According data Provided by DefiLlama, Solana has managed to destroy Ethereum in daily DEX trading volume ($1.148 billion and $745 million, respectively).
According data Provided by DefiLlama, Solana has managed to destroy Ethereum in daily DEX trading volume ($1.148 billion and $745 million, respectively).
Raydium, Meteora, Orca, Phoenix, and Solana-based Lifinity are among the top 10 DEXs by daily trading volume. Uniswap and PancakeSwap, of course, remain in the lead.
As noted by Patrick Scott, the founder of Dynamo DeFi, Solana’s DEX volume dominance is also on the rise. In fact, it is on track to surpass the 25% level for the first time this June.
Gamza KhanzadaevOverall, DEX volume has reached $26 billion in the last seven days, according to data provided by Dune analysis.
Earlier this year, trading on Solana-based DEXex skyrocketed due to the rising popularity of meme coins.
Summer SUN?
This comes as the “Ethereum killer” is benefiting from the growing hype around ETFs. As reported by U.TodayNew York-based investment firm VanEck on Thursday filed an application to launch an ETF for Solana; 21Shares followed suit with its own filing for the booming altcoin on Friday.
Vladislav SopovHowever, those expecting this ETF to see the light of day in the near future should calm down. According to leading industry analysts, the product is expected to be approved this year.
After initially seeing a sharp price increase due to the ETF hype, SOL price is currently in the red, falling 0.2% over the past two weeks.
According to data from CoinGecko, the popular altcoin is currently valued at $65.2 billion, placing it fifth by market cap (behind only Bitcoin, Ethereum, Tether and BNB).
