TL;DR
- Solana has surpassed Ethereum in DEX trading volume over the past seven days, marking a historic shift in leadership.
- SOL has risen by 11.2% in the last week.
- The fee reduction on Jupiter from 0.07% to 0.06% has stimulated trading volume on SOL.
The trading volume on Solana’s decentralized exchanges (DEX) has surpassed Ethereum’s in the last seven days. This marks a significant shift as ETH has historically been the leading blockchain in terms of Total Value Locked (TVL).
During the recent market recovery period, Solana has captured a significant portion of DEX activity, showcasing its growing popularity, adoption, and ability to attract users. SOL has led in DEX volume among all major blockchains in the past week.
🚨 REPORT: @solana has recorded the highest DEX trading volume among top blockchains over the last 7D
During the current market recovery phase, Solana has outperformed other chains, captivating a significant amount of users in DEX activities!#SOL $SOL pic.twitter.com/J3EdSwOT2X
— Solanians (@SolaniansHub) July 18, 2024
One contributing factor to this increase is Jupiter, a SOL-based DEX aggregator, which recently reduced fees on its perpetual products from 0.07% to 0.06% in response to community feedback. This adjustment has made transactions on Solana more attractive to users, boosting trading volume.
Solana (SOL) rose by 11.2%
Additionally, the increase in volume has coincided with a rise in the prices of native tokens on both blockchains. Ethereum (ETH) saw an 8.3% increase over the last seven days, currently trading at $3,413. Meanwhile, Solana (SOL) surged by 11.2%, reaching $157.73. In terms of market capitalization, ETH stands at $409 billion, while SOL approaches $73 billion.
Moreover, the potential launch of Ethereum ETF and anticipated launch of SOL ETF could further drive token prices. ETH ETFs are expected to be approved by July 23, while SOL ETFs are projected for 2025. Approval by the U.S. Securities and Exchange Commission (SEC) could trigger a bullish rally for other altcoins.
The increasing activity on Solana’s DEX indicates a significant evolution in decentralized finance (DeFi). While Ethereum remains dominant in TVL, SOL’s ability to sustain substantial activity underscores its growing appeal and potential for future growth.
