This week, SOL’s value has seen a significant increase, elevating its decentralized exchange (dex) platforms and propelling the layer one (L1) blockchain to a leading position in 24-hour dex trading volume. Solana’s dex platforms have amassed $2.802 billion in trade volume over the past day, outperforming Ethereum’s dex platforms, which have recorded $2.03 billion in the same timeframe.
Dex Dominance: Solana Surpasses Ethereum in 24-Hour Trading Volume
On Monday, March 18, 2023, the Solana (SOL) blockchain emerged as the frontrunner in decentralized exchange (dex) trading volume over the past day, with its dexes achieving $2.802 billion in global trade volume. This represents a 38% increase over Ethereum’s daily volume of $2.03 billion. However, on a weekly basis, it ranks second to Ethereum, with $19.746 billion versus Solana’s $17.151 billion.
Recently, SOL‘s value has soared, crossing the $200 mark for the first time since December 2021 and exceeding BNB’s market capitalization. According to defillama.com, dex volume across all chains on Monday reached approximately $8.614 billion. While Uniswap and Pancakeswap lead as the top two dex platforms on March 18, Solana’s Orca, Phoenix, Lifinity, and Raydium occupy the third through sixth positions.
While Solana’s dex applications have $1.248 billion locked in, the total value locked (TVL) in Ethereum’s dexes stands at around $3.255 billion this week. Solana ranks as the fourth largest chain by TVL in decentralized finance, with $4.325 billion locked in its protocols, trailing behind Ethereum, Tron, and BNB Chain.
Regarding Solana’s non-fungible token (NFT) sales over the past week, the blockchain has recorded $65,053,736 in sales volume. In terms of NFT sales volume for the week, the L1 blockchain is positioned third, following Bitcoin and Ethereum, but ahead of 19 other blockchain networks. All-time NFT sales data from cryptoslam.io shows that Solana holds the second spot under Ethereum, with $5.22 billion in total sales.
What do you think about the Solana dex platforms recording significant volume on Monday? Share your thoughts and opinions about this subject in the comments section below.
