Based on information from DeFiLlama, the main DeFi information aggregator, Solana’s on-chain DEX transaction quantity surpassed that of Ethereum for the primary time on Monday, July 8, 2024. Solana’s transaction quantity spiked to $2.395 billion, outpacing Ethereum’s $2.177 billion.
On a weekly foundation, Solana’s DEX transaction quantity reached $14.012 billion, topping Ethereum’s $13.842 billion. Solana solidified its current dominance by posting a 93.92% enhance in transaction quantity in comparison with Ethereum’s 40.03% enhance.
Though Solana has made vital positive factors, Ethereum stays the dominant participant in whole worth locked (TVL). DeFiLlama’s information exhibits Ethereum’s TVL is over 4 occasions that of Solana, with $7.113 billion in comparison with $1.722 billion.
Ethereum has skilled vital progress just lately, fueled by quite a few decentralized tasks adopting the scalability-focused blockchain. Among the many numerous options working on Solana, Raydium stands out with a transaction quantity of $6.868 billion up to now seven days. It recorded $1.162 billion of that quantity up to now 24 hours, leading to a weekly surge of 143%.
Orca, Meteora, Phoenix, and Lifinity spherical out the highest 5 options on Solana, every gaining between 38% and 76% of their DEX transaction volumes up to now week. Elevated exercise amongst these high options and different tasks on Solana is driving the blockchain’s rising prominence amongst decentralized networks.
Solana’s native cryptocurrency, SOL, additionally displays the blockchain’s progress, with a 21% rebound from the current pullback. SOL bounced off a current low of $121.01 to commerce for $143.64 on the time of writing, in line with information from TradingView.
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