Highlights:
- Solana has recorded its highest-ever weekly DEX volume over Ethereum.
- Aside from the DEX volume, Solana registered its first-ever weekly fee lead over Ethereum.
- In price actions, SOL exceeded ETH with significant gaps in their year-to-date price change variables.
Per recent statistics making rounds, Solana (SOL) exceeded Ethereum’s (ETH) weekly Decentralized Exchange (DEX) volume. While it does not seem out of place for Solana to surpass Ethereum in the 7-day DEX variable, the most recent data marked Solana’s highest-ever lead over Ethereum.
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Relaying the latest statistics on X, SolanaFloor, a renowned Solana’s news source, remarked: “Solana’s weekly DEX volume dominance over all chains hits an all-time high of 35%.” According to the post, Solana amassed $15.78 billion in its DEX volume for the past seven days, while Ethereum attracted only $8.87 billion. SolanaFloor added that SOL’s markedly increased value implied that it exceeded Ethereum’s figure by 77.91%.
🚨BREAKING BIG: Solana’s weekly DEX volume dominance over all chains hits an all-time high of 35%.
Solana’s $15.78B volume surpasses Ethereum's $8.87B by 77.91%, marking its highest weekly lead over ETH to date. pic.twitter.com/4Zy2ckpIIu
— SolanaFloor (@SolanaFloor) October 28, 2024
Aside from the groundbreaking DEX volume data, SolanaFloor reported another remarkable Solana feat over Ethereum. The disclosure appeared in a separate tweet, revealing that SOL surpassed ETH’s weekly fees for the first time. In its exact wording, the Solana news handle stated: “Solana makes history, flipping Ethereum in 7-day fees for the first time.”
For the weekly fees statistical details, SolanaFloor noted that SOL racked up $25.73 million in charges. On the other hand, Ethereum incurred fees of about $23.28 million. The news handle added that Raydium, an automated market maker (AMM) running on the Solana blockchain, attracted roughly $21.95 million in service charges.
🚨BREAKING BIG: Solana makes history, flipping Ethereum in 7-day fees for the first time.
Solana: $25.73M
Ethereum: $23.28M. pic.twitter.com/qggk3jgXGm— SolanaFloor (@SolanaFloor) October 27, 2024
Raised Metric Implications
In the crypto space, variables, including DEX volumes and transaction fees, relay the frequency of using a particular network. For the scenarios highlighted above, the only probable inference hinted at Solana’s spiking adoption. Moreover, outpacing Ethereum’s service charge despite boasting lesser fess was the spotlight of Solana’s impressive user preference.
Increased adoption rates become a trend only when users have identified peculiarities, making a blockchain stand out among similar entities. Ethereum and Solana have consistently attracted users’ fantasies in the decentralized ecosystem. Despite being a frontrunner in decentralization, Solana’s emergence and remarkable features like transaction speed and low service charges have placed it in the good books of most DeFi lovers.
Solana: Accelerated Adoption
"Our view is that Solana's growth is likely to continue because it is well positioned to capture the next wave of crypto adoption, solidifying itself as the third major crypto asset after Bitcoin (BTC) and Ethereum (ETH)."
-Franklin Templeton pic.twitter.com/ApGQYldhlk
— Dylan K (@MightyDylanK) May 3, 2024
Other than soaring adoption, the raised metrics signified Solana’s favorable market sentiments. Also, Solana’s price actions remain one of its best selling points, consistently attracting users for the blockchain. With such features, SOL is attracting use-case and profit-oriented market participants.
For context, SOL is changing hands at roughly $176.19, reflecting a 1.4% upswing in the past 24 hours. Its other extended period variables displayed upswings, with its year-to-date variable reflecting a 446% increment.
Similarly, Ethereum is up 1.4% in its 24-hour-to-date variable, with roughly $2,500 in selling price. However, its extended period-to-date variable is experiencing declines of about 8% and 6.4% for a weekly and monthly interval, respectively. ETH’s yearly price change data reflected a meager 40.3% increment.
ETH is Investing Massive Funds to Improve the Network’s Shortcomings
In one of our previous news articles, Ethereum co-founder Vitalik Buterin revealed how the Ethereum Foundation spent proceeds from ETH dumps. The co-founder noted that the funds have helped improve the Ethereum blockchain features, including cost-effective proof-of-work (PoW) systems, lesser transaction charges, improved transaction speed, enhanced network security, etc. Notedly, Buterin’s revelation targeted users’ concerns about ETH’s worrying deposits into exchanges.
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