8:25 ▪
3
Minimum read time up to ▪
There is fierce competition in the blockchain field. Who will dethrone Ethereum? One of the most ambitious competitors, Solana is leading the dance and making more and more progress. Recent numbers show that Solana's DEX (decentralized exchange) activity is outpacing Ethereum mainnet activity, an achievement made possible thanks to developer efforts and the rise of Raydium. is.
Solana leads in DEX
Solana News: Since the beginning of this year, Solana’s DEX volume spikes dramaticallyreaching 168% of Ethereum mainnet. characteristic progress Remarkable market share expansion: Even though Raydium only accounted for 7.6% of trading volume in January, it currently holds 18.4% market share in the Solana DEX universe.
On that side, Ethereum giant Uniswap maintains dominancebut for how long?
The reasons for this rise are multiple.
- Solana DEX weekly volume: 168% of Ethereum.
- Radium: $22.3 billion in October.
- Uniswap (Ethereum): $38 billion.
- Raydium's market share growth: from 7.6% to 18.4% since January.
Also note that if the volume is impressive, Solana will be attractive Trading new tokens, especially “pump.fun”Ethereum, on the other hand, seems to prefer more established cryptos. This difference could make these two ecosystems more complementary than actual rivals.
Why are decentralized cryptocurrency exchanges on the rise?
Solana's DEX rise is no coincidence. and The rise of artificial intelligence and the creation of tokens With agents like Truth Terminal, the market is energized by new trends and curiosities. Whether on social media or on the blockchain, these generated tokens gain attention and feed. strenuous activitywhich introduces users to Solana and its dynamic ecosystem.
However, despite these record numbers, it's important to take a step back. Volume alone is not enough to determine the health of a blockchain. Ethereum benefits from Layer 2 – On-chain activity increased significantly in the first half of 2024, further increasing overall activity. User behavior is also different. While Ethereum attracts an audience looking for stability, Solana has established itself in high-frequency trading.
Therefore, Solana recently surpassed Ethereum in terms of fees incurred per day, amounting to $2.54 million compared to Ethereum's $2.07 million. The coming months promise to be exciting.
Get the most out of your Cointribune experience with the Read to Earn program! Earn points every time you read an article and get access to exclusive benefits. Sign up now and get rewards.
Blockchain and virtual currency revolution! Affect the fragile social situation, have a serious impact on the economic society, and solve the problems of your choice.
Disclaimer
The views, ideas and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Please do your own research before making any investment decisions.
