Top Solana-based DEXes Lead in Daily Trading Volume, Surpassing Ethereum

Solana-based decentralized exchanges (DEXes) are making waves in the cryptocurrency market, with five of them leading the pack in terms of daily trading volume. According to data from DefiLlama, Solana has surpassed Ethereum in daily DEX trading volume, with $1.148 billion compared to Ethereum’s $745 million.

Among the top 10 DEXes by daily trading volume, Solana-based Raydium, Meteora, Orca, Phoenix, and Lifinity are taking the lead. While Uniswap and PancakeSwap remain at the forefront, Solana’s dominance in DEX volume is on the rise and is expected to surpass the 25% mark for the first time in June.

Overall, DEX volume has reached $26 billion over the past seven days, as reported by Dune Analytics. The spike in trading on Solana-based DEXes earlier this year was fueled by the growing popularity of meme coins.

The recent surge in Solana’s popularity is further boosted by the increasing interest in exchange-traded funds (ETFs) for the cryptocurrency. Investment firms like VanEck and 21Shares have filed for ETFs for Solana, but analysts suggest that the approval may not happen until later this year.

Despite the initial excitement over the ETF filings, the price of SOL, Solana’s native token, has seen a slight decline of 0.2% in the past two weeks. With a market capitalization of $65.2 billion, Solana is currently ranked fifth, trailing behind Bitcoin, Ethereum, Tether, and BNB.

As Solana continues to gain traction in the cryptocurrency market, investors and traders are closely watching its performance and the potential impact of ETF approvals on its price and market position.