- Solana DEXs registered a higher trading volume than their Ethereum counterparts in July
- This is the first time Solana DEXs’ monthly trading volume rose above that of Ethereum DEXs
- Trading volume on Solana DEXs remained above that of their Ethereum counterparts for 17 days in July
Solana-based decentralized exchanges (DEXs) processed transactions worth close to $57 billion in July which was higher than the $54 billion registered by their counterparts on the Ethereum blockchain. Solana DEXs led Ethereum DEXs for 17 days out of the 31 days of July, a first in the two platforms’ history. According to DeFiLlama, Solana DEXs accounted for 30% of all DeFi trading volume in July with Ethereum accounting for 28%, indicating that DeFi users consider Solana a viable Ethereum competitor.
Solana Leads by $3 Billion
Although the percentage difference between Solana and Ethereum DEX trading volume was around 2%, the difference in trading volume was roughly $3 billion.
Ethereum, however, leads in total value locked on all chains accounting for close to 60% against Solana’s TVL of roughly 6%. Although Ethereum has regained its lead with a total DEX trading volume of $7.7 billion so far in August, Solana is at a close second with $6.3 billion.
The rise of DEX trading volume on Solana can be attributed to the rise of Solana-based meme coins like Popcat, Bonk, BAMBIT and Dogwifhat. Ethereum and Solana DEXs with the highest volume include Uniswap and Raydium respectively.
Solana DeFi Registers New Weekly High
In December last year, Solana beat Ethereum in DEX trading volume in a weekly timeframe. Solana DEXs’ volume lead comes four months after the blockchain underwent an upgrade to ease congestion on the network, a move that’s likely to attract more developers to the network leading to increased DeFi activities.
The lead also comes five months after DeFi trading on Solana touched a new weekly high of $12.7 billion after increasing by over 170%
With Solana overtaking Ethereum in DEX trading volume, it lowers Ethereum’s title as the king of DeFi.
