Solana exceeds Ethereum on Dex: a sufficient catalyst to relaunch the price of the soil?

Solana continues its methodical infiltration in the strata of the crypto industry. Having become a fertile field for Defi developers, it has a strategic regularity that impresses. Its fast and cheap architecture attracts crowds. And now powerful statistics reappear: dex volumes that exceed those of Ethereum, fresh records… so many signals that make the front lines tremble. Enough to revive hopes around a token soil.

DEX on fire, network with slow motion: the solara paradox

$ 94.8 billion : this is the Cumulative volume of Dex on Solana In the past 30 days, against 64.8 billion for Ethereum. The network outperforms its rival, carried by Jupiter (50 % of volumes), Raydium, and Zeta Markets, which explodes with +212 % volumes in a month. Add TV at 11 billion (+14 %)And costs generated at $ 48.7 million (against 36.9 million for Ethereum). The envelope impresses.

But behind the figures, a shadow persists. The overall network activity plunged 91 % compared to January. A disconnection between infrastructure performance and organic vitality. Davo de Drift Protocol, however, recalls that Solana has a robust base layer, Without an out -of -chain matching engine.

An architecture that seduces developersbut who struggles to reassure the markets. This disalcher between technological prowess and user dynamism questions. Can we build a solid future without active and committed users?

Same decline: has the speculative bubble punctuated?

In the crypto arena, Solana had found A weapon of conquest: the same. Popular, viral, they boosted transactions and costs. Except that today, The fever fallstheir golden age is over. Giga loses 42 %, Popcat 35 %, Bonk and WIF 25 %. Result ? Traffic is stretching, dynamics slows down.

Pump.funepicenter of the movement, even plans to stand on its own feet with an independent blockchain. A forward flight that would weaken the ecosystem more.

The disaffection of the same marks the end of an euphoric era. The speculative sector is emptied of its fuel, leaving the orphans of an engine. Speculative enthusiasm may have crossed its zenith. THE Solana's challenge is now clear: transform the technical test into sustainable adoption. The time is no longer at speed, but at depth. Without sustained commitment, the figures are no longer sufficient.

Solana facing the storm: ETF, hyperliquid and other tremors

While Solana aligns recordsthreats accumulate. First, a financial danger: 3.55 million soil will be released by Augustor $ 600 million that could flood the market. Then, a structural threat: MEV attacks (sandwich, front-running) exploit the speed of the network. Finally, fierce competition: Hyperliquid records an 84 % volume greater than its five largest rivals gathered. Some Solana DAPPs even plan to emigrate.

But a catalyst is looming: theExpected approval of an ETF SPOT Solana in October. What to reactivate the hope of a bullish rally. Currently, derivative markets are betting on a lack of confidence: funding rats negative, long under tension.

However, weak signals persist. Davo underlines ” The native use of assets as collateral on Solana ». And the solid structure of the network could become an asset again, if it is connected to a renewed narration.

Figures to remember:

• $ 94.8 billion in dex volumes;
• +14 % TVL, reaching $ 11 billion;
• $ 600 million of tokens soil unlocked soon;
• 84 %: hyperliquid advance on its competitors;
• $ 48.7 million of costs generated in 30 days.

The Ethereum – Solana duel takes an unprecedented turn. More and more analysts anticipate a change. Cantor Fitzgerald now recommends betting on floor. Anthony Scaramucci, of Skybridge, sees Solana a giant future. For Solana, the game is far from over. She may have just started.