Journalist
Posted:
- Solana-based DEXes have recorded transactions worth more than $9 billion in the past week.
- SOL led the altcoin surge over the past 24 hours, posting a double-digit gain of 13.67%.
Solanas [SOL] The decentralized exchange’s (DEX) volume rally continued as Ethereum was temporarily displaced [ETH] from the top of the ladder in the last 24 hours, according to on-chain researcher Emperor Osmo.
$SOL turned around $ETH enabled $1.26 billion in DEX volume in the last 24 hours.
It looks like it’s actually speeding up. pic.twitter.com/fgNbNCY0UE
— Emperor Osmo
(@Flowslikeosmo) December 20, 2023
Solana makes history
However, as of this writing, Ethereum has reclaimed the numero uno rank, while Solana slipped to the second position, AMBCrypto noted using DeFiLlamas facts. However, the bigger picture was still in favor of the alleged ‘Ethereum Killer’.
Over the past week, Solana-based DEXes have recorded transactions worth more than $9 billion, compared to Ethereum’s $8.836 billion. This was the first time in history that Solana surpassed Ethereum in 7-day DEX volumes.
Solana’s weekly growth rate of 33.75% stood out even in a sea of red. Nearly all of the chains under Solana in the top 10 suffered double-digit weekly losses.
Coinciding with SOL’s bullish action on the price charts, sentiment around Solana’s DEX activity has also received a boost.
Until September, Solana represented barely 2% of total DEX volumes across all chains. However, at the time of writing, it has risen to 17.84%, according to AMBCrypto’s analysis.
Source: DeFiLlama
Solana’s TVL increases dramatically
Aside from the frenzy on its DEXs, the network saw a significant increase in the USD value of cryptos locked on its DeFi projects.
Total value locked (TVL) exploded from about $600 million in mid-October to more than $2 billion at the time of writing. Here too, Solana outperformed other chains in terms of monthly growth.
Source: DeFiLlama
SOL’s rally continues
Meanwhile, SOL’s year-end rise continued, with the crypto entering the top 5 cryptos by market capitalization.
The token led the rise among altcoins over the past 24 hours, posting a double-digit gain of 13.67%. CoinMarketCap. Year-to-date (YTD), the coin multiplied its holders’ profits by a factor of more than 9.
How much are 1,10,100 SOLs worth today?
According to the analysis company Santiment, the price increase attracted the attention of traders. SOL became one of the most popular coins on the market with a 13% increase in social volumes.
There was advice from Santiment for SOL holders.
#Solana (+13%), #Stacks (+23%), and #NEAR protocol (+17%) are the most popular assets, according to rising social volumes. In any case, when there is mainstream talk at this level, #FOMO will create price toppers. If you are holding anything, be careful. https://t.co/bb3O2lFJd1 pic.twitter.com/oMnVvAI0ea
— Santiment (@santimentfeed) December 21, 2023