According to data from DefiLlama, Solana surpassed Ethereum in 24-hour trading volume across all decentralized exchanges (DEXes).
Trading Volume of Solana and Ethereum
On Sunday, Solana and Ethereum networks recorded $6.24 billion and $850 million in trading volumes, respectively.
Positions of Raydium and Other DEXes
The Solana-based platform Raydium, an automated market maker (AMM), saw a 24-hour trading volume of $4.2 billion. By comparison, Uniswap on the Ethereum blockchain logged a daily volume of $1.52 billion. Also, Solana platforms such as Orca and Aerodrome Finance are among the top five in terms of trading volume, with $1.07 billion and $712 million, respectively.
Reasons Behind Solana's Success
Solana focuses on applications and user experience, making it successful. "I've said this multiple times, but a huge reason why Solana is doing well is because they focus heavily on apps and user experiences. Users aren't interested in technical jargon, they want real apps that they can use," noted cryptocurrency educator Cygaar.
Solana continues to impress with its market dynamics, surpassing Ethereum in DEX trading volumes and solidifying its market position.
