In a remarkable turn of events for the decentralized finance (DeFi) landscape, Solana has outstripped Ethereum in decentralized exchange (DEX) transaction volume for October. The data reveals that Solana’s DEX trading volume soared to an impressive $52.2 billion, surpassing Ethereum’s $41.5 billion by a significant margin of 25%. This achievement marks the second consecutive month that Solana has led in this category, solidifying its position as a major player in the DeFi sector.
The statistics indicate that Solana now accounts for roughly 26% of the entire DEX market, reflecting not only its growing popularity but also a rising interest in meme coins among traders.
The top five blockchains by DEX transaction volume for October are:
– Solana: $52.2 billion – Ethereum: $41.5 billion – Base: $27.7 billion – Binance Smart Chain (BSC): $24.2 billion – Arbitrum: $16 billion
Solana’s success can be attributed to its robust network activity, which processed over 14 million transactions in just 24 hours, far exceeding Ethereum’s 268,621 transactions during the same period. This surge in trading activity underscores the increasing liquidity and user engagement on the Solana platform.
As Solana continues to capture a larger share of the DEX market, its performance highlights a shift in trader preferences and the potential for further growth in decentralized finance.
