In October, Solana once again surpassed Ethereum in decentralized exchange transaction volume, solidifying its position as a major player in the DeFi sector.
Solana and Ethereum Transaction Volumes
In October 2023, Solana's DEX transaction volume reached an impressive $52.2 billion, surpassing Ethereum's $41.5 billion by 25%. This marks the second consecutive month that Solana has overtaken Ethereum.
Top Blockchains by DEX Transaction Volume
The top blockchain networks by DEX transaction volume for October were: – Solana: $52.2 billion – Ethereum: $41.5 billion – Base: $27.7 billion – Binance Smart Chain (BSC): $24.2 billion – Arbitrum: $16 billion
Growth of the Solana Network
Solana's success can be attributed to its robust network activity, which processed over 14 million transactions in just 24 hours, far exceeding Ethereum's 268,621 transactions during the same period. This surge in trading activity underscores the increasing liquidity and user engagement on the Solana platform.
As Solana continues to capture a larger share of the DEX market, its performance highlights a shift in trader preferences and the potential for further growth in decentralized finance.
