In a surprising turn of events, the trading volume of decentralized exchanges (DEX) on Solana surpassed that of Ethereum for the first time on December 16th. According to data from DeFillama, Solana’s DEXs recorded a trading volume of $1.536 billion, while Ethereum lagged behind at only $1.164 billion during the same period. This milestone was met with excitement and surprise from the crypto community, with Solana’s co-founder Anatoly Yakovenko expressing amazement at the achievement.
Although Ethereum quickly regained its dominant position, with a daily volume of $945 million compared to Solana’s $940 million, the brief flipping of trading volume on December 16th highlights the robust growth and widespread adoption of Solana’s decentralized finance (DeFi) ecosystem. In fact, DeFillama data suggests that DEX volume on Solana is set to exceed $10 billion for the month of December, making it the most prolific month on record for the network.
An analysis of Orca exchange’s volume, the largest Solana-based DEX, reveals that a significant portion of the trading activities on the blockchain came from the USD Coin (USDC) stablecoin and the Bonk memecoin. The introduction of Bonk, the first dog-themed coin on Solana, has captured the interest of crypto enthusiasts and brought renewed attention to the blockchain network. Last week, Bonk added over $1 billion to its market capitalization in just one day, making it the third-largest memecoin by market capitalization, trailing only Dogecoin and Shiba Inu. The growing interest in Bonk also led to Solana’s blockchain-enabled Saga smartphones selling out over the weekend, with secondary sales on eBay reaching as high as $5,000.
Circle’s CEO Jeremy Allaire disclosed that 90% of all stablecoin transaction volume on Solana is represented by USDC, positioning it as the second-largest stablecoin by market capitalization. This further underscores the growing dominance of Solana as a preferred blockchain for stablecoin transactions.
Another asset gaining significant attention within the Solana community is Helium’s MOBILE token. Trading in the asset has surged by more than 70% in the past day, propelling its price to a 71% increase, reaching $0.006621 at press time. As Solana continues to attract investors and users, the popularity of tokens such as MOBILE indicates the growing vibrancy of the ecosystem and the diverse range of investment opportunities available on the network.
Solana’s recent achievement of surpassing Ethereum in trading volume is a testament to its rapid growth and strong momentum in the decentralized finance space. The network’s appeal lies in its robust and efficient blockchain infrastructure, as well as the increasing adoption of popular tokens like USDC and Bonk. As more traders and investors recognize the potential of Solana, it is likely to continue attracting attention and experiencing further growth in the coming months.
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