Public blockchain activity reports and analytics platforms such as DappRadar or CoinMarketCap

Solana Surpasses Ethereum with 10x Daily Users, $2 Billion NFT Volume, and DEX Dominance

Sep 25, 2024, 08:19 AM

Solana has seen significant growth in various metrics, surpassing Ethereum in several areas. Solana now has 10 times more daily active users than Ethereum, peaking at 5.5 million daily users. Additionally, Solana's annual NFT trading volume has reached $2 billion. In the decentralized exchange (DEX) market, Solana has flipped Ethereum in 24-hour DEX volume, achieving dominance with 23% of the market and a volume of $1.123 billion. Despite a recent 8.5% drop in total value locked (TVL) for Solana's decentralized applications (DApps), the blockchain known for its scalability and low transaction fees continues to show strong performance. A report by MarketVector from VanEck suggests that Solana could potentially reach 50% of Ethereum's market cap, with predictions placing SOL at a price of USD 330.