In this article. In July, Solana surpassed Ethereum in monthly transaction volume on DEX for the first time ever, reaching $55.876 billion.
SOL processes thousands of transactions per second, while #BTC processes only 15.
Unlike Ethereum's fees, which tend to be high, Solanas transaction fees remain low even during periods of high demand.
Solanas has surpassed Ethereum in monthly trading volume on DEX for the first time, with #SOL trading volume totaling $55.876 billion in July, while Ethereum lags behind at $53.868 billion.
This is significant considering Ethereum has always led the way in this area. However, other chains are also gaining momentum, with Arbitrum at $24.569 billion, BSC at $17.888 billion, and Base at $15.554 billion.
But let's take a look at what SOL is shining right now.
Why is #Solana suddenly kicking Ethereum's ass? Largely due to speed - SOL can process thousands of transactions per second.
Ether can only process about 15 transactions per second. For traders, this is a big difference. Another reason is cost: SOL's transaction fees are very low, even when the network is congested.
On the other hand, Ethereum's gas fees are much higher, which discourages many users who don't want to pay through the nose for every small transaction.
scalability is another important advantage of SOL, which uses a unique consensus mechanism that combines Proof of History and Proof of Stake. This system allows processing large volumes of transactions without sacrificing decentralization and security.
Ethereum, on the other hand, has been experiencing scalability problems for some time, although its creator Vitalik Buterin is doing his best to solve them.
developers like Solana because it is cost-effective: creating and deploying smart contracts on Solana is cheaper and faster than on Ethereum.
In the last few months of 2023, Solana has begun to outperform Ethereum in several areas.
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