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Solana Surpasses Ethereum in DEX Volume, Fees, Revenue, and Active Addresses, Achieving 42% Market Dominance

Jul 29, 2024, 10:22 AM

Solana has reached several significant milestones, including a new all-time high in Total Value Locked (TVL) at $5.5 billion USD. The blockchain platform has also surpassed the combined 24-hour decentralized exchange (DEX) trading volume of Ethereum, Arbitrum, Base, and Binance, achieving a market dominance of 42%. Additionally, Solana has flipped Ethereum in 24-hour fees and revenue collected, marking a notable shift in the competitive landscape of blockchain platforms. Solana's DEX volume is now more than double that of Ethereum, and it is expected to increase further in this market cycle. Furthermore, meme coins named $NEIRO, related to a new dog owned by the Doge creator, have generated significant trading volume, surpassing any individual Ethereum Layer 2 chain in the last 24 hours. Solana also leads in active addresses and has a protocol, Jito, that collected the most 24-hour fees.