In the blockchain arena, rivalry is fierce: who can dethrone Ethereum? Solana, one of its most ambitious competitors, is leading the way and making progress. Recent figures show that Solana's DEX (decentralized exchange) activity now exceeds that of the Ethereum mainnet, a feat made possible thanks to the efforts of its developers and the rise of Raydium.
Solana takes a lead in DEXs
Solana news: since the beginning of the year, the Solana DEX saw its volume jump spectacularlyreaching 168% of that of the Ethereum mainnet. A progression marked by an impressive market share gain : if in January Raydium represented only 7.6% of the trading volume, it now holds 18.4% market share in the Solana DEX universe.
For his part, Ethereum giant Uniswap maintains its dominancebut for how much longer?
The reasons for this rise are multiple:
- Solana DEX Weekly Volume: 168% Ethereum;
- Raydium: $22.3 billion in October;
- Uniswap (Ethereum): $38 billion;
- Growth in Raydium's market share: from 7.6% to 18.4% since January.
If the volume impresses, it should also be noted that Solana attracts the exchange of new tokens, in particular “pump.fun”while Ethereum seems to favor more established cryptos. A distinction which could make these two ecosystems complementary universes rather than real rivals.
Why this rise of decentralized crypto exchanges?
The rise of DEXs on Solana is no coincidence. With the rise of artificial intelligence and the creation of tokens by agents like Truth Terminal, the market comes alive with new trends and curiosities. On social networks as on the blockchain, these generated tokens attract attention and nourish intense activitybringing users to Solana and its vibrant ecosystem.
However, despite these record numbers, it is crucial to take a step back. Volume alone is not enough to determine the health of a blockchain. Ethereum benefits from its Layer 2 – which saw a dramatic jump in onchain activity in the first half of 2024, which further increases its overall activity. User behavior also differs: Ethereum attracts an audience seeking stability while Solana establishes itself in high-frequency trading.
Thus, Solana recently surpassed Ethereum in fees generated in a single day, reaching $2.54 million compared to Ethereum's $2.07 million. The next few months promise to be exciting.
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