9 months ago
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Recent data shows that Solana-based decentralized exchanges (DEXs) have taken Ethereum’s spot in a key metric, creating expectations and positive sentiment for the Solana (SOL) ecosystem.
Solana DEXs Outperform Ethereum
According to data from DeFiLlama, Solana-based decentralized exchanges (DEXs) have flipped Ethereum in daily trading volume. Over the last 24 hours, Solana’s $1.14 billion trading volume surpasses Ethereum DEX’s $1.133 billion trading volume.
This accomplishment occurred for the first time in December of 2023 when Solana’s daily DEX volume reached $1.475 billion, surpassing Ethereum’s $1.164 billion, and hit a growing interest by traders in the SOL ecosystem.
Solana also saw a weekly change of +37.67% in its trading volume. However, the data shows that Ethereum is still above Solana in the 7-day volume metric, with $7.852 billion and $ 6.113 billion, respectively.
Additionally, data from CoinGecko shows that Solana-based DEXs Jupiter and Orca are among the 3 largest decentralized exchanges by volume in the last 24 hours. As the chart below displays, Jupiter has a daily volume of $ 614 million, while Orca shows a volume of $380 million, occupying the second and third spots, respectively.
Ethereum’s Uniswap V3 topped the chart with a daily volume of $636 million. The data also shows Raydium among the top 10 DEXs by volume in the last 24 hours.
Research platform SoSo Value pointed out on X (formerly known as Twitter) the recent Jupiter’s rise in popularity and monthly users’ increase as a key contributor to the Solana ecosystem’s boost in activity, bringing considerable attention and trading activity into the ecosystem.
These recent achievements hint at a healthy growth and development of Solana’s DeFi ecosystem.
Solana’s Price Action
The surge in interest in Solana has been driven by its meme coin sector, the airdrops, and fast transactions offered to its users. As a result, its native token managed to reclaim previously lost territory.
However, while Solana surpassed Ethereum’s DEX on low timeframes, the second crypto by market cap remains king of the DeFi sector. The chart above shows that the Ethereum-based DEX holds over $6 billion in Total Value Locked (TVL).
This piece of data indicates the resilience of the ETH ecosystem in maintaining its position as king of DeFi but holds promise for Solana. The fast-growing blockchain could attract further attention and interest if the daily trend extends.
Despite some fluctuation in the last few weeks, Solana’s price has surfaced in the $90-$100 price range in the last month. According to CoinGecko data, SOL’s price has surged 1.9% in the last 24 hours and 6.3% in the previous 7 days.
Featured image from Unsplash.com, Chart from Tradingview.com
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