Solana Keeps Making Strides, Surpassing Ethereum in DEX Trading Volume

Solana has overtaken Ethereum in a key statistic, namely: daily trading volume on decentralized exchanges (DEX). According to data from DefiLlama The daily trading volume on Solana DEXes is $1.148 billion, while Ethereum lags behind with $745 million.

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Solana’s Rise in DEX Volume

Solana’s growth is further underlined by five of its DEXes, including Raydium, Meteora, Orca, Phoenix and Lifinity, being among the top 10 DEXes by trading volume. Although Uniswap and PancakeSwap still hold the lead, Solana’s market share is steadily growing.

ETF buzz and price movements

The increase in Solana’s DEX trading volume appears to be fueled by rising ETF speculation. Investment firms such as VanEck and 21Shares have filed applications to launch ETFs for Solana, which is naturally fueling interest and potentially contributing to the volatility in SOL prices. Currently, Solana is valued at $65.2 billion, making it the fifth largest by market cap after Bitcoin, Ethereum, Tether, and BNB.

Future perspective

The question now remains what these developments mean for Bitcoin, Ethereum and other digital assets in the crypto community. With Solana’s rise in DEX trading volume and increasing institutional interest, competition in the crypto market appears to be intensifying.

These shifts continue to make Solana a key player to watch, especially with the predicted approval of ETFs later this year. Stay tuned to BLOX for more updates on the crypto market and how these developments could play out.

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