🔥🔥🔥 #solana #DEXs Outperform Ethereum In Key Metric, Here’s What This Means
Recent data reveals that decentralized exchanges (DEXs) built on Solana have surpassed Ethereum in a crucial metric, generating positive sentiment and expectations for the Solana ($SOL ) ecosystem.
- Solana DEXs Outperform Ethereum
Solana's DEXs have surpassed Ethereum in daily trading volume, with Solana recording $1.14 billion compared to Ethereum's $1.133 billion in the last 24 hours, marking a milestone first achieved in December 2023. This underscores the increasing interest in Solana's ecosystem.
Solana witnessed a weekly change of +37.67% in trading volume. However, #Ethereum still maintains a higher 7-day volume metric, with $7.852 billion compared to Solana's $6.113 billion.
CoinGecko data reveals Solana-based DEXs Jupiter and Orca ranking second and third by 24-hour volume, with $614 million and $380 million, respectively. Uniswap V3 on Ethereum leads with $636 million in daily volume. Additionally, Solana's Raydium is among the top 10 DEXs by volume in the last 24 hours.
SoSo Value, a research platform, emphasizes the rising popularity of Jupiter and its increasing monthly users as a significant factor contributing to the heightened activity and attention within the Solana ecosystem.
These recent achievements indicate robust growth and development in Solana's decentralized finance (DeFi) ecosystem.
- Solana’s Price Action
Solana's increased interest is attributed to its meme coin sector, airdrops, and rapid transaction capabilities. Consequently, the native token, SOL, has reclaimed lost territory.
Solana has outperformed Ethereum's DEX in the short term, but Ethereum remains the dominant force in DeFi with over $6 billion TVL. Solana's rapid growth may draw more attention if its positive trend persists, with SOL maintaining a price range of $90 to $100 and recent increases of 1.9% in the last 24 hours and 6.3% in the past 7 days.
Source - newsbtc.com
