Recent data shows that Solana-based decentralized exchanges (DEXs) have replaced Ethereum in key metrics, generating expectations and positive sentiment for the Solana (SOL) ecosystem.
Solana dex outperforms Ethereum
According to data from DeFiLlama, Solana-based decentralized exchanges (DEX) have overtaken Ethereum in daily trading volume. Over the past 24 hours, Solana’s trading volume of $1.14 billion has exceeded the Ethereum DEX’s trading volume of $1.133 billion.
This feat first occurred in December 2023 when Solana’s daily DEX volume reached $1.475 billion, surpassing Ethereum’s $1.164 billion, and influenced the growing interest of traders in the SOL ecosystem.
Solana overtakes Ethereum in DEX 24-hour volume. Source: Defillama
Solana also saw a weekly change of +37.67% in its trading volume. However, the data shows that Ethereum still ranks above Solana in the 7-day volume metric, with $7.852 billion and $6.113 billion respectively.
Additionally, data from CoinGecko shows that Solana-based DEXs Jupiter and Orca are among the 3 largest decentralized exchanges by volume over the last 24 hours. As the chart below shows, Jupiter has a daily volume of $614 million, while Orca shows a volume of $380 million, ranking second and third respectively.
Ethereum’s Uniswap V3 tops the charts with a daily volume of $636 million. The data shows Radium among the top 10 DEXs by volume over the last 24 hours.
Jupiter and Orca are among the top 3 decentralized exchanges in 24H trading volume. Source: CoinGecko
Research platform SoSo Value cited the recent surge in popularity of Jupiter and the increase of monthly users on X (formerly known as Twitter) as significant contributors to boosting Solana ecosystem activity, thereby enhancing the ecosystem. The system attracted considerable attention and commercial activity.
These recent achievements indicate the healthy development and growth of Solana’s DeFi ecosystem.
Solana price action
The surge in interest in Solana is driven by its meme coin sector, airdrops, and the fast transactions it offers its users. As a result, its native token managed to regain the territory lost earlier.
However, while Solana overtook Ethereum’s DEX on a shorter time frame, the second crypto by market cap remains the king of the DeFi sector. The above chart shows that Ethereum-based DEXs have over $6 billion in Total Value Locked (TVL).
This piece of data points to the resilience of the ETH ecosystem in maintaining its position as the king of DeFi, but shows promise for Solana. A fast-growing blockchain may attract more attention and interest if the daily trend continues.
Despite some fluctuations over the past few weeks, Solana’s price has emerged in the $90-$100 price range over the past month. According to CoinGecko data, the price of SOL is up 1.9% in the last 24 hours and 6.3% in the last 7 days.
SOL is trading at $100.23 on the hourly chart. Source: BTCUSDT on tradingview.com
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