Solana has outpaced Ethereum in daily trading volumes on decentralized exchanges (DEXes), according to the latest data from DefiLlama.
Solana-based DEXes reported an impressive $1.148 billion in daily trading volume, surpassing Ethereum’s $736.62 million.
This surge has been driven by the success of several Solana platforms like Raydium, Meteora, Orca, Phoenix, and Lifinity, all of which now rank among the top 10 DEXes by daily trading volume.
Meanwhile, Uniswap and PancakeSwap continue to dominate the market overall.
Patrick Scott, founder of Dynamo DeFi, notes that Solana’s DEX volume dominance is nearing 25% for the first time this June.
This growth is partly due to the earlier popularity of meme coins on the Solana network, which has significantly boosted trading activity.
Despite this achievement in trading volume, Solana’s price has seen a slight dip, decreasing by 0.5% over the last 24 hours.
As of now, Solana holds the fifth position in cryptocurrency market capitalization, valued at $65.2 billion, trailing behind Bitcoin, Ethereum, Tether, and BNB, according to CoinMarketCap.
The total DEX volume across all platforms hit $26 billion in the past week, highlighting the increasing role of decentralized trading in the broader crypto ecosystem.
