Solana has once again captured the attention of the cryptocurrency community by surpassing Ethereum in weekly decentralized exchange (DEX) trading volume.
Latest on-chain data shows that Solana’s DEX trading volume has surged over 45.74% over the past week, with $7.87 billion processed during this time.
Additionally, the data shows that Solana processed $1.116 billion in DEX trading volume in the past 24 hours, a figure that has remained consistent since September 27th. On September 26th, DEX trading volume for the day reached a monthly high of $1.34 billion.
This marks new momentum for the Solana blockchain, known for its fast and low-cost transactions.
Solana predicts higher spike than Ethereum
In contrast, Ethereum's DEX volume growth over the past week has been much lower, increasing by just 1.3% compared to Solana's staggering 45% surge. As of today, Ethereum DEX volume has reached $1.02 billion, a notable improvement from the previously recorded $815 million.
Solana has seen a consistent surge in DEX trading volume over the past seven days, but despite relatively flat growth, its cumulative value is just below Ethereum's $8.335 billion.
This difference can be attributed to Ethereum, which continues to be the leader in decentralized finance, with an average daily DEX volume of over $1 billion, and a larger pool of decentralized exchanges. Therefore, it usually maintains its normal trend.
Meanwhile, Solana's average daily trading volume was below $1 billion before this spike, and it is now back in competition with Ethereum.
Solana DEX contributes to Uptick
Solana also has fewer DEX platforms compared to Ethereum. Leading the way was Raydium, which saw a 90% increase in weekly trading volume, processing $3.74 billion. Orca followed suit with an 18% increase in weekly trading volume, processing $2.69 billion last week.
Other Solana-based DEXs contributing to the network's metrics include Phoenix with $783 million in volume and Lifinity with $590 million in volume.
Meanwhile, in the Ethereum ecosystem, Uniswap leads the way in trading volume over the past week with $5.4 billion, which represents a significant 4.5% decline over the same period.
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