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Solana DEXs Outperform Ethereum with $54B in July

Solana’s decentralized exchanges (DEXs) processed $54 billion in trading volume in July, surpassing Ethereum’s $52 billion. This marks the first time Solana has overtaken Ethereum in on-chain volume, according to DefiLlama.

Solana’s Rise to the Top

Solana vs. Ethereum

For the first time, Solana’s DEXs exceeded Ethereum’s in monthly trading volume. Solana processed $54 billion, while Ethereum managed $52 billion in July. Currently, 29% of DEX trades occur on Solana, with Ethereum close behind at 28%. Ethereum Layer 2 Arbitrum ranks third with $24 billion, followed by BSC at $17 billion, and Coinbase’s Ethereum Layer 2 Base with $15 billion.

DEX Volume – DeFiLlama

Driving Factors Behind Solana’s Success

Memecoins and New Tokens

A significant driver of Solana’s activity is memecoins. These new tokens are often issued on pump.fun, a platform enabling rapid creation of largely speculative coins. Over 17,100 tokens were created in one day, continuing a trend of high memecoin launches since March.

Leading Solana DEXs

Top Performers

Raydium leads Solana’s DEXs with $1.08 billion in total value locked (TVL), followed by Drift at $400 million and Orca at $251 million. According to DefiLlama, Solana’s DEX sector handled $1.4 billion in 24-hour volume.

Overcoming Past Challenges

Network Issues and Reputation

Solana’s journey has been challenging, marked by network congestion and halts, and a close association with convicted crypto figure Sam Bankman-Fried. Despite these issues, Solana began appearing regularly in the top 10 for DEX volume in mid-2022, surpassing Avalanche and Polygon in May 2022.

Significant Growth

Volume Surge

Solana’s most notable jump in DEX volume occurred in Q4 2023, rising to $28 billion from $880 million in September. If the memecoin trend continues, Solana might maintain its position among leading networks for the foreseeable future.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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