Solana Surpasses Ethereum Once Again: Record DEX Volumes In 24 Hours!
In the fast-paced world of blockchain technology, competition is fierce, and the race to dominance is relentless. Once full of ambitions to dethrone Ethereum, most blockchains today seem to be avoiding uncomfortable comparisons with the Web3 giant. However, two names still emerge in the arena: Ripple and Solana. And the latter is making waves in 2024 with stunning performances, both in total value locked and in crypto trading volumes.
Solana, the rising star of Web3, is shaking up the established order with its impressive numbers. With nearly 3.8 billion dollars traded within 24 hours on its DEX platforms, Solana far surpasses Ethereum and Base combined. The total value locked (TVL) on Solana has increased from 1.4 billion to 9.5 billion dollars in just one year, a fivefold increase according to DefiLlama.
The success of Solana can be attributed to a well-oiled recipe of low fees, fast execution, and an active community. Traders looking for explosive profits are flocking to memecoins and AI-related tokens, two sectors where Solana excels. The DEX Raydium on Solana saw its monthly volumes reach 30 billion dollars, surpassing Uniswap in November. Memecoins represent up to 65% of Raydium’s monthly volume, showcasing Solana’s dominance in this sector.
Grayscale Research notes that speculations surrounding memecoins and AI agent tokens attract new investors to the Solana ecosystem. Raydium, with its 60% market share on Solana, embodies this dominance. Despite fierce competition with Ethereum, Solana is leveraging its rise to attract investors weary of Ethereum’s limitations.
Moreover, Solana is not just shining with its numbers; it is also innovating. With its unprecedented shield that will allow it to be untouchable against the quantum threat, Solana establishes itself as a key player in Web3, ready to challenge anyone who dares to step on its turf.
The diverse ecosystem of Solana encourages innovation, whether in DeFi or beyond. The blockchain’s performance reflects its central role in the memecoins sector and AI agent tokens, making it a favorite among crypto traders.
In conclusion, Solana’s record-breaking DEX volumes in 24 hours and its impressive growth in total value locked demonstrate its reign as a dominant force in the blockchain industry. As the challenger becomes king, Ethereum and other blockchains will need to keep a close eye on Solana’s continued rise to power.