Solana-based Decentralized Exchange (DEX) Sees 47% Surge in Trading Volume Over a Week, Surpassing Ethereum DEX
Summary
- The trading volume of Solana-based decentralized exchanges increased by 47% in a week, surpassing Ethereum DEX.
- The trading volume of Solana DEX is higher than the combined volume of other Layer 2 networks.
- The increase in Solana DEX trading volume may lead to higher demand for SOL tokens for fee payments and staking.
The trading volume of decentralized exchanges (DEX) based on the Solana (SOL) blockchain has surged by 47% over the past week.
According to the decentralized finance (DeFi) dashboard DeFiLlama on the 7th, the 24-hour trading volume of Solana-based DEX reached $3.982 billion, surpassing Ethereum-based DEX to take the top spot. During the same period, the trading volume of Ethereum DEX was $1.706 billion. The trading volume of Solana DEX was higher than the combined volume of other Layer 2 networks, including Base.
According to DeFiLlama, the trading volume of Solana-based decentralized exchanges increased by 47.66% compared to the previous week.
Meanwhile, as the trading volume of Solana DEX increases, the demand for SOL tokens paid as fees may increase. Additionally, the demand for staking, which processes transactions and receives rewards, may also rise.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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