For the first time in forty-three days, Solana surpassed Ethereum in weekly decentralised exchange (DEX) volume. Over the last seven days, Solana handled $9.1 billion across its DEXs, just surpassing Ethereum’s $9.09 billion, according to data from DeFiLlama.
In terms of DEX volume, this is the third “flippening” between the two platforms in 2024. With Raydium and MOONDENG leading the way in DEX utilisation, Solana’s DEX volume has increased significantly.
Raydium and MOONDENG Power Solana’s DEX Boom
Raydium recorded an 87% increase in weekly trading volume over the previous week, accounting for a significant 50% share of all Solana volumes. Furthermore, the DEX surge was propelled by SOL-based meme coins like MOONDENG, which shot up 60,000 times in just 18 days after introduction.
In all, Solana owns a 25% share of the total DEX market, demonstrating that traders are lured to its rapid and low-cost transaction methodology.
