According to U.Today, Solana has surpassed Ethereum in daily DEX trading volume, as per data from DefiLlama. Solana recorded a trading volume of $1.148 billion, while Ethereum managed $745 million. Solana-based platforms such as Raydium, Meteora, Orca, Phoenix, and Lifinity are among the top 10 DEXes by daily trading volume, although Uniswap and PancakeSwap still lead the pack. Patrick Scott, the founder of Dynamo DeFi, noted that Solana's DEX volume dominance is increasing and is set to exceed the 25% mark for the first time in June.
DEX volume overall reached $26 billion over the past week, according to Dune Analytics. Earlier this year, trading on Solana-based DEXex saw a surge due to the rising popularity of meme coins. Solana, often referred to as the 'Ethereum killer', is also gaining traction due to growing interest in ETFs. New York-based investment firm VanEck recently filed to launch an ETF for Solana, followed by 21Shares with its own filing for the altcoin.
However, analysts caution that approval for these ETFs may not be imminent. Despite an initial price surge due to the ETF hype, Solana's price has dipped slightly by 0.2% over the past two weeks. Currently, the altcoin is valued at $65.2 billion, according to CoinGecko, placing it fifth in terms of market capitalization, behind Bitcoin, Ethereum, Tether, and BNB.