Solana Just Dethroned Ethereum in This Key Metric

Alex Dovbnya

Five Solana-based DEXes are in lead, according to DefiLlama data

According to data provided by DefiLlama, Solana has managed to destroy Ethereum in daily DEX trading volume ($1.148 billion and $745 million, respectively).

Solana-based Raydium, Meteora, Orca, Phoenix and Lifinity are among the top 10 DEXes by daily trading volume. Uniswap and PancakeSwap, of course, remain in the lead.

As noted by Patrick Scott, the founder of Dynamo DeFi, Solana’s DEX volume dominance is also on the rise. In fact, it is on track to surpass the 25% level for the first time this June.

Overall, DEX volume has hit $26 billion over the past seven days, according to data provided by Dune Analytics.

Earlier this year, trading on Solana-based DEXex spiked due to the growing popularity of meme coins.

SOL summer?

This comes as the “Ethereum killer” is benefiting from increasing ETF buzz. As reported by U.Today, New York-based investment firm VanEck filed to launch an ETF for Solana on Thursday; 21Shares followed suit with its own filing for the red-hot altcoin on Friday.

However, those who expect this ETF to see the light in the near future should cool their jets. According to leading analysts in the field, the product is now expected to be approved this year.

After initially seeing a sharp price spike due to the ETF hype, the SOL price is currently in the red, slipping by 0.2% over the past two weeks.

The popular altcoin is currently valued at $65.2 billion, according to data provided by CoinGecko. This puts it in the fifth place by market capitalization (behind only Bitcoin, Ethereum, Tether and BNB).

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Alex Dovbnya