In a significant milestone for the expanding Solana ecosystem, the volume of decentralized exchange (DEX) transactions on its blockchain has recently reached an all-time high. Impressively, Solana’s DEX volume has even surpassed that of Ethereum (ETH), which is recognized as the largest blockchain by Total Value Locked (TVL).
This surge is particularly noteworthy amidst a broader market recovery, as both Solana (SOL) and Ethereum (ETH) experienced substantial price gains in the past week.
Over the last seven days, Solana’s DEX volume led all major blockchains, according to data released by the Solanians Hub on X on July 18. This uptick is significant, especially considering the ongoing rebound in the cryptocurrency market, allowing Solana to capture a considerable share of DEX activities.
“Solana has achieved the highest DEX trading volume among major blockchains over the past week. During the current market recovery phase, it has outperformed other chains, attracting a large number of users engaged in DEX transactions!” the platform highlighted.
REPORT:
@solarium
has recorded the highest DEX trading volume among top blockchains over the last 7D. During the current market recovery phase, Solana has outperformed other chains, captivating a significant amount of users in DEX activities!
#sol
$SOL
pic.twitter.com/J3EdSwOT2X
— Solanians (@SolaniansHub)
July 18, 2024
According to the report, Solana’s DEX volume reached an impressive US$13.5 billion in the last week, leading the pack. Ethereum followed with US$11.7 billion during the same timeframe, while Arbitrum rounded out the top three with $7.6 billion in DEX volume.
At the time of this report, Solana’s price was quoted at US$159.63, remaining unchanged over the past 24 hours. The trading volume for Solana (SOL) in that period was US$2.54 billion, marking a 17.4% decline from the previous day, indicating a recent drop in market activity.
In related news, Solana has demonstrated a significant recovery over the past week, with its price rising by 11.7%.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading in cryptocurrencies carries a risk of financial loss.
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