New data from decentralized finance (DeFi) tracker DeFiLlama shows that rising altcoin Solana (SOL) is now the most traded digital asset on decentralized exchanges (DEXs), after Ethereum (ETH).
Solana trades DEX volume has risen more than 25% in the past week to a total of $5.6 billion, catapulting it to the second most traded digital asset on DEXs, according to DeFiLlama. As of December 13, Solana ranked only fourth in DEX trading volume.
Ethereum is the most traded DEX asset with a trading volume of $8.89 billion in the past week.
In the last 24 hours, Solana’s DEX trading volume was $895.9 million, compared to ETH’s 1.07 billion.
Solana is trading at $122.32 at the time of writing, a gain of 7.73% over the past 24 hours and a massive increase of over 1,000% since the start of the year.
As the value of the ETH competitor rises, the network gains more and more participants. Last week, stablecoin issuer Paxos announced its expansion to the Solana network after working exclusively with the top smart contract platform.
The New York-based crypto company will release its dollar-pegged crypto asset, Pax Dollar (USDP), via the Solana blockchain starting January 17, 2024.
As Raj Gokal, co-founder of Solana, says in a press release:
“Paxos’ decision to bring stablecoin issuance to the Solana blockchain will demonstrate how Solana’s powerful network and low transaction fees can support regulated financial products and provide leaders like Paxos with new ways to scale and innovate”
Solana has also seen strong interest in its Web3 smartphone Saga, which recently sold out after sales began in April. Buying Saga earned a reward of free Bonk (BONK), a rising meme coin built over Solana.
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Featured image: Shutterstock/Rattanamanee Patpong/WhiteBarbie
