Solana Overtakes Ethereum in DEX Volume
The post Solana Overtakes Ethereum in DEX Volume appeared on BitcoinEthereumNews.com.
Solana DEX trading volume has surged to highest values among the top blockchains. The trading volume of DEXs on Solana has surpassed Ether in the last seven days. The approval of spot ETH ETFs and SOL ETFs might boost the prices of the tokens. The decentralized exchange (DEX) volume on Solana surged to a record high, surpassing even Ethereum, the largest blockchain by Total Value Locked (TVL). Both blockchains’ native tokens, Ether (ETH) and SOL, saw price increases over the past week as well. As noted by @SolaniansHub on X (formerly Twitter), Solana’s DEX volume led all major blockchains over the last seven days. This surge is particularly noteworthy during the ongoing market recovery, as Solana captured a majority of DEX activity. 🚨 REPORT: @solana has recorded the highest DEX trading volume among top blockchains over the last 7D During the current market recovery phase, Solana has outperformed other chains, captivating a significant amount of users in DEX activities!#SOL $SOL pic.twitter.com/J3EdSwOT2X — Solanians (@SolaniansHub) July 18, 2024 Jupiter, a Solana-based DEX aggregator, may have contributed to the volume spike. Coin Edition previously reported that Jupiter recently lowered fees on its perpetual products in response to community feedback. The base fees were reduced from 0.07% to 0.06%. According to CoinMarketCap data, ETH gained almost 10.5% over the past seven days, currently trading at $3,424, while SOL rose 12.6% to $158.96 at the time of writing. ETH’s market cap stands at $411 billion, while SOL’s is $73 billion. Both digital assets have rebounded amid the recent market recovery. Furthermore, the potential approval of Solana and Ether exchange-traded funds (ETFs) could further boost their prices. Spot ETH ETFs are expected to be approved on July 23, while SOL ETFs are predicted for 2025. Approval by the Securities and Exchange Commission (SEC) could potentially…
Filed under: News - @ July 18, 2024 11:14 am