Transaction volume in Solana's DEX chain surpassed Ethereum for the first time on Monday, July 8, 2024.
On Solana, the figure rose to $2.097 billion, surpassing Ethereum’s $1.534 billion as of 15:00 (UTC) on July 10.
Despite Solana’s gains, Ethereum continues to lead in total value locked (TVL) by more than four times compared to Solana, totaling $7.095 billion versus $1.707 billion.
The significant growth in Ethereum is due to various decentralized projects using its scalability-oriented blockchain.
Among Solana’s various platforms, Raydium is noteworthy, whose transaction volume over the past seven days totaled $6.868 billion.
Of that, $1.162 billion was recorded in the last 24 hours, resulting in a weekly increase of 143%.
Orca, Meteora, Phoenix and Lifinity round out Solana’s top five solutions, each seeing an increase of between 38% and 76% in their DEX transaction volume over the past week.
XRP has been trading within an ascending triangle pattern, signaling a potential significant breakout.
Recent on-chain data for Dogecoin (DOGE) reveals a surge in activity, indicating a growing optimism among cryptocurrency investors towards the popular meme coin.
Commerzbank, one of Germany’s largest financial institutions, is making a significant move into cryptocurrency by offering Bitcoin and Ethereum trading services to its corporate clients.
Raoul Pal, CEO of Real Vision and prominent macro analyst, has identified a layer-1 blockchain that he believes could rise to dominance in the crypto space.