The Solana network continues to make impressive progress, gaining market share at the expense of Ethereum and adopting established crypto infrastructures. This dynamic is particularly visible in the weekly volume of decentralized exchanges (DEXs) between Solana and Ethereum, which reached all-time highs this week.
Solana overtakes Ethereum in DEX volume
According to recent crypto data, the weekly volume percentage of Solana DEXs against Ethereum reached 266%. This means that Solana DEXs now process more than double the volume of Ethereum DEXs. This remarkable performance highlights the rise of Solana in the decentralized exchange ecosystem.
In addition to surpassing Ethereum in terms of DEX volume, Solana now holds 36% of the total DEX market share in overall decentralized finance (DeFi) for the past week, and 46% in the last 24 hours. These impressive numbers show that Solana is becoming a major player in the DEX space, attracting more and more crypto users and transactions.
Factors of Solana Growth
Several factors explain this rapid growth of SOL. First of all, the speed and efficiency of its network are major assets. Solana is capable of processing a large number of crypto transactions per second at very low costs, making it particularly attractive to DEX users.
Additionally, the growing adoption of infrastructure established by Solana plays a crucial role. By integrating proven solutions and collaborating with strategic partners, Solana strengthens its position in the crypto market and attracts more projects and investors. As Ryan Lee, chief analyst at Bitget, confirms:
Its transaction speed and low costs have made it one of the preferred platforms for developers and users. Additionally, Solana actively explores innovation and practicality, thereby significantly contributing to the wider adoption of cryptocurrencies. Users are increasingly willing to use Solana and speculate on assets within the Solana ecosystem.
Solana’s rise in the DEX space is impressive, surpassing Ethereum in volume and crypto market share. With its technological strengths and growing adoption, Solana is well positioned to continue to dominate the DeFi sector in the months to come.
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