- Solana overtakes Ethereum in weekly DEX volume after a 43% surge.
- Solana captured nearly 25% of the total DEX market share.
- Ethereum remains a close second, just $18 million behind Solana’s $9.11 billion.
Solana overtook Ethereum in weekly decentralized exchange (DEX) volume for the first time in 43 days. Data from DeFiLlama showed that Solana processed $9.1 billion across its DEXs over the last seven days, edging out Ethereum’s $9.09 billion by a narrow margin.
This marks the third “flippening” between the two platforms in terms of DEX volume in 2024. The significant rise in Solana’s DEX volume is attributed to the growing DEX usage led by Raydium and meme coins like MOONDENG.
Raydium and MOONDENG Power Solana’s DEX Boom
With a dominant 50% share of all Solana volumes, Raydium’s weekly trading volume jumped 87% compared to the previous week. Moreover, SOL-based meme coins like MOONDENG fueled the DEX boom, soaring 60,000x in just 18 days after its launch.
In total, Solana holds a 25% share of the total DEX market, indicating that traders are drawn to its fast and low-cost transaction model.
Read also: Solana’s Market Dominance Rises as Price Surges 33%
Solana previously outperformed Ethereum in 30-day decentralized exchange (DEX) trading volume in July. Market observers called this an “interesting and consequential milestone” in crypto markets.
Solana: DeFi’s Rising Star
Ryan Connor of the Blockworks Research team stated then that it was the first time Solana had outpaced Ethereum in trading volume and is “now the most used chain by that measure. At the time, Connor even predicted that Solana would surpass Ethereum in the subsequent months and emerge as the leading blockchain in the DeFi space.
Read also: Buterin on Ethereum: Beyond Digital Silver
While Ethereum remains dominant in decentralized finance (DeFi), Solana’s scalability and efficiency highlight its growing influence, especially as it continues to close the gap on key metrics like trading volume. As the competition between the two blockchains intensifies, it will be fascinating to watch how both platforms respond to user demands for greater scalability and efficiency in the coming months.
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