Solana
Ethereum dethroned by Solana in terms of decentralized exchange volume
Mon May 13, 2024 ▪ 3 min read ▪ by Ariela R.
In the ever-changing world of cryptocurrencies, the order of platform supremacy seems established. But the emergence of new players calls this current order into question. This is the case of Solana (SOL), which has just overtaken Ethereum (ETH) in terms of DEX volume.
Crypto: Solana Surpasses Ethereum in Decentralized Exchange Volume
Solana Overtakes Ethereum in DEX Transaction Volume
Launched in 2020, the cryptocurrency platform Solana stands out for its transaction speed and low fees. This makes it particularly attractive to DeFi users. This crypto blockchain has seen exponential growth in recent months, attracting many investors and developers.
According to recent dataDEX trading volume on Solana has reached $1.3 billion. For the first time, this volume exceeds that of Ethereum, which amounts to $1.29 billion. This remarkable performance marks a turning point in the competition between the two crypto platforms. This indicates the potential for Solana to emerge as a promising alternative to Ethereum.
Solana: a growing crypto ecosystem
In addition to Solana’s DEX trading volume, its transaction fees have also increased. These reached 50% of fees generated on the Ethereum crypto network lately. Analysts also predict that soon, transaction fees on the Solana network could exceed those of Ethereum.
Speaking of increases, the price of SOL also saw an increase of more than 6% in 24 hours. This situation propels Solana to the rank of the best performing altcoins in the crypto market.
A new order emerges in the world of cryptocurrencies
Solana overtaking Ethereum in DEX trading volume is a strong signal of its potential to become a major player in the Challenge space. Its speed, negligible fees, rapidly expanding ecosystem, and innovative technology make Solana an attractive alternative for users and developers.
Although Ethereum maintains its dominance in terms of market capitalization, Solana is now positioning itself as a serious competitor, ready to shake up the established crypto order.
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Ariela R.
My name is Ariela and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago. But it’s a universe that interests me a lot. And the topics covered within the platform allow me to learn more. A singer in my spare time, I also have a great passion for music and reading (and animals!)
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.