Solana Flips Ethereum in DEX Volume for the First Time in History

Solana is positioning itself as a worthy competitor of Ethereum after a recent major milestone for the blockchain.

For the first time in crypto history, Solana’s blockchain managed to flip Ethereum in monthly DEX volume, according to data from DefiLlama.

For the period starting on July 1 and ending on July 31, Solana registered a total DEX volume of around $55.876 billion.

In comparison, Ethereum managed to record $53.868 billion – a staggering $2 billion difference.

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Arbitrum was ranked third with $24.569 billion (2 times smaller volume), followed by BSC with $17.888 billion and Base with $15.554 billion.

The total DEX volume for July reached $190.443 billion – a 17.6% increase from June’s $156.879 billion.

At the time of writing Ethereum is trading at around $3,200 after a 3.6% decline in the past 24 hours and $19.1 billion in trading volume. Solana is priced at a little over $170 after a 6.15% decline and has a trading volume of $3.7 billion.

Alexander Stefanov