The influence of the Solana blockchain in the decentralized exchange (DEX) market continues to rise, with a 24-hour trading volume approaching $3.8 billion, surpassing Ethereum and Base combined. Solana is gradually challenging Ethereum's dominance. (Background: Survey of 42 key figures in the Solana ecosystem: which sectors are the most underestimated and overestimated, and what are the biggest current issues?) (Supplementary background: 5 major predictions for the Solana ecosystem: Musk's coin issuance, stablecoin market cap quadrupled, SOL spot ETF approved) As of today (the 7th), according to data from DefiLlama, the trading volume of DEX on the Solana chain in the past 24 hours has approached $3.8 billion. In comparison, Ethereum's volume is $1.7 billion, while Base (the most popular Layer 2 scaling network for Ethereum) is about $1.2 billion. Solana's daily trading volume has surpassed the total of both, highlighting its influence. Both price and locked value are increasing. In terms of price performance, Solana's native token SOL has increased about 8 times since 2023 compared to Ethereum ETH, and the high price has also led to strong performance in Solana's total value locked (TVL), which was $1.4 billion at the beginning of 2024 and has soared to about $9.5 billion now, an increase of more than 5 times. DEX volume in Solana Raydium stands out. Volume by chain shows a significant increase in trading volume for DEX on Solana, with Raydium particularly impressive. According to DefiLlama data, Raydium's 24-hour trading volume increased from $180 million in January 2024 to $3 billion in December, more than a tenfold increase. According to a report by Messari, Raydium's monthly trading volume in November even surpassed Ethereum's leading DEX Uniswap, exceeding it by about 30%. Messari points out that Raydium's success is closely related to its dominant position in the Solana ecosystem, where it consistently occupies over 60% of Solana's daily trading volume. Furthermore, trading in Memecoins and AI tokens based on Solana has become a major driving force for the growth in trading volume. Memecoins have become a driving force for trading volume. Ranking of protocol revenue (daily). The craze for Memecoins has simultaneously driven trading activity on Solana. According to CoinGecko data, the market cap of Memecoins is currently about $130 billion, with Solana's Memecoin platform Pump.fun standing out. DefiLlama data shows that Pump.fun's trading volume in the past 30 days has approached $250 million, ranking eighth in blockchain protocol revenue. Internal strife intensifies within the Ethereum community. While Solana rises, internal problems within Ethereum gradually deepen. The once united Ethereum community is starting to fracture over disagreements on network scaling strategies, governance mechanisms, and future directions, weakening the community's confidence that Ethereum can face fierce competition. From the SOL/ETH exchange rate trend, it can also be observed that Solana's relative value to Ethereum has been continuously rising since 2024 and has maintained a higher level after several fluctuations. SOL/ETH exchange rate. Related reports: Survey of 42 key figures in the Solana ecosystem: which sectors are the most underestimated and overestimated, and what are the biggest current issues? 5 major predictions for the Solana ecosystem: Musk's coin issuance, stablecoin market cap quadrupled, SOL spot ETF approved. Grayscale's report: The 20 cryptocurrencies to watch in Q1 2025, focusing on DeFi, AI Agents, and the Solana ecosystem. "Solana's 24-hour DEX trading volume takes the crown, surpassing Ethereum and Base chains combined" was first published on BlockTempo (the most influential blockchain news media).

#ETH