U.Today - has outstripped all other blockchain platforms, including Ethereum, in daily and weekly decentralized exchange (DEX) volumes.
Recent data reveals Solana's volume has reached $1.447 billion over 24 hours and $10.786 billion over the past week.
The leading chains by DEX volumes
Solana's ascension in the DEX volume rankings is a testament to its growing influence and adoption.The blockchain now leads with a weekly DEX volume of $10.786 billion, surpassing Ethereum's $9.604 billion, Binance Smart Chain's (BSC) $3.429 billion, Arbitrum's $4.535 billion, Polygon's $1.618 billion, and Avalanche's $1.189 billion.
The daily volumes paint a similar picture, with Solana's $1.447 billion outpacing Ethereum's $1.282 billion.
These figures represent a significant realignment in the , showcasing Solana's robust performance and rising prominence among traders and DeFi enthusiasts.
Solana's multifaceted dominance
Beyond just DEX volumes, Solana has eclipsed Ethereum in several other critical metrics/Notably, Solana has surpassed Ethereum in the perpetual futures trading volume, a critical indicator of market liquidity and investor interest. This metric reflects the market's confidence in Solana since perpetual futures are crucial for price discovery and liquidity in cryptocurrency markets.
With a market capitalization , Solana is cementing its position as a major force in the cryptocurrency space.
The recent surge in Solana's market activity, which saw a 33.6% increase in price over the past 24 hours, has been linked to the growing total value locked and the meme coin frenzy.