Solana Dethrones Ethereum for the First Time

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.

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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.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.