Ethereum
Solana just dethroned Ethereum in this key metric
Alex Dovbnya
Five Solana-based DEXs are in the lead, according to DefiLlama data
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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 in terms of daily trading volume. Uniswap and PancakeSwap of course remain in the lead.
As Dynamo DeFi founder Patrick Scott noted, Solana’s DEX volume dominance is also on the riseIn fact, it is on track to exceed the 25% level for the first time next June.
Overall, DEX volume reached $26 billion over the past seven days, according to data provided by Dune Analytics.
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.Today, New York-based investment firm VanEck filed on Thursday to launch an ETF for Solana; 21Shares followed suit with its own filing for the red-hot altcoin on Friday.
Those expecting this ETF to see the light of day in the near future, however, should calm down. According to leading industry analysts, 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.
According to data provided by CoinGecko, the popular altcoin is currently valued at $65.2 billion. This places it in fifth place in terms of market capitalization (behind 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 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. You can contact him at alex.dovbnya@u.today.