{"id":962,"date":"2023-12-23T07:46:53","date_gmt":"2023-12-23T14:46:53","guid":{"rendered":"https:\/\/cbs26.com\/index.php\/2023\/12\/23\/solana-beats-ethereum-in-dex-trading-volume\/"},"modified":"2023-12-23T07:46:53","modified_gmt":"2023-12-23T14:46:53","slug":"solana-beats-ethereum-in-dex-trading-volume","status":"publish","type":"post","link":"https:\/\/cbs26.com\/index.php\/2023\/12\/23\/solana-beats-ethereum-in-dex-trading-volume\/","title":{"rendered":"Solana Beats Ethereum in DEX Trading Volume"},"content":{"rendered":"<div id=\"page\">\n<div id=\"content_box\">\n<header>\n<div>\n<p><img loading=\"lazy\" alt src=\"https:\/\/secure.gravatar.com\/avatar\/88a6334e954018f0dfcc0c926ce81eae?s=32&amp;d=mm&amp;r=g\" height=\"32\" width=\"32\" decoding=\"async\"><\/p>\n<p><span><span>By <a href=\"https:\/\/fullycrypto.com\/author\/phi_ma\" title=\"Posts by Philip Maina\" rel=\"author\">Philip Maina<\/a><\/span><\/span><\/p>\n<p><span><\/p>\n<p>6 hours ago<span>Sat Dec 23 2023 09:00:35<\/span><\/p>\n<p><\/span><\/p>\n<\/div>\n<\/header>\n<p><img loading=\"lazy\" width=\"1300\" height=\"890\" src=\"https:\/\/fullycrypto.com\/wp-content\/uploads\/2023\/12\/Solana-Beats-Ethereum-in-DEX-Trading-Volume.png\" alt=\"Solana-Beats-Ethereum-in-DEX-Trading-Volume\" title decoding=\"async\" fetchpriority=\"excessive\" data-layzr=\"https:\/\/fullycrypto.com\/wp-voice material\/uploads\/2023\/12\/Solana-Beats-Ethereum-in-DEX-Trading-Volume.png\"><\/p>\n<div>\n<p><span><span>Reading Time: <\/span> <span>2<\/span> <span>minutes<\/span><\/span><\/p>\n<ul>\n<li aria-level=\"1\"><span>Solana has surpassed Ethereum in buying and selling volume on decentralized exchanges<\/span><\/li>\n<li aria-level=\"1\"><span>Solana&rsquo;s DEX volume eclipsed that of Ethereum by over $200 million<\/span><\/li>\n<li aria-level=\"1\"><span>The phenomenon is basically attributed to the continuing meme coin craze on the blockchain<\/span><\/li>\n<\/ul>\n<p><span>The buying and selling volume on decentralized <\/span><a href=\"https:\/\/fullycrypto.com\/crypto-exchange-reviews\"><span>exchanges <\/span><\/a><span>(DEXs) on the Solana <\/span><a href=\"https:\/\/fullycrypto.com\/blockchain-news\"><span>blockchain <\/span><\/a><span>has eclipsed that of identical platforms on the <\/span><a href=\"https:\/\/fullycrypto.com\/ethereum-2-0-a-beginners-guide\"><span>Ethereum <\/span><\/a><span>network for the first time in the two platforms&rsquo; historic past. Solana&rsquo;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&rsquo;s win could also nonetheless be quick-lived as DEX buying and selling volume on Ethereum has started closing the outlet.<\/span><\/p>\n<h2><span>Merchants Love Meme Coins and Low Transaction Costs<\/span><\/h2>\n<p><span>In line with DefiLlama, DEX volume on Solana has <\/span><a href=\"https:\/\/defillama.com\/dexs\/chains\" target=\"_blank\" rel=\"nofollow noopener\"><span>elevated <\/span><\/a><span>by 51% in a week in comparison with Ethereum&rsquo;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&rsquo;s $496.32 million.<\/span><\/p>\n<p><span>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 <\/span><a href=\"https:\/\/fullycrypto.com\/solana-not-fooled-by-astronomical-saga-phone-sales\"><span>substantial Saga phone sales<\/span><\/a><span>.<\/span><\/p>\n<p><span>In line with Dune <\/span><a href=\"https:\/\/dune.com\/ilemi\/solana-dex-metrics\" target=\"_blank\" rel=\"nofollow noopener\"><span>analytics<\/span><\/a><span>the two meme money accounted for basically the most exercise on Solana-primarily based DEXs in the past seven days, excluding stablecoins. WIF&rsquo;s supporters accept as true with that the coin&rsquo;s 376,000% brand develop in just a month is factual the start up because it&rsquo;s yet to journey mainstream.<\/span><\/p>\n<p><span>The upward thrust in volume could also additionally be attributed to Solana&rsquo;s native token, SOL, persevered brand appreciation in brand, rising by over 25% in a week in comparison with Ethereum&rsquo;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 &ldquo;it&rsquo;s over&rdquo; for Ethereum.<\/span><\/p>\n<blockquote>\n<p dir=\"ltr\" lang=\"en\">Solana in the final 24 hours:<\/p>\n<p>&ndash; Flipped ETH in DEX Volume (First Time Ever)<br \/>&ndash; Has 5% of TVL, proves it&#8217;s a ways a nugatory metric<br \/>&ndash; Jupiter flips Uniswap by Volume<br \/>&ndash; 4 out of 10 High DEX are from Solana<br \/>&ndash; Solana doing 100% more NFT Volume than Ethereum<br \/>&ndash; Tensor flips Blur<\/p>\n<p>It&rsquo;s over.<\/p>\n<p>&mdash; Gumshoe (@0xGumshoe) <a href=\"https:\/\/twitter.com\/0xGumshoe\/status\/1735945871605264821?ref_src=twsrc%5Etfw\">December 16, 2023<\/a><\/p>\n<\/blockquote>\n<h2><span>Volume Comes from Bots and Retail Merchants<\/span><\/h2>\n<p><span>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.<\/span><\/p>\n<p><span>With SOL&rsquo;s brand develop and the meme craze yet to frigid down, it&rsquo;s yet to be viewed for how long Solana will preserve the lead.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/fullycrypto.com\/solana-beats-ethereum-in-dex-trading-volume?utm_source=rss&amp;utm_medium=rss&amp;utm_campaign=solana-beats-ethereum-in-dex-trading-volume\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Philip Maina 6 hours agoSat Dec 23 2023 09:00:35 Reading Time: 2 minutes Solana has surpassed Ethereum in buying and selling volume on decentralized exchanges Solana\u2019s 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<\/p>\n","protected":false},"author":1,"featured_media":963,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - 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