- Solana’s DEX volume reached $52.157B in October, surpassing Ethereum’s $41.499B.
- Solana processed over 14 million transactions in 24 hours, far exceeding Ethereum’s 268,621.
- Solana’s DEX TVL stood at $75.73B, nearly 14 times higher than Ethereum’s $5.58B.
Solana’s decentralized exchange (DEX) trading volume surpassed Ethereum’s in October. Data from DeFiLlama shows Solana’s DEX volume reaching $52.157 billion, compared to Ethereum’s $41.499 billion. Solana’s network processed over 14 million transactions in 24 hours, exceeding Ethereum’s 268,621 transactions.
The total value locked (TVL) within DEXes on Solana is much higher than Ethereum’s. Solana DEX TVL reached $75.73 billion at the end of October, 14 times more than Ethereum’s $5.58 billion. Unique users in Solana traded $4.12 billion worth of tokens on DEXes, three times higher than Ethereum’s $1.48 billion.
Despite having fewer DEXes, Solana’s network activity and liquidity levels are strong. GeckoTerminal reports Solana supports six main DEXes, 640,576 pools, and over 576,000 tokens. In comparison, Ethereum hosts 54 DEXes, 379,706 pools, and 355,600 tokens. This shows Solana’s high transaction volume despite fewer decentralized exchanges.
Other networks are also in the top five by DEX TVL. Base, a newer layer-2 solution, ranks second with a TVL of $4.51 billion and processed nearly 1.8 million transactions in 24 hours. Binance Smart Chain (BSC) and Cronos follow.
Ethereum Still Leads in Overall TVL
Ethereum remains dominant when measuring overall TVL across the entire blockchain. Including staking, Ethereum’s overall chain TVL is $49.96 billion, eight times higher than Solana’s $6.23 billion. Ethereum’s network hosts over 1,200 protocols and has nearly 330,000 active users in a single day.
Read also: Solana vs Ethereum: Coinbase Report Crowns Solana as Main Challenger
Tron ranks second by overall TVL, with $6.979 billion, while Solana holds the third position with $6.233 billion. Solana’s TVL grew by 11.68% over the past month. BSC ranks fourth, and Base rounds out the top five.
Cryptocurrency prices also reflect the competition between these two networks. Ethereum, the second-largest asset by market cap, trades at $2,499. Solana, the fifth-largest asset, is priced at $167. Solana’s growing DEX volume and high transaction count indicate strong market interest.
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