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Recent data shows that Solana (SOL) has surpassed Ethereum (ETH) in 24-hour daily volume on decentralized exchanges (DEX). This marks a significant achievement for the Solana network and its mainnet asset, SOL.
DEX Transaction Volume Hits $1.3 Billion
Data indicates that Solana’s DEX transaction volume has reached $1.3 billion, while Ethereum’s DEX transaction volume reached $1.29 billion, positioning Solana ahead of Ethereum. This signifies a major success for Solana, placing it as a strong competitor in the decentralized finance (DeFi) market against Ethereum. Additionally, the BNB Smart Chain (BSC) ranks third with a DEX transaction volume of $604 million, continuing to show strength in the DeFi market.
In addition to leading in transaction volume, Solana has also seen a significant increase in total transaction fees, reaching 50% of the fees generated on the Ethereum network in recent days. This marks a notable increase from only 1% during the 2021 bull run.
Analysts believe that Solana may soon surpass Ethereum in transaction fees, indicating a significant development in the cryptocurrency market. This shift in dynamics is partly linked to capital moving to Layer 2 solutions, reflecting broader trends in blockchain scalability and efficiency.
SOL Shows Strong Upward Momentum
Solana’s impressive performance extends beyond transaction volume and fees, with its mainnet asset SOL rising over 6% in the last 24 hours. This has made SOL one of the best-performing altcoins in the market, with its price currently around $154 on major spot exchanges. Despite this price increase, Ethereum continues to dominate in terms of market value, overshadowing Solana’s $68 billion market cap with a $365 billion valuation.
The competition between Solana and Ethereum reflects the high activity in blockchain technology and DeFi. As the Solana network continues to attract attention and outperform Ethereum in certain metrics, the “altcoin king” faces a challenging contest in its long-standing dominance in the DeFi market. This competition drives innovation while pushing both networks to enhance their scalability, security, and usability to meet increasing demands in the DeFi market.
