Solana (SOL) has again flipped Ethereum (ETH), this time in 24-hour trading volume, which rose to new heights in all decentralised exchanges (DEXs), as per DeFiLlama.
While, Solana’s trading volume rose to $6.24 billion, Ethereum's stood at $850 million in volume as of November 17. The SOL-based automated market maker (AMM), Raydium accounted for most of it with a $4.2 billion trading volume.
In contrast, the largest DEX in the Ethereum blockchain, Uniswap recorded $1.52 billion daily trading volume.
Other Solana-based DEXs Orca and Aerodrome Finance were in the top 5 with $1.07 billion and $712 million daily trading volume respectively. A total of 5 SOL decentralized exchanges registered over $100 million daily trading volume.
In all the layer-2 solutions combined, Solana flipped Ethereum's weekly DEX trading volume.
This comes at a time when SOL has joined the $100 billion market cap club as it touched $116 billion market capitalisation after witnessing an 18% surge last week. Meanwhile, Ethereum’s market cap stood at $380 billion with a 0.5% price gain.
According to crypto educator Cygaar, Solana is performing well because of its focus on user experience and dApps. By contrast, Ethereum revolves around infra which users aren't interested in as they want real useful apps.
As of November 19 morning, Solana was trading at $243.20, down 0.13% in the last 24 hours but the trading volume has surged 0.04% to reach $7.81 billion while the market cap decreased to $115.03 billion. Meanwhile, Ethereum went down 0.04% in the last 24 hours to trade at $3105 while the trading volume was up 45.53% to reach $36.62 billion and the market cap declined to $374.07 billion.