Recent data shows that the Solana-based decentralized exchange (DEX) has overtaken Ethereum in key metrics, sparking excitement and positive sentiment towards the Solana (SOL) ecosystem.
Solana DEX surpasses Ethereum
According to data from DeFiLlama, the Solana-based decentralized exchange (DEX) has upset Ethereum’s daily trading volume. Solana’s $1.14 billion trading volume over the past 24 hours surpassed the Ethereum DEX’s $1.133 billion trading volume.
This achievement marks the first time in December 2023 that Solana’s daily DEX trading volume reached $1.475 billion, surpassing Ethereum’s $1.164 billion, increasing trader interest in the SOL ecosystem.
Solana surpasses Ethereum in the DEX 24-hour volume. Source: DeFiLlama
Solana also saw a 37.67% change in weekly volume. However, data shows that Ethereum is still higher than Solana by seven-day trading volume at $7.852 billion and $6.113 billion, respectively.
Additionally, Solana-based DEXes Jupiter and Orca were among the top three decentralized exchanges by trading volume over the past 24 hours, according to data from CoinGecko. As shown in the chart below, Jupiter’s daily trading volume is $614 million, while Orca ranks second and third with $380 million, respectively.
Uniswap V3 on Ethereum topped the charts with daily trading volume of $636 million. The data also shows Raydium among the top 10 DEXs by trading volume over the last 24 hours.
Jupiter and Orca are among the top 3 decentralized exchanges in the 24H trading volume. Sorce: CoinGecko
Research platform SoSo Value noted on
These recent achievements suggest 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 segment, airdrops, and the fast transactions it offers to users. As a result, the base token regained previously lost territory.
However, while Solana has surpassed Ethereum’s DEX during its low period, the second-largest cryptocurrency by market capitalization is still the king of the DeFi sector. The chart above shows that Ethereum-based DEXs have over $6 billion in total value locked (TVL).
This data demonstrates the resilience of the ETH ecosystem to maintain its position as the king of DeFi while maintaining its commitment to Solana. Fast-growing blockchains can attract more interest and attention as their daily trends expand.
Despite some fluctuations over the past few weeks, Solana’s price has been in the $90-$100 range over the past month. According to CoinGecko data, the price of SOL has surged 1.9% in the last 24 hours and 6.3% in the past 7 days.
SOL is trading at $100.23 in the hourly chart. Source: BTCUSDT on Tradingview.com
Featured image from Unsplash.com, chart from Tradingview.com
Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.
