DeFi
Solana Overtakes Ethereum in Daily DEX Trading Volume
Solana has overtaken Ethereum in terms of daily trading volume on decentralized exchanges (DEX), according to recent data from DefiLlama. Solana-based DEXs reported a daily trading volume of $1.148 billion, surpassing Ethereum’s $736.62 million.
BREAKING🚨
Solana just dethroned Ethereum in daily DEX trading volume.
The Solana ETF is also filed.
It looks like $ 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: Défilama
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 (red) DEX volume dominance continues to rise, on track to exceed 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 price saw 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 analysishighlighting the growing importance of decentralized commerce in the crypto ecosystem.
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