DeFi
Solana Overtakes Ethereum in Daily DEX Trading Volume
According to recent data from DefiLlama, Solana has surpassed Ethereum in terms of daily trading volume on decentralized exchanges (DEXs). Solana-based DEXs reported $1.148 billion in daily trading volume, surpassing Ethereum’s $736.62 million.
RUSH 🚨
Solana just dethroned Ethereum in daily DEX trading volume.
The Solana ETF is also filed.
It looks like the $SOL summer is here👀
Which coins on SOL are the following 100x?👇 pic.twitter.com/pao6OKwX4z
— EvanLuthra.eth (@EvanLuthra) June 30, 2024
Several Solana platforms, including Raydium, Meteora, Orca, Phoenix, and Lifinity, now rank among the top 10 DEXs by daily trading volume. Uniswap and PancakeSwap continue to dominate the market overall.
Image source: Defilama
Patrick Scott, founder of Dynamo DeFi, reports that Solana’s DEX volume dominance is approaching 25% for the first time in June. This increase is partly attributed to the popularity of meme coins on the Solana network earlier this year.
Solana’s DEX volume dominance (red) continues to increase, on track to surpass 25% for the first time this month. pic.twitter.com/swUUJbG7Ad
— Patrick Scott | Dynamo DeFi (@Dynamo_Patrick) June 28, 2024
Despite the recent success in trading volume, Solana’s price has seen a slight decline of 0.5% over the past 24 hours. CoinMarketCapSolana currently ranks fifth in terms of cryptocurrency market capitalization with $65.2 billion, after Bitcoin, Ethereum, Tether, and BNB.
Total DEX volume across all platforms reached $26 billion in the past seven days, according to Dune Analyticshighlighting the growing importance of decentralized trading in the crypto ecosystem.
Read also : Floki Inu Warns Users About Fake Tokens on Solana and Base