Solana’s DEX Dominance Continues, Outperforming Ethereum and Boosting SOL-ETH Ratio Outlook
Solana is set to extend its impressive four-month streak of outperforming Ethereum and other smart-contract blockchains in decentralized exchange (DEX) volume, despite the broader crypto market’s struggle to spark investor enthusiasm.
According to data from DeFiLlama, Solana-based DEXs have recorded a total trading volume of over $60 million this month, nearly double Ethereum’s $34 million. Solana’s lower fees and higher throughput continue to draw in both developers and users, solidifying its growing significance in decentralized finance (DeFi), Tagus Capital stated.
Since October, Solana has maintained its leadership, with January standing out as a particularly strong month. During that period, Solana-based DEXs amassed a staggering $258 billion in trading volume, while Ethereum’s volume was significantly lower at $86 billion.
Solana’s dominance is not limited to transaction volume. The blockchain has also outperformed Ethereum in terms of revenue. As of this month, Solana has earned $25 million in revenue, surpassing Ethereum’s $16 million. For context, January saw Solana generate $124 million, while Ethereum brought in $109 million.
This performance further supports the bullish sentiment surrounding the SOL-ETH ratio, which peaked at nearly 0.09 in January and has since adjusted to around 0.075, according to TradingView.
However, despite its strong performance, Solana’s total value locked (TVL) stands at $9 billion, still significantly lower than Ethereum’s $57 billion.
