- Solana has surpassed Ethereum in terms of 30-day DEX volume.
- This is the first time that Solana has surpassed Ethereum in that measure.
- Researcher Ryan Connor predicted that Solana might flip Ethereum in the near future.
Solana (SOL), a blockchain network known for providing scaling solutions for Ethereum, is projected to overtake Ethereum as it recently surpassed ETH in 30-day decentralized exchange (DEX) trading volume. Analysts have hailed this as an “interesting and consequential milestone in crypto markets today.”
As pointed out by Ryan Connor, a member of the Blockworks Research team, this marks the first time Solana has outpaced Ethereum in trading volume and is “now the most used chain by that measure.”
Solana currently ranks first, followed by Ethereum, Arbitrum, BNB, Base, Blast, Optimism, Avalanche, Polygon, and Sui. Connor predicts that Solana will surpass Ethereum in the coming months and emerge as the leading blockchain in the DeFi space.
Coinbase analyst David Han stated in a post on social media platform X (formerly Twitter) that Binance’s BSC did the exact same thing in the previous bull cycle but was unable to flip Ethereum.
A key driver of Solana’s increased trading volume is the decentralized exchange Jupiter, which lowered fees on perpetual products following community feedback. The base fee, initially set at 0.07%, has been reduced to 0.06%, boosting trading volume for the exchange.
Han predicts that the volume will correct once Jupiter’s incentives expire, and the numbers will remain high but closer to the level of Arbitrum. “SteveMLC,” the co-founder of Moonlight Capital, countered that the surge in DEX volume is not solely due to Jupiter incentives, but also “about meme creation and utility,” adding that Solana has greater utility than BSC.
Meanwhile, SOL is trading at $174, and according to a chart provided by TradingView, the Relative Strength Index (RSI) reads 61.71, confirming that the bulls are currently in control.
The gradient of the RSI line suggests that a slight price correction may precede a bullish uptrend for the cryptocurrency.
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