Solana Flips Ethereum: Surpasses DEX Volume for First Time
- Solana’s onchain DEX transaction volume suppressed that of Ethereum.
- Solana’s transaction volume spiked to $2.395 billion last Monday.
- Raydium, Orca, Meteora, Phoenix, and Lifinity are the top five solutions on Solana.
According to data from DeFiLlama, the leading DeFi data aggregator, Solana’s on-chain DEX transaction volume surpassed that of Ethereum for the first time on Monday, July 8, 2024. Solana’s transaction volume spiked to $2.395 billion, outpacing Ethereum’s $2.177 billion.
On a weekly basis, Solana’s DEX transaction volume reached $14.012 billion, topping Ethereum’s $13.842 billion. Solana solidified its recent dominance by posting a 93.92% increase in transaction volume compared to Ethereum’s 40.03% increase.
Although Solana has made significant gains, Ethereum remains the dominant player in total value locked (TVL). DeFiLlama’s data shows Ethereum’s TVL is over four times that of Solana, with $7.113 billion compared to $1.722 billion.
Ethereum has experienced significant growth recently, fueled by numerous decentralized projects adopting the scalability-focused blockchain. Among the various solutions running on Solana, Raydium stands out with a transaction volume of $6.868 billion in the past seven days. It recorded $1.162 billion of that volume in the past 24 hours, resulting in a weekly surge of 143%.
Orca, Meteora, Phoenix, and Lifinity round out the top five solutions on Solana, each gaining between 38% and 76% of their DEX transaction volumes in the past week. Increased activity among these top solutions and other projects on Solana is driving the blockchain’s increasing prominence among decentralized networks.
Solana’s native cryptocurrency, SOL, also reflects the blockchain’s growth, with a 21% rebound from the recent pullback. SOL bounced off a recent low of $121.01 to trade for $143.64 at the time of writing, according to data from TradingView.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Hong Kong web3 politico Johnny Ng proposes that countries adopt Bitcoin as fiscal reserves
Share link:In this post: Johnny Ng, a member of the Hong Kong Legislative Council, proposed that countries adopt Bitcoin as fiscal reserves. He referred to Bitcoin and Web3 technologies as vital elements of globalization. Ng encouraged the Hong Kong administration to promote Web3 development.Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/o
Ava Labs engineering head Patrick O'Grady leaving team to start own company
The VP of Engineering for Ava Labs, which oversees the Avalanche blockchain development, is leaving to start a new venture after 3.5 years at the company.Patrick O’Grady will remain as a technical advisor for Ava Labs and has shared few details about the new venture.