In recent data, Solana has surpassed Ethereum in 24-hour daily volume traded on decentralized exchanges. The two blockchains recorded $1.3 billion and $1.29 billion in DEX trading volume, respectively. BSC ranks third with $604 million in volume. Following closely are Arbitrum and Base, securing fourth and fifth places with $510 million and $286 million in trading volume, respectively.

An interesting development to note is that Solana's total fees now represent 50% of Ethereum's fees in recent days, compared to just 1% during last year's bullish market. Analysts anticipate Solana potentially overtaking Ethereum in fee dominance this month, marking a significant milestone for the cryptocurrency ecosystem. It is essential to consider that the shift to layer-2 solutions plays a role in shaping these dynamics.

Solana Price Surges 6%

The price of SOL cryptocurrency has surged over 6% in the last 24 hours, positioning it as one of the top-performing altcoins. Currently trading at $154 on major exchanges, SOL boasts a market cap of $68 billion. In comparison, ETH has seen a modest 1.23% increase, maintaining a market cap of $365 billion, significantly higher than Solana.