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Solana’s Dominance in Decentralized Exchange (DEX) Volume Continues
Solana is on track to extend its four-month run over Ethereum and other smart-contract blockchains in decentralized-exchange (DEX) volume, despite the rangebound crypto market struggling to capture trader enthusiasm.
Solana-Based DEXs Post Record Trading Volume
Solana-based DEXs have posted total trading volume of just over $60 million this month, nearly double the $34 million on Ethereum, the biggest smart-contract blockchain, according to data source DeFiLlama.
Solana’s Competitive Advantage
“Solana’s lower fees and higher throughput continue to attract developers and users, highlighting its growing role in decentralized finance,” Tagus Capital said.
Solana’s Dominance is Not Limited to Transaction Volume
Solana has held its pole position since October. Notably, in January, Solana-based DEXs achieved trading volume of $258 billion with Ethereum trailing at just $86 billion.
Solana’s Revenue Surpasses Ethereum’s
Solana’s dominance is not limited to transaction volume. Despite its reputation as a low-cost blockchain, Solana has generated $25 million in revenue so far this month compared with Ethereum’s $16 million. In January, Solana earned $124 million, Ethereum $109 million.
The Performance Supports the Bullish Case
The performance supports the bullish case in the SOL-ETH ratio, which peaked near 0.09 in January and has since pulled back to 0.075, data from charting platform TradingView show.
Solana’s Total Value Locked (TVL) Remains Lower Than Ethereum’s
Still, Tagus Capital noted that Solana’s total value locked (TVL) at $9 billion remains much lower than Ethereum’s $57 billion.
Conclusion
Solana’s dominance in DEX volume and revenue is a testament to its growing role in the decentralized finance ecosystem. As the blockchain continues to attract developers and users with its lower fees and higher throughput, it is likely to maintain its position as a leading player in the market.
FAQs
- What is Solana’s current market capitalization?
- Solana’s market capitalization is currently around $9 billion.
- What is the current SOL-ETH ratio?
- The SOL-ETH ratio is currently around 0.075.
- How does Solana’s TVL compare to Ethereum’s?
- Solana’s TVL is currently around $9 billion, while Ethereum’s is around $57 billion.
- What is the main advantage of using Solana over Ethereum?
- Solana’s main advantage is its lower fees and higher throughput, making it a more attractive option for developers and users.
