After speeding up for days, momentum within the Solana ecosystem has finally accomplished the improbable: Transaction volume for decentralized exchanges (DEXs) around the blockchain has finally eclipsed those of exchanges on rival Ethereum, a minimum of within the last week.
DEX volume on Solana has soared to $9.03 billion during the last 7 days, based on data from Defi Llama. For the reason that same period, decentralized exchanges on Ethereum have experienced $8.836 billion price of transactions.
That victory may finish up short-resided, as Ethereum has already been edging out Solana in DEX volume during the last 24 hrs, but it’s nevertheless significant. Decentralized exchanges—such as Uniswap on Ethereum and Orca on Solana—facilitate the peer-to-peer exchange of all kinds of cryptocurrencies, particularly meme coins that aren’t for auction on centralized exchanges. In the past, the lion’s share of this buying and selling happens to be focused on Ethereum.
But lately, DEX activity on Solana has surged, mainly because of the network’s lower gas charges. Solana meme gold coin BONK dominated crypto discourse for days after soaring from humble origins to some staggering billion-dollar market capital.
Then, the 2009 week, the ecosystem found another jewel in Dogwifhat (WIF), another dog-themed Solana gold coin that’s skyrocketed a fantastic 376,000% since launching last month. On Thursday, the gold coin briefly pressed past a $250 million market capital, before settling back lower to $204 million, based on CoinGecko.
Blockchain data aggregated by Dune from a few of the top Solana decentralized exchanges implies that BONK and WIF are some of the top traded tokens in the last week, outdoors of stablecoins.
Meanwhile, SOL has ongoing to surge from the network’s good fortunes, flipping XRP on Wednesday and breaking another record for 2023 by topping $80. At writing, SOL expires greater still: above $89, based on CoinGecko.
Solana users hailed these developments, as well as other promising signs in the Solana NFT ecosystem, as evidence the blockchain’s time had finally come.
But by other metrics, the chain continues to have a lengthy approach to take. Despite recent gains, SOL’s market capital sits just above $37 billion. Ethereum has ended seven occasions bigger, at its market cap of $268 billion.
Edited by Andrew Hayward
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