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.
Binance, one of the largest cryptocurrency exchanges globally, is enchancing its Spot trading platform by introducing new trading pairs and Trading Bot services.
The crypto market constantly sees new assets emerge, but not all make a lasting impact. Some coins slowly gain value, while others quickly lose momentum.
A prominent crypto analyst, known as Cheds, has issued a warning about Dogecoin’s (DOGE) potential decline amid the ongoing market correction.
Crypto analyst Ali Martinez has raised concerns about a potential downturn for XRP and three other altcoins, warning that they may experience a sudden drop.