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.

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.