Solana
Solana Overtakes Ethereum in DEX Volume
Alex Dovbnya
Solana (SOL) also appears poised to overtake Ethereum (ETH) in terms of fees
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Solana has managed to surpass Ethereum in 24-hour daily volume in decentralized exchanges, according to recent data.
The two popular blockchains recorded $1.3 billion and $1.29 billion in DEX trading volume, respectively.
BSC comes in third with DEX trading volume worth $604 million.
Arbitrum and Base occupy the fourth and fifth spots after generating $510 million and $286 million in DEX trading volume, respectively.
It’s also worth noting that Solana’s total fees now stand at 50% Ethereum fees over the past few days. For comparison, the ratio was only 1% during the 2021 bull run.
Some analysts to wait for Solana will reverse Ethereum fees this month, which would be a major development for the cryptocurrency ecosystem. However, it is worth noting that the shift of capital towards Layer 2 solutions is one of the reasons for this changing dynamic.
Solana jumps 6%
The price of the SOL cryptocurrency has surged more than 6% in the past 24 hours, making it one of the best-performing altcoins. The token is currently changing hands at $154 on major spot exchanges. Its market capitalization currently stands at $68 billion.
For comparison, ETH is currently up a modest 1.23%. Yet with its $365 billion valuation, it still eclipses Solana.
About the Author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to this booming industry, from price analysis to blockchain disruption. Alex has authored over 1,000 articles for U.Today, CryptoComes and other fintech media. He is particularly interested in regulatory trends across the world that are shaping the future of digital assets. He can be contacted at alex.dovbnya@u.today.