• Solana’s weekly DEX volume surpassed $13.3 billion.
• Solana’s potential to outperform Ethereum in the near future was highlighted by Celestia’s COO.

Solana’s [SOL] decentralized exchange (DEX) activity witnessed a record-breaking surge in transaction volumes, coinciding with the broader cryptocurrency market. 

Notably, Solana’s weekly DEX volume surpassed $13.3 billion, marking a significant milestone in the DeFi sector.

According to DeFiLlama data, the trading volume peaked at $50 billion, emphasizing the growing significance of decentralized finance in the blockchain space.

Will SOL outperform ETH? 

Echoing similar sentiments, Celestia’s Chief Operating Officer (COO), Nick White made a bold statement and noted, 

“Solana is the new Ethereum.” 

This was in regards to Solana’s growing popularity and increasing transaction volumes highlighted in its blog post.  

The blog further emphasizes,

“Today the total compute cap on a block is 48M CU, and during times of congestion this cap is often reached.” 

Remarking on the same, White added,

“Solana’s blocks are filling up like Ethereum’s. This is a massive adoption achievement made even more impressive by the scale of Solana’s blocks. You gotta admire and respect it.” 

This indicated Solana’s potential to outperform Ethereum [ETH] in the near future in terms of trading volumes. 

Solana co-founder’s positive outlook 

Additionally, Solana Labs’ co-founder also took an optimistic stance towards Ethereum volumes as Solana DEX achieved a significant milestone with $50 billion in trading. He noted, 

“Solana grew the pie! Looks like Ethereum is doing just as well as before.” 

In conclusion, the Solana network has undergone significant stress due to its exceptionally high usage, particularly concerning priority fees and transaction scheduling. Despite this, the network has maintained stability, showcasing its resilience.