In a groundbreaking development, Solana has flipped Ethereum in monthly decentralized exchange (DEX) volume for the first time in history. According to data from July 1 to July 31, 2024, Solana recorded an impressive $55.876 billion in DEX volume, surpassing Ethereum's $53.868 billion.
This milestone marks a significant achievement for Solana, highlighting its growing influence and adoption in the cryptocurrency space. The chart from Degen News clearly shows Solana's rise, with other blockchains like Arbitrum, BSC, and Base following behind in monthly volume.
Key Highlights:
Solana: $55.876 billion
Ethereum: $53.868 billion
Arbitrum: $24.569 billion
BSC: $17.888 billion
Base: $15.554 billion
Thorchain: $3.14 billion
Optimism: $2.615 billion
Avalanche: $2.342 billion
Blast: $2.182 billion
Polygon: $1.543 billion
Others: $11.019 billion
This achievement showcases Solana's scalability and efficiency, which have been pivotal in attracting a larger user base and increasing transaction volumes. As the competition among blockchains intensifies, Solana's ability to lead in DEX volume could signal a shift in market dynamics and user preferences.
