Solana DEX volume has been upbeat for yet another month. According to data, for a second consecutive month, Solana DEX Trading Volume surpassed $100 billion.
The surge in volume comes amid a rise in hype for Solana ecosystem and amid a rise in investor confidence.
Solana Out Performs Ethereum For Third Month
With the current number in the DEX volumes, for the third straight month, Solana outperformed Ethereum in the decentralized exchange (DEX) market. Memecoins’ increasing popularity allowed Solana to record transaction volumes, strengthening its position against Ethereum and other cryptocurrency behemoths.
Solana and its native apps have made a huge profit from their expansion; in November, they set a new revenue record of $365 million. By the end of this year, all of this might push the SOL cryptocurrency to unprecedented heights.
Additionally, this momentum enhances Solana’s standing as a possible market leader when paired with reduced costs and enhanced liquidity.
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Solana’s New Growth To Attract More Developers
In 2024, Solana became the most popular blockchain for luring new developers, an 83% increase over the year before. During this time, the network onboarded 7,625 new developers, 1,000 more than Ethereum. For the first time since 2016, Ethereum has lost ground to another blockchain in terms of luring fresh talent.
Solana’s increase in new developer onboarding is a noteworthy milestone that highlights its growing impact in the blockchain field, even if Ethereum still leads in developer activity and ecosystem dominance.
Why is Solana Gaining More Popularity?
Solana has become popular for several reasons, with its popularity steming from one main reason of High transaction speeds. Compared to Ethereum, which processes 16 transactions per second, Solana can execute up to 65,000 transactions per second according to its Proof of History (PoH) technology.
Additionally, because Solana-based memecoins are becoming more and more popular, Solana has surpassed Ethereum in terms of investor confidence. And, unlike Ethereum, Solana has no transaction fees. The Solana ecosystem’s memecoin fever has been greatly aided by the introduction of platforms such as the Pump.fun and the Raydium DEX, as well as the network’s low transaction fee and ease of usage.
Solana has also seen a rise in user engagement. More user activity and demand for the SOL token are shown by the rise in the total value locked (TVL) in Solana’s smart contracts.
Moreover an expanding adoption has made the ecosystem an industry favorite. 53 million transactions are made every day on Solana’s network, which is becoming more and more popular.
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