The value of SOL has increased dramatically this week, lifting its decentralized exchange (dex) platforms to a new level and catapulting the layer one (L1) blockchain to the top of the 24-hour dex trading volume. In comparison to Ethereum’s dex platforms, which registered $2.03 billion in trade volume during the same period, Solana’s dex platforms have accumulated $2.802 billion in trading volume over the last day.
Dex Dominance: Ethereum is Beaten by Solana in a 24-Hour Trading Volume
With its dexes reaching $2.802 billion in worldwide trade volume over the course of the previous day, the Solana (SOL) blockchain emerged as the leader in decentralized exchange (dex) trading volume on Monday, March 18, 2023. Compared to Ethereum’s daily volume of $2.03 billion, this is a 38% rise. On a weekly basis, nevertheless, it trails Ethereum by $19.746 billion to $17.151 billion for Solana.
Lately, SOL’s value has surged, surpassing BNB’s market capitalization and breaking beyond the $200 threshold for the first time since December 2021. Dex volume across all chains on Monday was roughly $8.614 billion, according to defillama.com. On March 18, Uniswap and Pancakeswap were the top two dex platforms; Orca, Phoenix, Lifinity, and Raydium from Solana are ranked third through sixth.
As of this week, the total value locked (TVL) in Ethereum’s dexes is approximately $3.255 billion, whilst Solana’s dex applications have $1.248 billion locked in. With $4.325 billion locked in its protocols, Solana is the fourth-largest chain by TVL in the decentralized finance space, behind Ethereum, Tron, and BNB Chain.
Regarding the sales volume of Solana’s non-fungible tokens (NFTs) during the previous week, $65,053,736 has been registered on the blockchain. The L1 blockchain is third in terms of NFT sales volume for the week, ahead of 19 other blockchain networks but behind Ethereum and Bitcoin. Solana is ranked second behind Ethereum based on all-time NFT sales data from cryptoslam.io, with $5.22 billion in total sales.
What are your thoughts on the notable volume that the Solana dex platforms recorded on Monday? Please feel free to express your ideas and opinions in the space provided for comments below.