Solana Surpasses Ethereum in DEX Volumes: Can SOL Dethrone ETH?

• Solana surpasses Ethereum and other competitors in daily and weekly decentralized exchange (DEX) volumes.
• Recent data highlights Solana’s dominance, with a daily volume of $1.447 billion and a weekly volume of $10.786 billion.
• SOL outperforms not only Ethereum but also Binance Smart Chain, Arbitrum, Polygon, and Avalanche.

Solana has seen significant growth in decentralized exchange (DEX) daily and weekly trading volumes compared to other major blockchain platforms like Ethereum. Recent data shows Solana exceeding $1.447 billion in daily DEX volume and over $10.786 billion in weekly volume.

Solana’s weekly DEX volume now exceeds Ethereum’s reported $9.604 billion in weekly value. This indicates Solana’s expanding presence and market share in the DEX space compared to the previous market leader.

Solana puts up a notable performance

Solana has also overtaken other alternative blockchains such as Binance Smart Chain, Arbitrum, Polygon, and Avalanche in terms of daily and weekly DEX volumes traded on its network.

Similarly, SOL’s $1.447 billion in daily value has now surpassed Ethereum’s reported daily volume of $1.282 billion. This realignment in volumes highlights Solana’s rapid performance improvements in transaction speeds and costs that have increased adoption among cryptocurrency traders and decentralized finance (DeFi) users over the past year.

Beyond raw DEX volumes, SOL now also leads Ethereum in perpetual futures trading, which is seen as an essential indicator of overall market liquidity and investor interest in a blockchain network.

Analysts attribute Solana’s meteoric market expansion over the past year and 82% price appreciation over the past 30 days to fast-rising activity in decentralized applications as measured through metrics like Total Value Locked. Additionally, enthusiasm for new meme coins launching on Solana has also drawn increased investor attention.

Moving forward, it will be important to monitor whether SOL can maintain its breakneck growth trajectory as it works towards further mainnet scaling, functionality improvements, and application development to cement its status as an “Ethereum killer.”

Nonetheless, current volume dominance across trading and DeFi underscores the growing shift SOL is driving across cryptocurrency markets.