As a researcher with years of experience in the cryptocurrency market, I have witnessed the rapid evolution and growth of various blockchain networks. The recent surge in Solana’s trading volume on decentralized exchanges (DEXs) has caught my attention.
According to DefiLlama’s data, Solana has surpassed Ethereum in the 24-hour trading volume on all decentralized exchanges (DEXs).
The two chains recorded $6.24 billion and $850 million in volume on Sunday.
In simple terms, Raydium, which operates on the Solana platform as an Automated Market Maker (AMM), currently leads the pack with a whopping 24-hour trading volume of approximately $4.2 billion.
As an analyst, I’d like to highlight that the decentralized exchange (DEX) leading on Ethereum, Uniswap, recorded a staggering $1.52 billion in daily trading volume.
Significantly, it’s worth mentioning that Orca and Aerodrome Finance, which operate on the Solana blockchain, rank among the leading decentralized exchanges by trading volume. Specifically, Orca stands at about $1.07 billion, while Aerodrome Finance boasts a volume of approximately $712 million.
In summary, a total of five decentralized exchanges that operate on the Solana network have exceeded $100 million in trade volume.
Solana’s weekly DEX trading volume managed to surpass Ethereum and all layer-2 solutions combined.
According to U.Today’s report, Solana (SOL), the token associated with its namesake blockchain, has reentered the prestigious group worth over $100 billion. Its current market value is now estimated at approximately $116 billion due to a 18% price surge during the last week.
The cryptocurrency Ethereum (ETH), boasting a market value of approximately $380 billion, experienced a relatively small rise in its price by only 0.5%.
As a analyst, I’ve been observing the impressive growth of Solana, and it’s no secret why. The team behind Solana has strategically prioritized application development and user experience, setting them apart from competitors like Ethereum. It’s clear that they understand what users truly desire – practical applications that can be easily utilized, rather than getting lost in technical terminology. This insight was shared by Cygaar, a respected cryptocurrency educator, during his recent analysis last week.
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2024-11-18 10:45