The post Solana Surpasses Ethereum in Trading Volume as DeFi Activity Grows and Retail Interest Intensifies appeared on BitcoinEthereumNews.com.

Solana’s recent surge in decentralized trading volumes positions it as a formidable competitor to Ethereum in the DeFi landscape. With decentralized exchanges (DEXs) on Solana recording nearly $3.8 billion in trading volume, this marks a significant shift influencing market dynamics. Grayscale Research noted, “Retail traders increasingly enter the crypto market through Solana as speculation intensifies around Solana-based memecoins,” emphasizing the network’s growing appeal. Solana’s DeFi trading volume reaches $3.8 billion, surpassing Ethereum. Explore how this shift impacts the crypto market and Solana’s growth trajectory. Solana Surpasses Ethereum in DeFi Trading Volume The recent data from DefiLlama reveals that the Solana network has overtaken both Ethereum and its layer-2 scaling solution, Base, in terms of 24-hour DEX trading volumes. On January 6, trading volumes on Solana’s decentralized exchanges soared to an impressive $3.8 billion, significantly outpacing Ethereum’s $1.7 billion and Base’s $1.2 billion. This dramatic increase underscores Solana’s rapidly growing footprint within the decentralized finance sector. The Rise of Solana’s Total Value Locked (TVL) In addition to soaring trading volumes, Solana’s total value locked (TVL) has also shown remarkable growth, climbing from approximately $1.4 billion in early 2023 to over $9.5 billion by January 2024. This fivefold increase demonstrates a shift in investor confidence towards Solana’s infrastructure and usage in the DeFi space. Furthermore, Solana’s recent performance indicates its position as a credible challenger to Ethereum, particularly as investors seek alternatives in a competitive market driven by innovation. Significant Gains in DEX Performance The trading volumes on Raydium, Solana’s premier DEX, have seen an overwhelming increase of more than tenfold, rising from $180 million in January to over $3 billion by December 31, 2024. This shift highlights how Solana-based DEXs are garnering traction among investors while indicating a strong preference for DEX platforms. In November, Raydium managed to surpass Uniswap, Ethereum’s…

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Filed under: News - @ January 6, 2025 10:20 pm