In terms of decentralized exchange activity, Solana surpassed Ethereum in total trading volume. Will SOL see green?
Even though Ethereum has managed to retain its dominance in various areas for the most part, recent developments suggest that Solana could catch up with Ethereum soon.Data from DefiLlama showed Solana surging ahead of Ethereum in daily DEX trading volume. Solana captured a significant lead, processing $1.148 billion compared to Ethereum’s $745 million.
It’s worth noting that Ethereum remains the leader in overall DeFi total value locked , but Solana’s strong showing in DEX volume could help propel the protocol to new heights.Even though Solana’s TVL was far behind Ethereum, Solana blew Ethereum out of the water in terms of overall activity. In terms of daily transactions, Solana showed significant dominance. At the time of writing, Solana 42.9 million transactions that were occurring on its network. Whereas on Ethereum, the number was around 1.1 million.Even though Solana managed to outgrow Ethereum in terms of activity, it is important to note that Layer-2s have not been taken into consideration while calculating activity.However, Solana’s impressive numbers raise questions about long-term sustainability.
It’s crucial to see if this activity translates into building solid DeFi applications and attracting established projects.
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