Data from major cryptocurrency market data providers

Solana Exceeds Ethereum in DEX Volume, Achieves 60% of Its Fees; Flow Hits 1M Swaps, $2.5M Volume

May 12, 2024, 03:32 AM

In a significant shift in the decentralized exchange (DEX) market, Solana has recently outperformed Ethereum in 24-hour trading volume. Additionally, Solana's total fees, or revenue, reached 60% of Ethereum's in the past few days, marking an all-time high for this ratio. Previously, this ratio was less than 1% during peak activity in 2021/22 and hovered around 10% at the beginning of this year. This development highlights Solana's growing influence in the DEX market, where it has even surpassed the combined 24-hour DEX volume of Ethereum, Binance Chain, Arbitrum, Base, and Optimism. Meanwhile, the Flow blockchain has also shown notable growth, surpassing 1 million swaps with a DEX volume of $2.5 million in just seven days.