Solana has overtaken Ethereum in phrases of 24-hour DEX buying and selling quantity but once more. Knowledge signifies that Solana’s buying and selling quantity has reached $1.262 billion, marginally surpassing Ethereum’s $1.167 billion. Arbitrum, BSC, and Avalanche observe behind.
This growth marks one more important milestone for Solana since Ethereum has lengthy been thought of the dominant drive in the decentralized finance (DeFi) sector.
Analyzing the highest chains by buying and selling quantity
The panorama of DEX buying and selling is fiercely aggressive, with varied blockchains vying for the highest spot.
Solana’s current surge to the forefront is attributed to a number of elements, together with the overall worth locked (TVL) on its platform, which has topped $1 billion for the primary time for the reason that FTX collapse in November final 12 months.
This resurgence has been pushed by rising asset costs and constant inflows to DeFi protocols.
Decentralized exchanges on Solana, resembling Orca, have seen exceptional will increase in buying and selling quantity.
Solana’s market cap surpasses XRP
Additional cementing its place in the cryptocurrency market, Solana’s market capitalization has now outstripped that of XRP.
On the time of reporting, Solana’s market cap stands at $35.42 billion. In distinction, XRP’s market cap is barely behind at $33.74 billion.
Solana’s current efficiency may be partly attributed to the rise of meme cash like Bonk, a dog-themed token that now boasts a market cap of greater than $1.2 billion. The speculative frenzy surrounding meme cash has performed a big function in the current rally.