Crypto: Solana Shows A Record Progress, Ethereum On Alert

In the arena of blockchains, rivalry is fierce: who will dethrone Ethereum? Solana, one of its most ambitious competitors, is leading the dance and multiplying advances. Recent figures show that the activity of Solana’s DEX (decentralized exchanges) now exceeds that of the Ethereum mainnet, an achievement made possible thanks to the efforts of its developers and the rise of Raydium.

Solana takes the lead in DEX

Solana News: since the beginning of the year, Solana’s DEX has seen its volume surge dramatically, reaching 168% of that of the Ethereum mainnet. A progression marked by an impressive market share gain: if in January Raydium only accounted for 7.6% of trading volume, it now holds 18.4% market share in the Solana DEX universe. 

On its part, Uniswap, Ethereum’s giant, maintains its dominance, but for how much longer?

The reasons for this rise are multiple:

• Weekly volume of Solana DEX: 168% of Ethereum;
• Raydium: $22.3 billion in October;
• Uniswap (Ethereum): $38 billion;
• Raydium’s market share growth: from 7.6% to 18.4% since January.

If the volume is impressive, it should also be noted that Solana attracts the trading of new tokens, notably “pump.fun”, whereas Ethereum seems to favor more established cryptos. A distinction that could make these two ecosystems more complementary than real rivals.

Why this rise of decentralized crypto exchanges?

The rise of DEX on Solana is not a matter of chance. With the rise of artificial intelligence and the creation of tokens by agents like Truth Terminal, the market is animated by new trends and curiosities. On social media as well as on the blockchain, these generated tokens attract attention and feed intense activity, bringing users to Solana and its dynamic ecosystem.

However, despite these record figures, it is crucial to take a step back. Volume alone is not enough to determine the health of a blockchain. Ethereum benefits from its Layer 2 – which has seen a spectacular jump in on-chain activity in the first half of 2024, further increasing its overall activity. User behaviors also differ: Ethereum attracts an audience seeking stability while Solana establishes itself in high-frequency trading.

Thus, Solana recently surpassed Ethereum in terms of fees generated in a single day, reaching $2.54 million compared to $2.07 million for Ethereum. The coming months promise to be exciting.