Ethereum
Solana just dethroned Ethereum in this key metric
Alex Dovbnya
Five Solana-based DEXs are in the lead, according to data from DefiLlama
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According to data Powered by DefiLlama, Solana managed to destroy Ethereum in daily DEX trading volume ($1.148 billion and $745 million, respectively).
Solana-based Raydium, Meteora, Orca, Phoenix, and Lifinity are among the top 10 DEXs by daily trading volume. Uniswap and PancakeSwap of course remain in the lead.
As noted by Patrick Scott, the founder of Dynamo DeFi, Solana’s DEX volume dominance is also risingIn fact, the country is on track to surpass the 25% mark for the first time in June.
Overall, DEX volume reached $26 billion over the past seven days, according to data provided by Dune analysis.
Earlier this year, trading on Solana-based DEXex surged due to the growing popularity of meme coins.
SOL summer?
This comes as the “Ethereum killer” takes advantage of the growing ETF buzz. As reported by U.TodayNew York investment firm VanEck filed Thursday to launch an ETF for Solana; 21Shares followed suit with its own filing for the hot altcoin Friday.
However, those expecting this ETF to see the light of day in the near future should cool their jets. According to leading analysts in the field, the product is now expected to be approved this year.
After initially seeing a sharp price surge due to the hype surrounding the ETF, SOL price is currently in the red, falling 0.2% over the past two weeks.
The popular altcoin is currently valued at $65.2 billion, according to data provided by CoinGecko. This puts it in fifth place in terms of market capitalization (behind only Bitcoin, Ethereum, Tether, and BNB).
About the Author
Alex Dovbnia
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything related to this booming sector, from price analysis to blockchain disruption. Alex has authored over 1,000 articles for U.Today, CryptoComes, and other fintech outlets. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets. He can be reached at alex.dovbnya@u.today.