Solana Just Dethroned Ethereum in This Key Metric

Solana’s rise in daily DEX trading volume has placed it above Ethereum, according to DefiLlama’s data. Generating $1.148 billion in daily trading volume compared to Ethereum’s $745 million, Solana-based DEXes such as Raydium, Meteora, Orca, Phoenix, and Lifinity are among the top 10 performers. While Uniswap and PancakeSwap remain ahead, Solana’s dominance in DEX volume is steadily increasing. In fact, it is projected to surpass 25% for the first time this June, as noted by Dynamo DeFi founder Patrick Scott. Dune Analytics reports that DEX volume has reached $26 billion over the past seven days. The popularity of meme coins earlier this year contributed to the spike in trading on Solana-based DEXes. Additionally, Solana’s ETF hype has prompted investment firms VanEck and 21Shares to file for ETFs focused on the altcoin. However, analysts predict that the ETF approval may take some time. Despite the initial price increase driven by the ETF news, the SOL price has slightly declined by 0.2% in the past two weeks. With a market capitalization of $65.2 billion, Solana is currently ranked as the fifth-largest cryptocurrency, trailing behind Bitcoin, Ethereum, Tether, and BNB according to CoinGecko.