Last updated on November 4th, 2024 at 07:35 am
Solana’s adoption surge shows no signs of stopping as it overtook longtime DeFi king, Ethereum in trading volumes for July. According to data from DeFiLlama, Solana outpaced Ethereum in daily volumes for a total of 17 days in the past month. This contributed to 30% of all crypto DEX volume while Ethereum followed with 28.12%. In pure numbers, Solana’s DeFi ecosystem saw its exchanges process $56.849 billion worth of transactions, while Ethereum exchanges finished the month at $53.867 billion. That’s a difference of over 5%.
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MemeCoin Rise Boosts Solana Ecosystem
What makes this development particularly notable is that Ethereum has long been the undisputed king of DeFi. The only other occasion when Ethereum DEXs were overtaken in volume was by BNB Chain, previously called Binance Smart Chain (BSC), back in 2021. That happened in the middle of BSC meme coin mania, presaging the Solana surge that has greatly contributed to the network’s recent spike in trading.
This major switch from Ethereum to Solana is not surprising given the latter’s position as the blockchain of fun and a major blockchain for memecoin projects. Crypto Analysts Frank Mathis echoes this sentiment as he believes that the lower transaction costs of Solana have attracted the attention of memecoin launches with platforms like Pump.fun becoming popular in the DeFi ecosystem.
“Solana has done an amazing job of building community and bridging the gap between the developer community and the community of users, “If this trend continues, then I think we will start to realize more and more that the Ethereum ecosystem is at an inflection point,” he added.
SOL Price Analysis
Solana saw soaring popularity and price action in 2021, but lost steam and shed a substantial amount of its SOL token price in late 2022 amid the collapse of the closely linked crypto exchange FTX and its sister trading firm Alameda. But the network started to rebound last year and now is the leading destination for newly launched tokens of all sorts.
Source: coingecko
Solana has been riding a rollercoaster of price action, currently teetering between crucial support and resistance levels at $146 and $162. The recent 8% plunge saw SOL break below the psychologically important $157 mark, raising bearish alarms.
Despite the current price outlook, the Solana ecosystem is on a growth trajectory. New projects are leveraging its low transaction costs to build decentralized apps, a trend that could serve as a long-term bullish catalyst. This growth potential should keep investors optimistic, even in the face of short-term bear pressure.
