Solana tries to embrace its ‘Ethereum killer’ label – How?
The post Solana tries to embrace its ‘Ethereum killer’ label – How? appeared on BitcoinEthereumNews.com.
Journalist Posted: December 22, 2023 Solana-based DEXes logged trades worth more than $9 billion in the last week. SOL led the altcoin surge in the last 24 hours, recording double-digit gains of 13.67%. Solana’s [SOL] decentralized exchange (DEX) volume rally continued as it temporarily displaced Ethereum [ETH] from the top of the ladder in the last 24 hours, according to on-chain researcher Emperor Osmo. $SOL flipped $ETH over the past 24 hours with $1.26 billion in DEX volume facilitated. It looks like it’s actually accelerating. pic.twitter.com/fgNbNCY0UE — Emperor Osmo🧪 (@Flowslikeosmo) December 20, 2023 Solana makes history As of this writing though, Ethereum reclaimed the numero uno rank while Solana slid to the second position, AMBCrypto spotted using DeFiLlama’s data. However, the bigger picture was still in favor of the purported ‘Ethereum-Killer’. Over the last week, Solana-based DEXes logged trades worth more than $9 billion, as compared to Ethereum’s $8.836 billion. This was the first time in history that Solana surpassed Ethereum in 7-day DEX volumes. In fact, Solana’s weekly growth rate of 33.75% stood out in a sea of red. Nearly all chains below Solana in the top 10 list suffered double-digit weekly losses. Coinciding with SOL’s bullish action on the price charts, the sentiment around Solana’s DEX activity has also got a boost. Until September, Solana made up barely 2% of total DEX volumes across all chains. However, it has ballooned to 17.84% as of this writing, AMBCrypto’s analysis revealed. Source: DeFiLlama Solana’s TVL increases manifold Aside from the frenzy on its DEXes, the network saw a significant increase in the USD value of cryptos locked on its DeFi projects. The total value locked (TVL) exploded from around $600 million in mid-October to more than $2 billion at press time. Here again, Solana outperformed other chains in monthly growth.…
Filed under: News - @ December 21, 2023 11:12 pm