Market share data from major cryptocurrency data aggregators like CoinGecko or CoinMarketCap

Solana Surpasses Ethereum in 24-Hour DEX Volume, Spiking to 125%, Amid Record DEX Market Share

Jul 30, 2024, 10:30 AM

Solana has emerged as a dominant force in the decentralized exchange (DEX) market, surpassing Ethereum in 24-hour DEX volume. Over the past 24 hours, Solana accounted for over 42% of all DEX volume, and its DEX volume was more than double that of Ethereum, spiking to 125%. This trend is part of a broader surge in DEX market share, which has reached an all-time high relative to centralized exchanges (CEXs). The DEX-to-CEX spot trading ratio has also hit a record high above 14%, with monthly trading volume relative to CEXs at 14.22%. Solana's dominance extends beyond trading volume, as it has also led in daily fees and revenue generation for the second consecutive day. The popularity of meme coin trading has driven Solana's recent success, indicating a potential long-term shift in its competition with Ethereum.