First Time! Solana DEX Volume Dominates 42%, Overtaking Ethereum and BNB Chain

Layer-1 blockchain Solana has recorded an impressive performance in its decentralized exchange (DEX) market over the past 24 hours. With a daily trading DEX volume currently above $1.99 billion, Solana holds a 42% DEX volume dominance, surpassing the combined DEX volumes of rival blockchains like Ethereum, Base, and BNB Chain. Notably, this metric has contributed to SOL’s recent jump above $190.

Solana DEX Market Soars

The current surge recorded within Solana’s DEX market is attributed to several factors. One is the just-concluded Solana Hacker House, a two-day offline event held in Bengaluru, India. The event aims to bolster Solana adoption in the South Asian country. The Solana team is already gearing up for the upcoming Solana Break Point event in Singapore on September 21st and 22nd.

Another factor aiding Solana DEX’s growth is the introduction of new utilities to top projects building on the L1 blockchain. One is Jito, Solana’s largest DeFi protocol with a total value locked (TVL) of over $2.28 billion.

On July 25, the protocol introduced Jito Restaking, a feature allowing users to access hybrid staking, restaking, and liquid restaking tokens (LRTs). Current market metrics show that Jito’s on-chain activities have spiked, becoming the largest protocol with the most fees within the past 24 hours, worth over $3.27 million.

As stated earlier, other blockchain networks like Ethereum, Base, and BNB Chain saw lesser metrics compared with Solana. According to data from the blockchain analytics platform DeFiLlama, Ethereum, Base, and BNB Chain have daily trading volumes of $979.5 million, $476.1 million, and $401.5 million, respectively. Still, Ethereum remains the leading blockchain in TVL ranking, with over $60 billion.

SOL Nears $200

With the bullish trends recorded in the Solana ecosystem, the blockchain’s native coin, SOL, has seen an upward trajectory to over $190 at press time, representing a 3.17% increase in the past 24 hours.

This latest price brings the cryptocurrency closer to its all-time high (ATH) of $259, seen in November 2021. Last week, an analyst speculated that SOL will soar to a new height of $320 within the next three months.