HomeCrypto NewsCoindeskSolana DEX Volume Tops $60M as It Looks to Extend 4-Month Winning Streak Over Ethereum

Solana is on track to extend its four-month run over Ethereum and other smart-contract blockchains in decentralized-exchange (DEX) volume even as the rangebound crypto market struggles to capture trader enthusiasm.

Solana-based DEXs have posted total trading volume of just over $60 million this month, nearly double the $34 million on Ethereum, the biggest smart-contract blockchain, according to data source DeFiLlama.

โ€œSolanaโ€™s lower fees and higher throughput continue to attract developers and users, highlighting its growing role in decentralized finance,โ€ Tagus Capital said.

Solana has held its pole position since October. Notably, in January, Solana-based DEXs achieved trading volume of $258 billion with Ethereum trailing at just $86 billion.

Solanaโ€™s dominance, powered by frenzied memecoin trading, is not limited to transaction volume. Despite its reputation as a low-cost blockchain, Solana has generated $25 million in revenue so far this month compared with Ethereumโ€™s $16 million. In January, Solana earned $124 million, Ethereum $109 million.

The performance supports the bullish case in the SOL-ETH ratio, which peaked near 0.09 in January and has since pulled back to 0.075, data from charting platform TradingView show.

Still, Tagus Capital noted that Solanaโ€™s total value locked (TVL) at $9 billion remains much lower than Ethereumโ€™s $57 billion.



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