Solana DEX Volume Surpasses Ethereum, BNB Chain
Solana's stronghold this cycle has not been limited to its price; data shows that other parts of the ecosystem continue to dominate the market.
According to DeFiLlama, Solana’s Decentralized Exchange (DEX) volume was more than that of Ethereum ( $ETH ) and ($BNB ) Chain combined in the last 24 hours. Both registered higher weekly increases, but that was not enough to keep Solana from the top spot.
As seen below, Solana’s DEX volume is $2.24 billion. However, BNB Chain is $703.19 million, while Ethereum is $1.41 billion.
Solana's Market Share
As a result of the increase, Solana now holds roughly 36% of the total volume. The rise in the metric is linked to several reasons, such as staking and the utility of applications built on the chain.
Particularly, the increase in meme coin trading on the network’s decentralised applications has been crucial to this hike.
For much of this market cycle, meme coins built on the Solana blockchain have performed better than any other network. As such, demand for SOL and user activity has been hitting different peaks at different times.
$SOL performs well in general too. The coin is 3rd after BTC and ETH by 24-hour trading volume($3.3 Billion). The largest markets for Solana are Binance, OKX, WhiteBIT, and Coinbase respectively (Based on Coingecko) - 23.07.2024
source: https://beincrypto.com/solana-dex-volume-over-bnb-chain-ethereum/
