Solana has dwarfed Ethereum in terms of 24-hour trading volume recorded across all decentralized exchanges (DEXes), according to data provided by DefiLlama.
The two chains recorded $6.24 billion and $850 million in volume on Sunday.
Raydium, a Solana-based automated market maker (AMM), is in first place with a 24-hour volume of $4.2 billion.
For comparison, Uniswap, the largest DEX operating on the Ethereum blockchain, logged $1.52 billion in daily volume.
Notably, Orca and Aerodrome Finance, two other Solana-based decentralized exchanges, are also in the top five by trading volume with $1.07 billion and $712 million, respectively.
Tomiwabold OlajideOverall, there are five Solana-based decentralized exchanges with more than $100 million in trading volume.
Solana's weekly DEX trading volume managed to surpass Ethereum and all layer-2 solutions combined.
As reported by U.Today, Solana (SOL), the native token of the eponymous blockchain, recently rejoined the much-coveted $100 billion club. Its current market cap stands at $116 billion following an 18% price rally over the past seven days.
Godfrey BenjaminEthereum (ETH), which is currently valued at $380 billion, saw a very modest price increase of just 0.5%.
Cygaar, a cryptocurrency educator, recently noted that Solana is doing well because it specifically focuses on apps and user experience. "I've said this multiple times, but a huge reason why Solana is doing well is because they focus heavily on apps and user experiences. Ethereum culture still revolves around infra too much. Users aren't interested in technical jargon, they want real apps that they can use," he said last week.
Godfrey Benjamin
Arman Shirinyan
Dan Burgin
U.Today Editorial Team
Vladislav Sopov