Recent data reveals that decentralized exchanges (DEXs) on the Solana blockchain have outperformed Ethereum in a critical metric, generating optimism and expectations for the Solana (SOL) ecosystem.
Decentralized exchanges (DEXs) on Solana surpass Ethereum in performance.
As per DeFiLlama data, decentralized exchanges (DEXs) on Solana have exceeded Ethereum in daily trading volume. In the last 24 hours, Solana recorded a trading volume of $1.14 billion, surpassing Ethereum DEX’s $1.133 billion. This milestone was first achieved in December 2023, when Solana’s daily DEX volume reached $1.475 billion, outpacing Ethereum’s $1.164 billion, sparking increased interest among traders in the SOL ecosystem.
Solana experienced a notable weekly change with a +37.67% increase in trading volume. Despite this, Ethereum still maintains a higher 7-day volume than Solana, registering $7.852 billion and $6.113 billion, respectively.
In addition, data from CoinGecko indicates that Solana-based DEXs Jupiter and Orca have secured positions among the three largest decentralized exchanges by volume in the last 24 hours. Jupiter boasts a daily volume of $614 million, securing the second spot, while Orca follows closely with a volume of $380 million, ranking third.
At the top of the chart is Ethereum’s Uniswap V3 with a daily volume of $636 million. Notably, Raydium also appears among the top 10 DEXs by volume in the last 24 hours, as per the provided data.
The research platform SoSo Value highlighted on X (formerly Twitter) that the recent surge in popularity and monthly user growth of Jupiter has significantly contributed to the heightened activity within the Solana ecosystem. This surge has garnered considerable attention and increased trading activity within the ecosystem.
These recent milestones suggest a robust and positive trajectory in the growth and development of Solana’s DeFi ecosystem.
Solana’s Price Action
Solana’s recent surge in popularity can be attributed to its meme coin sector, airdrops, and the swift transaction capabilities it offers to users. Consequently, its native token has successfully reclaimed previously lost ground.
While Solana has outpaced Ethereum’s DEX in shorter timeframes, Ethereum, as the second-largest cryptocurrency by market capitalization, continues to reign supreme in the DeFi sector. The chart above illustrates Ethereum-based DEX holding a Total Value Locked (TVL) exceeding $6 billion.
This data underscores the resilience of the Ethereum ecosystem, maintaining its dominance in DeFi, while also holding promise for Solana. The rapidly growing blockchain could garner even more attention and interest if the daily trend continues.
Despite some fluctuations in recent weeks, Solana’s price has consistently ranged between $90 and $100 in the last month. According to CoinGecko data, SOL has witnessed a 1.9% increase in the last 24 hours and a 6.3% surge in the previous 7 days.