Coin Edition -
- Solana surpasses Ethereum on 24-hour trading volume on decentralized exchanges.
- The Layer-1 network registered over $1.475 billion, $300 million higher than Ethereum’s $1.164 billion.
- Solana also flipped the BNB Chain in the number of active daily users.
Cryptocurrency expert Lark Davis shared in an analysis on X (formerly Twitter) that Solana has flipped Ethereum on another metric in its recent resurgence.
The analyst mentioned that the Layer-1 blockchain surpassed Ethereum in the 24-hour volume registered on decentralized exchanges. According to Davis, the flip is the first of its kind in the network’s history.
Looking at the charts, the analyst pointed out that Solana registered $1.475 billion within the period. Conversely, Ethereum had $1.164 billion in that same period, over $300 million less than Solana’s.
Davis attributed the surge in DEX activities on Solana to its cheap costs. The analyst continued that the cost of executing transactions on Solana is more affordable than Ethereum, which could be a driving motive for traders to ditch Ethereum for the network.
Elsewhere, Davis noted that Solana also flipped BNB in daily active users. This notable development also came after the network registered over a million daily active users.
Furthermore, the analyst stated that Solana TVL (Total Volume Locked) has risen to over $1 billion. Although still far from its $10 billion all-time high, the analyst noted that the recent rise indicates a significant interest flowing back into Solana.
Meanwhile, Davis mentioned that the meme coin hype has also strengthened Solana’s resurgence. In particular, the analyst stated that meme coin network Bonk’s tremendous launch and recent uptick have helped boost SOL’s price.
Additionally, Davis stated that the recent airdrops on the Layer-1 network have also helped raise investors’ interest. Recently, airdrops such as Pyth Network and Jito saw remarkable success, which translated to increased token prices alongside a soar in SOL’s value.According to data from CoinMarketCap, Solana has added over 10% to its value in the past 24 hours. At the time of press, the token is exchanging hands at $75.97 apiece.
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