Solana Beats Ethereum in DEX Trading Volume

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• Solana has surpassed Ethereum in buying and selling volume on decentralized exchanges
• Solana’s DEX volume eclipsed that of Ethereum by over $200 million
• The phenomenon is basically attributed to the continuing meme coin craze on the blockchain

The buying and selling volume on decentralized exchanges (DEXs) on the Solana blockchain has eclipsed that of identical platforms on the Ethereum network for the first time in the two platforms’ historic past. Solana’s volume exceeded that of Ethereum by over $200 million, with analysts attributing the phenomenon to the continuing meme coin craze on the protocol. Solana’s win could also nonetheless be quick-lived as DEX buying and selling volume on Ethereum has started closing the outlet.

Merchants Love Meme Coins and Low Transaction Costs

In line with DefiLlama, DEX volume on Solana has elevated by 51% in a week in comparison with Ethereum’s 1.40% in the identical timeframe. Despite the gigantic gap in share develop, Ethereum leads in the overall brand locked (TVL) in its DEXs at $6.35 billion in opposition to Solana’s $496.32 million.

Except for the BONK and Dogwifhat (WIF) meme coin craze pushing transaction volume on Solana DEXs, crypto merchants also desire the network as a result of its low fees. The BONK mania has resulted in substantial Saga phone sales.

In line with Dune analyticsthe two meme money accounted for basically the most exercise on Solana-primarily based DEXs in the past seven days, excluding stablecoins. WIF’s supporters accept as true with that the coin’s 376,000% brand develop in just a month is factual the start up because it’s yet to journey mainstream.

The upward thrust in volume could also additionally be attributed to Solana’s native token, SOL, persevered brand appreciation in brand, rising by over 25% in a week in comparison with Ethereum’s less than 1%. Solana blockchain supporters no longer too long ago outlined that the network is also flooring Ethereum in NFT volume, noting that “it’s over” for Ethereum.

Solana in the final 24 hours:

– Flipped ETH in DEX Volume (First Time Ever)
– Has 5% of TVL, proves it’s a ways a nugatory metric
– Jupiter flips Uniswap by Volume
– 4 out of 10 High DEX are from Solana
– Solana doing 100% more NFT Volume than Ethereum
– Tensor flips Blur

It’s over.

— Gumshoe (@0xGumshoe) December 16, 2023

Volume Comes from Bots and Retail Merchants

Dune nonetheless smartly-known that bots are accountable for a substantial chunk of the volume on Solana DEXs. It also indicated that most merchants on the DEXs utilize less than $1,000, with simplest 122 merchants making trades price over $1 million inside the week ending December 18.

With SOL’s brand develop and the meme craze yet to frigid down, it’s yet to be viewed for how long Solana will preserve the lead.