Solana Flips Ethereum in DEX Volume DeFi Dominance Shifts

  • Solana overtakes Ethereum in weekly DEX volume after a 43% surge.

  • Solana captured nearly 25% of the total DEX market share.

  • Ethereum remains a close second, just $18 million behind Solana’s $9.11 billion.

Solana overtook Ethereum in weekly decentralized exchange (DEX) volume for the first time in 43 days. Data from DeFiLlama showed that Solana processed $9.1 billion across its DEXs over the last seven days, edging out Ethereum’s $9.09 billion by a narrow margin.

This marks the third “flippening” between the two platforms in terms of DEX volume in 2024. The significant rise in Solana’s DEX volume is attributed to the growing DEX usage led by Raydium and meme coins like MOONDENG. 

Raydium and MOONDENG Power Solana’s DEX Boom

With a dominant 50% share of all Solana volumes, Raydium’s weekly trading volume jumped 87% compared to the previous week. Moreover, SOL-based meme coins like MOONDENG fueled the DEX boom, soaring 60,000x in just 18 days after its launch.

In total, Solana holds a 25% share of the total DEX market, indicating that traders are drawn to its fast and low-cost transaction model.

Read also: Solana’s Market Dominance Rises …

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