As an experienced financial analyst, I’ve closely monitored the cryptocurrency market for years, and the recent surge in Solana’s DEX trading volume is a noteworthy development. According to data from DefiLlama, Solana has overtaken Ethereum in daily DEX trading volume, with Solana-based platforms like Raydium, Meteora, Orca, Phoenix, and Lifinity among the top 10 DEXes by volume. This trend is not a fleeting one; Dynamo Defi founder Patrick Scott notes that Solana’s dominance is on the rise and could soon surpass the 25% mark for the first time this June.
As a crypto investor, I’ve been keeping an eye on the daily decentralized exchange (DEX) trading volumes of Ethereum and Solana, as reported by DefiLlama. To my surprise, I’ve noticed that Solana has surpassed Ethereum with impressive numbers – $1.148 billion for Solana compared to Ethereum’s $745 million.
Among the top ten decentralized exchanges (DEXs) with the highest daily trading volumes, there are five built on the Solana blockchain: Raydium, Meteora, Orca, Phoenix, and Lifinity. Notably, Uniswap and PancakeSwap continue to hold the top spots in this category.
According to Patrick Scott, the creator of Dynamo DeFi, Solana’s decentralized exchange (DEX) trading volume is increasing significantly. In fact, there are projections that it could exceed 25% market share for the very first time in June this year.
In the last week, the total trading volume for decentralized exchanges (DEXs) has reached an impressive $26 billion figure, as indicated by data obtained from Dune Analytics.
This year, there was a surge in trading activity on decentralized exchanges built on the Solana blockchain, fueled by the increasing hype surrounding meme coins.
SOL summer?
The “ETH rival” Solana experiences a boost from escalating ETF interest. According to U.Today, VanEck, based in New York, submitted an application to introduce an ETF for Solana on Thursday. Later, 21Shares joined with its filing for the surging altcoin on Friday.
For those hoping that this ETF will be launched soon, it may be prudent to exercise patience. According to prominent industry analysts, however, the product’s approval is predicted to occur this year.
As a researcher studying the cryptocurrency market, I’ve observed an intriguing development with Solana (SOL). At first, there was a significant price surge driven by the excitement surrounding the launch of new Exchange-Traded Funds (ETFs) that included SOL. However, over the past two weeks, the price has taken a downturn, dipping by approximately 0.2%.
The current market value of this widely-held altcoin stands at $65.2 billion based on CoinGecko’s data. This ranks it fifth in terms of market capitalization, trailing only Bitcoin, Ethereum, Tether, and BNB.
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2024-06-30 13:44