- Solana recorded $55.876 billion in DEX volume in July, beating Ethereum’s $53.868 billion.
- Solana’s affordable and fair rates in its high network build up, transaction cost, attract DeFi users.
- Ethereum’s high transaction fees led to its drop in the DEX volume ranking.
Solana’s managed to exceed Ethereum, the second largest Altcoin in monthly Decentralized Exchange volume. According to data from DefiLlama. This move has happened for the first time showing confidence among the SOL community.
Solana Tops In Monthly DEX: Key Reasons Revealed
Solana’s rise to the top has been highly attributed to its high speed, fair transaction rates, which have made it number one choice for decentralized finance (DeFi) applications. The blockchain’s ability to process multiple transactions across the globe in seconds at low rates has interested a lot of users leading to a surge in the monthly volume.
This performance has shown Solana an advantage compared to Ethereum, which has struggled with many users in the system and high fees when it comes to transactions, losing its gain in the competitive DeFi space.
July DEX Volume: Solana Surpasses Ethereum, Marks $2 Billion Gap
In a period of one month, for the period starting on July 1 and ending on July 31, Solana registered a total DEX volume of around $55.876 billion.
In comparison, Ethereum managed to record $53.868 billion totalling a difference of $2billion.
Arbitrum was ranked third with $24.569 billion (2 times smaller volume), followed by BSC with $17.888 billion and Base with $15.554 billion. The total DEX volume for July reached $190.443 billion – a 17.6% increase from June’s $156.879 billion.
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Source: CoinMarketCap
According to CoinMarketCap, a comparison between SOL and ETH has shown a continuous bearish trend. In the past 24 hours, Ethereum recorded its price performance with an all time low of $3,136.32 and high of $3,339.08 while SOL recorded $166.20 and $183.51 respectively.
At the time of writing Ethereum is trading at around $3,200 after a 3.6% decline in the past 24 hours and $19.1 billion in trading volume. Solana is priced at a little over $169 after a 7.35% decline and has a trading volume of $3.6 billion.
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