Solana DEXs Outperform Ethereum In Key Metric, Here’s What This Means
03 Februar 2024 - 4:00AM
NEWSBTC
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. Related
Reading: SOL Price Faces Big Move – Can Bulls Send Solana To $120?
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 surpasses Ethereum
in the DEX 24-hour volume. Source: DeFiLlama 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. Jupiter and Orca are among the top 3
decentralized exchanges in the 24H trading volume. Sorce: CoinGecko
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. Related Reading: Forget Bitcoin, This Billionaire Is
Betting Big On Solana For 2024 SOL is trading at $100.23 in the
hourly chart. Source: BTCUSDT on Tradingview.com Featured image
from Unsplash.com, Chart from Tradingview.com
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