Solana Surpasses Ethereum in DEX Volume
05/10/2024 13:50
Solana (SOL) also appears to be on track to pass Ethereum (ETH) in terms of fees
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Solana has managed to top Ethereum in 24-hour daily volume in decentralized exchanges, according to recent data.
The two popular blockchains recorded $1.3 billion and $1.29 billion, respectively, in DEX trading volume.
BSC comes in third place with $604 million worth of DEX trading volume.
Arbitrum and Base are in fourth and fifth places after generating $510 million and $286 million in DEX trading volume, respectively.
Another flippening?
It is also worth noting that Solana’s total fees are now at
50%of Ethereum’s fees over the past few days. For comparison, the ratio was just 1% during the 2021 bull run.
Some analysts expect Solana to flip Ethereum in fees this month, which would be a major development for the cryptocurrency ecosystem. However, it is worth noting that the capital moving to layer-2 solutions is one of the reasons for this changing dynamics.
Solana surges 6%
The price of the SOL cryptocurrency has surged more than 6% over the past 24 hours, which makes it one of the best-performing altcoins. The token is currently changing hands at $154 on major spot exchanges. Its market cap currently stands at $68 billion.
For comparison, ETH is currently up a modest 1.23%. Yet, with its valuation of $365 billion, it still dwarfs Solana.