Solana Flips Ethereum: Surpasses DEX Volume for First Time

• Solana’s onchain DEX transaction volume suppressed that of Ethereum.
• Solana’s transaction volume spiked to $2.395 billion last Monday.
• Raydium, Orca, Meteora, Phoenix, and Lifinity are the top five solutions on Solana.

According to data from DeFiLlama, the leading DeFi data aggregator, Solana’s on-chain DEX transaction volume surpassed that of Ethereum for the first time on Monday, July 8, 2024. Solana’s transaction volume spiked to $2.395 billion, outpacing Ethereum’s $2.177 billion.

On a weekly basis, Solana’s DEX transaction volume reached $14.012 billion, topping Ethereum’s $13.842 billion. Solana solidified its recent dominance by posting a 93.92% increase in transaction volume compared to Ethereum’s 40.03% increase.

Although Solana has made significant gains, Ethereum remains the dominant player in total value locked (TVL). DeFiLlama’s data shows Ethereum’s TVL is over four times that of Solana, with $7.113 billion compared to $1.722 billion.

Ethereum has experienced significant growth recently, fueled by numerous decentralized projects adopting the scalability-focused blockchain. Among the various solutions running on Solana, Raydium stands o…

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