Solana beat Ethereum in terms of daily DEX trading volume reaching $1.148 billion while the second largest cryptocurrency network saw only $745 million.
BREAKING🚨
Solana just dethroned Ethereum in daily DEX trading volume.
Solana ETF is also filed.
Seems like the $SOL summer is here👀
What coins on SOL is the next 100x?👇 pic.twitter.com/pao6OKwX4z
— EvanLuthra.eth (@EvanLuthra) June 30, 2024
Raydium, Meteora, Orca, Phoenix and Lifinity in the Solana ecosystem are among the top 10 DEXs by daily trading volume.
Of course, Uniswap and PancakeSwap still lead the way.
Solana’s DEX volume dominance is also on the rise, according to Dynamo DeFi founder Patrick Scott. In fact, it’s on track to surpass 25% for the first time this June.
Solana’s DEX volume dominance (red) is still rising, on track to break 25% for the first time ever this month. pic.twitter.com/swUUJbG7Ad
— Patrick Scott | Dynamo DeFi (@Dynamo_Patrick) June 28, 2024
Overall, DEX volume has reached $26 billion in the past seven days, according to data provided by Dune Analytics. Earlier this year, trading on the Solana DEX skyrocketed due to the growing popularity of memecoin.
This comes as the “Ethereum killer” is benefiting from the rise in ETF buzz. New York-based investment firm VanEck filed to launch the Solana ETF on Thursday. 21Shares also made a similar move when applying immediately after 24 hours.
Predict Solana’s direction
Macroeconomic expert and Real Vision CEO Raoul Pal said Solana will lead the next round of market expansion.
Former CEO of Goldman Sachs speak that the cryptocurrency market is approaching a “banana zone” (characterized by increased market activity and the potential for exponential growth – a prolonged period of sustained growth).
Pal predicts that the Solana smart contract platform will lead cryptocurrencies out of the price doldrums and into a new bull market phase.
“When will the banana zone appear? I think it’s close, and I think Solana will lead the way. But patience is needed. Even though they don’t come right away, when the time comes, they can change lives.”
The macro expert has previously said that a banana zone is coming as crypto assets tend to rally in the fourth quarter of presidential election years.
Pal also said he is optimistic about SOL due to two important additions to the Solana blockchain.
“There are two things that strike me about Solana that I really like, other than the fact that there are a lot of developers building on it…
One is NFT compression, meaning NFTs can be opened up for different use cases, whether it be tickets or even derivative contracts. NFT compression allows NFT scaling at low cost.
Firedancer then made me fully invested in Solana, which put 90% of my crypto allocation, which is 100% of my liquid net worth, in Solana. That might be silly to some of you, but I think market concentration is the right way to do it when you have everything correlated.”
Firedancer is a third-party authentication software for the Solana blockchain, aimed at improving the transaction processing speed, scalability, and efficiency of the blockchain. It expected will be released next year.
Itadori
Bitcoin Magazine
