Solana has overtaken Ethereum in terms of 24-hour DEX trading volume yet again. Data indicates that Solana’s trading volume has reached $1.262 billion, marginally surpassing Ethereum’s $1.167 billion. Arbitrum, BSC, and Avalanche follow behind.
This development marks yet another significant milestone for Solana since Ethereum has long been considered the dominant force in the decentralized finance (DeFi) sector.
Analyzing the top chains by trading volume
The landscape of DEX trading is fiercely competitive, with various blockchains vying for the top spot.
Solana’s recent surge to the forefront is attributed to several factors, including the total value locked (TVL) on its platform, which has topped $1 billion for the first time since the FTX collapse in November last year.
This resurgence has been driven by rising asset prices and consistent inflows to DeFi protocols.
Decentralized exchanges on Solana, such as Orca, have seen remarkable increases in trading volume.
Solana’s market cap surpasses XRP
Further cementing its position in the cryptocurrency market, Solana’s market capitalization has now outstripped that of XRP.
At the time of reporting, Solana’s market cap stands at $35.42 billion. In contrast, XRP’s market cap is slightly behind at $33.74 billion.
Solana’s recent performance can be partly attributed to the rise of meme coins like Bonk, a dog-themed token that now boasts a market cap of more than $1.2 billion. The speculative frenzy surrounding meme coins has played a significant role in the recent rally.