Solana Surpasses Ethereum in 24-Hour DEX Volume for Third Day with $2.88B to $1.85B

Jun 8, 2024, 09:01 AM

Solana has surpassed Ethereum in 24-hour decentralized exchange (DEX) volume for the third consecutive day. Solana's DEX volume reached $2.88 billion, compared to Ethereum's $1.85 billion. This marks a significant lead, with Solana's volume more than doubling that of Ethereum. On the second day, Solana's DEX volume was $2.57 billion while Ethereum's was $1.22 billion. Additionally, Solana-based Raydium Protocol has overtaken Uniswap V3 on Ethereum in 24-hour DEX trading volume. Solana is also responsible for 76% of all new tokens listed on DEXs, flipping Base as the market leader, and has seen a 192% growth in market share from the previous month. The total stablecoin market cap on Solana has increased by 22% to $4.4 billion. Furthermore, Solana continues to dominate Bitcoin, Ethereum, and other Layer 1 blockchains in daily transactions, with over 111 million voted transactions and 33 million non-voted transactions. Despite being four places behind Ethereum by total value locked (TVL), Solana is second in terms of decentralized exchange volumes by chain.