Solana Outpaces Ethereum in DEX Volume, Boosting Positive Outlook for SOL-ETH Ratio
Solana is set to extend its impressive four-month streak of outperforming Ethereum in decentralized exchange (DEX) trading volume, even amid a market that has struggled to maintain strong investor interest.
Data from DeFiLlama reveals that Solana-based DEXs have posted trading volumes of over $60 million this month, almost doubling Ethereum’s $34 million. The growing popularity of Solana is driven by its low transaction fees and high throughput, attracting more developers and users, according to Tagus Capital.
Since October, Solana has maintained its lead. In January alone, Solana’s DEX volume surged to $258 billion, compared to Ethereum’s $86 billion.
Not only has Solana surpassed Ethereum in transaction volume, but it has also outshone the blockchain in terms of revenue. Solana has earned $25 million in revenue this month, whereas Ethereum has generated $16 million. In January, Solana earned $124 million compared to Ethereum’s $109 million.
This continued success bolsters the bullish sentiment around the SOL-ETH ratio, which reached a peak of 0.09 in January before pulling back slightly to 0.075, according to TradingView data.
Despite its gains, Solana’s total value locked (TVL) remains far behind Ethereum’s, standing at $9 billion compared to Ethereum’s $57 billion.
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