s Uniswap V3 topped the chart with a daily volume of $636 million.
Rise in Popularity Boosts Solana Ecosystem
SoSo Value, a research platform, highlighted Jupiter’s recent rise in popularity and increase in monthly users as a key factor contributing to the growth of the Solana ecosystem. This surge in activity has attracted significant attention and trading activity to the ecosystem, indicating a healthy development of Solana’s DeFi ecosystem.
Solana’s Price Action and Potential
Solana’s surge in interest can be attributed to its meme coin sector, airdrops, and fast transactions. As a result, its native token has regained lost territory. While Solana has surpassed Ethereum’s DEX on lower timeframes, Ethereum remains the dominant player in the DeFi sector with over $6 billion in Total Value Locked (TVL). However, Solana’s fast-growing blockchain has the potential to attract further attention and interest if the daily trend continues.
Solana’s Price Performance
Despite some fluctuations, Solana’s price has ranged between $90 and $100 in the past month. According to CoinGecko, SOL’s price has increased by 1.9% in the last 24 hours and 6.3% in the previous seven days.
Hot Take: Solana-based DEXs Surpass Ethereum in Daily Trading Volume, Indicating a Growing Interest in the SOL Ecosystem
Recent data reveals that Solana-based decentralized exchanges (DEXs) have overtaken Ethereum in terms of daily trading volume. This milestone achievement signifies a growing interest in the Solana ecosystem. With Solana-based DEXs ranking among the top three by volume and Jupiter’s rise in popularity contributing to increased activity, Solana’s DeFi ecosystem shows promising growth and development. While Ethereum remains dominant in the DeFi sector, Solana’s fast-growing blockchain and recent price performance indicate its potential to attract further attention and interest.
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