Solana’s Dex Platforms Eclipse Ethereum in Weekly Trade Volumes

Recent statistics reveal that in the last week, decentralized exchange (dex) platforms built on Solana have surpassed Ethereum in market performance. Data indicates that Solana-based dex platforms achieved a volume of $1.447 billion in the past day, overshadowing the $1.282 billion recorded by Ethereum trading platforms.

Solana Surges Past Ethereum in Dex Volume

Solana’s recent price surge, coupled with a multitude of airdrops, has propelled the layer one (L1) blockchain’s dex volumes to new heights. Conversely, trade volume for solana (SOL) on centralized exchanges lags behind that of Ethereum. Data from Deflllama.com confirms that both the 24-hour and weekly dex volumes for Solana have exceeded those of Ethereum.

Solana's Dex Platforms Eclipse Ethereum in Weekly Trade Volumes

Recent data shows Solana platforms’ daily dex volumes have surged to $1.447 billion, marking a 12.87% increase over Ethereum dex applications’ $1.282 billion. Over the past seven days, Solana’s decentralized exchanges have amassed $10.786 billion, overtaking Ethereum’s $9.604 billion in weekly dex volumes. Notable contributors to these volumes are dex platforms like Raydium, Orca, Lifinity, Phoenix, Openbook, and Mango Markets, along with significant activity on Drift, Crema, and Saber.

A considerable portion of SOL-based dex protocol trading volume was recorded on Dec. 21, 2023, largely fueled by recent Solana airdrops and SOL’s substantial 40% increase over the previous week. Over the past year, SOL has demonstrated massive growth, escalating 895% against the U.S. dollar. The largest trading pairs on Raydium, Solana’s largest dex by volume, are listed as ANALOS/SOL, WIF/SOL, SILLY/SOL, and SOL/USDC.

Recent statistics underscore a significant trend in decentralized finance (defi). While Ethereum dex protocols remain a dominant force, Solana’s impressive daily volume and stats over the week signify a pivotal shift in dex market dynamics, spotlighting the growing influence of the Solana ecosystem.

What do you think about Solana dex volumes surpassing Ethereum’s dex volumes? Share your thoughts and opinions about this subject in the comments section below.

from Bitcoin News https://ift.tt/7XyaqIY

Comments

Bitcoin ETFs Snap 10-Day Streak: $93M Flees as Fidelity’s FBTC Takes the Hit

Data compiled Friday revealed a striking reversal for spot bitcoin exchange-traded funds, which snapped a ten-session inflow streak with a $93.16 million exodus—marking their first day of negative movement. Bitcoin ETFs Drain While Ether ETFs Gain The abrupt shift punctuated a previously unbroken stretch of positive momentum for U.S. bitcoin ETFs, culminating in a $93.16 […] from Bitcoin News https://ift.tt/Q1xgKWA

Richard Teng Takes Charge as Binance CEO Following Changpeng Zhao’s Exit

After Changpeng Zhao’s exit, Richard Teng has stepped in as the new chief executive officer of Binance, the globe’s largest crypto exchange in terms of trading volume. On Tuesday, Teng made his introduction to the public through social media platform X, assuring that under his stewardship, Binance will “continue to meet and exceed the expectations of stakeholders.” Richard Teng Assumes Binance’s Top Role, Succeeding CZ This week marked a significant event for crypto enthusiasts as they observed one of the largest settlements in the industry’s history. The settlement involved Binance and the U.S. Department of Justice, with Binance incurring fines totaling approximately $4.3 billion. Following this development, the exchange’s CEO, Changpeng Zhao — popularly known as “CZ” — resigned. Post-settlement, on Tuesday, CZ announced via Twitter that Binance’s ex-Global Head of Regional Markets, Richard Teng, has been appointed as the new CEO. Teng brings an extensive history in the financ...

Glassnode and Ark Invest Introduce ‘Cointime Economics’ — A New Model to Measure Bitcoin’s Value

Researchers from Glassnode and Ark Invest have collaborated to develop a new economic model for analyzing Bitcoin’s onchain metrics called “Cointime Economics.” The framework offers an alternative way to measure the economic activity and value of bitcoin based on “coinblocks” rather than the standard accounting method of unspent transaction outputs, or UTXOs. Cointime Economics: A Unique Framework for Analyzing Bitcoin The Cointime Economics white paper explains that coinblocks are the product of the number of bitcoin, or BTC , multiplied by the number of blocks they are held without moving. For instance, ten bitcoins held for ten blocks would equal 100 coinblocks. This method aims to capture the real economic weight and importance of each bitcoin based on the time it remains dormant. The longer a bitcoin is unmoved, the higher its cointime and implied economic significance. Cointime Economics introduces metrics such as coinblocks created, destroyed, and stored to describe Bitcoi...

Crypto News Updates

Search This Blog