Solana Overtakes Ethereum in DEX Volumes: A Closer Look at SOL's Latest Rise
Solana surpassed Ethereum in decentralized exchange (DEX) volumes.
SOL and ETH tokens have exhibited positive price performance in the last 24 hours.
“Recent data suggests that Solana's network activity may soon challenge Ethereum's long-term dominance.”
Solana's Rise in DEX Volumes
Solana has made significant strides in the past year, which is clearly evident by the increase in daily DEX trading volume. According to DefiLlama, Solana processed $1.148 billion in DEX volume, while Ethereum remained at $745 million, indicating Solana's growing appeal.
Effects of Solana's Rise
This change may indicate an increasing preference for Solana due to its faster transaction speed and lower fees compared to Ethereum. Although Ethereum still leads in total DeFi value lock (TVL), Solana's advance in DEX volumes marks a critical step in overall market growth.
Solana's network activity is also notable: With more than 1.4 million daily active addresses, it surpasses Ethereum's 644,000. This significant user engagement is seen with Solana processing 42.9 million transactions per day, compared to Ethereum's 1.1 million.
