Decentralized finance (DeFi) is defined as competitive ecosystems where billions of dollars in volume are formed on decentralized exchanges (DEX). In this context, Solana and ORCA seem to have caught the attention of investors.
Solana Surpasses Ethereum
According to data provided by DefiLlama on February 1, Solana (SOL) has achieved a new milestone by recently surpassing Ethereum (ETH) in the 24-hour DEX volume ranking. There was also a significant competition between the two rivals over the past year to attract investor interest.
On the Solana side, a weekly volume increase of 15.34% is noteworthy, while on the Ethereum side, a loss of 12.44% did not go unnoticed. Despite the results in the 24-hour volume ranking, the Solana ecosystem still appears to be behind Ethereum in the 7-day DEX volume ranking, even after the recent fluctuation.
In the last 7 days, the DEX volume on the Solana side was $5.518 billion, while for Ethereum, this value was $7.971 billion, which solidified its leadership position. Nevertheless, SOL managed to overtake ETH in daily volume, with $1.461 billion compared to $1.443 billion.
Orca Accompanies Solana
Leading the way to this success is Orca (ORCA), the leading decentralized exchange on Solana. During the process, Orca’s weekly DEX volume saw an approximate 50% increase, reaching $2.211 billion in transactions on its platform.
Following these developments, ORCA positioned itself as the third-largest DEX in terms of weekly volume, just behind Uniswap (UNI) and PancakeSwap (CAKE). Orca’s competitors saw volumes of $6.175 billion and $2.259 billion respectively over seven days.
Additionally, ORCA ranks second among all decentralized exchanges with a 24-hour volume of $726.83 million.
On the other hand, Solana accounted for about one-third of the total daily volume of $4.974 billion in DeFi. Also, ORCA seemed to have captured nearly 10% of the global weekly DEX volume of $23.103 billion.
If the steady growth on the Solana and Orca side continues, it could translate into greater benefits for their native tokens, SOL and ORCA. In an environment long dominated by Ethereum and Uniswap in DeFi, two formidable competitors now seem to have emerged.
SOL experienced a 6% drop in the last 24 hours, with its price retreating to the $95.35 level. On the other hand, a broader market conditions analysis sheds light on a promising outlook. The Sol price saw a 10.10% increase over the past week, highlighting the growing interest in the Solana ecosystem.
