According to Decrypt, Solana's decentralized exchange (DEX) transaction volume has exceeded that of Ethereum for the first time in the past week. Data from Defi Llama reveals that Solana's DEX volume reached $9.03 billion over the last seven days, while Ethereum's DEX volume was $8.836 billion. This milestone may be temporary, as Ethereum is already regaining the lead in DEX volume over the last 24 hours. Decentralized exchanges, such as Uniswap on Ethereum and Orca on Solana, enable peer-to-peer trading of various cryptocurrencies, including meme coins not listed on centralized exchanges. Historically, the majority of this trading has occurred on Ethereum.
However, Solana's DEX activity has recently surged, primarily due to the network's lower gas fees. Solana meme coin BONK and dog-themed coin Dogwifhat (WIF) have been among the top traded tokens on the platform over the past week, excluding stablecoins. Meanwhile, Solana's native token, SOL, has continued to rise in value, surpassing XRP and reaching a new record high for 2023 at over $80. At the time of writing, SOL is trading above $89. Despite these achievements, Solana still has a long way to go in terms of market capitalization, with its current market cap of $37 billion being over seven times smaller than Ethereum's $268 billion.
