Why Is Solana Attracting More And More Crypto Users?

The Solana network continues to impressively progress, gaining market share at the expense of Ethereum and adopting established crypto infrastructures. This momentum is particularly visible in the weekly trading volume of decentralized exchanges (DEX) between Solana and Ethereum, which reached historic highs this week.

Solana surpasses Ethereum in DEX volume

According to recent crypto data, the weekly DEX volume percentage of Solana compared to Ethereum has reached 266%. This means that Solana’s DEX now processes more than double the volume of Ethereum’s DEX. This remarkable performance highlights Solana’s rising power in the decentralized exchange ecosystem.

In addition to outperforming Ethereum in terms of DEX volume, Solana now holds 36% of the total DEX market share across the decentralized finance (DeFi) space for the last week, and 46% over the last 24 hours. These impressive figures show that Solana is becoming a major player in the DEX field, attracting more and more crypto users and transactions.

Factors behind Solana’s growth

Several factors explain this rapid growth of SOL. First, the speed and efficiency of its network are major assets. Solana is capable of processing a large number of crypto transactions per second at very low costs, making it particularly attractive to DEX users.

Moreover, the increasing adoption of the established infrastructures by Solana plays a crucial role. By integrating proven solutions and collaborating with strategic partners, Solana strengthens its position in the crypto market and attracts more projects and investors. As Ryan Lee, chief analyst at Bitget, confirms:

Its transaction speed and low costs have made it one of the preferred platforms for developers and users. Additionally, Solana is actively exploring innovation and practicality, significantly contributing to the broader adoption of cryptocurrencies. Users are increasingly inclined to use Solana and speculate on assets within the Solana ecosystem.

The rise of Solana in the DEX space is impressive, surpassing Ethereum in volume and crypto market share. With its technological advantages and growing adoption, Solana is well-positioned to continue dominating the DeFi sector in the coming months.