Recent data shows that Solana has surpassed Ethereum in 24-hour decentralised exchange (DEX) trading volume. Solana recorded $1.3 billion in DEX volume compared to Ethereum’s $1.29 billion. Binance Smart Chain (BSC) follows in third place with $604 million in DEX trading volume.
The Rise of Solana’s Dominance
It’s also noteworthy that Solana’s total fees now account for 50% of Ethereum’s fees over the past few days, a significant shift from just 1% during the 2021 bull run. Some analysts have predicted that Solana could surpass Ethereum in fee generation this month, partly attributed to capital flowing towards layer-2 solutions.
Solana’s Price Surge and Market Cap
$SOL has surged by over 6% in the last 24 hours and is currently trading at $154. The coin boasts a market cap of $68 billion. Meanwhile, Ethereum (ETH) has seen a more modest 1.23% increase, maintaining its dominant position with a market cap of $365 billion.