Solana Surpasses Ethereum: Weekly Trading Volumes Soar on Solana’s Dex Platforms
Solana’s decentralized exchange (dex) platforms have outshone Ethereum in recent market performance, as revealed by the latest statistics.
In the past 24 hours, Solana-based dex platforms achieved a substantial volume of $1.447 billion, surpassing Ethereum’s $1.282 billion. The surge in Solana’s price, combined with various airdrops, has propelled its layer one (L1) blockchain’s dex volumes to new heights. Notably, Solana’s decentralized exchanges recorded $10.786 billion in weekly dex volumes over the past seven days, overtaking Ethereum’s $9.604 billion. Key contributors to these volumes include platforms like Raydium, Orca, Lifinity, Phoenix, Openbook, Mango Markets, Drift, Crema, and Saber.
The surge in trading volume on Dec. 21, 2023, was fueled by recent Solana airdrops and a substantial 40% increase in SOL over the previous week. This data reflects a significant trend in decentralized finance (defi), signaling a notable shift in dex market dynamics and highlighting the growing influence of the Solana ecosystem.
Clever Robot News Desk 28th December 2023
