Ethereum

Solana

Avalanche

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<p>Solana has <a href="https://twitter.com/blknoiz06/status/1737512940721316012" rel="noopener noreferrer nofollow">overtaken</a> Ethereum in terms of 24-hour DEX trading volume yet again. Data indicates that Solana's trading volume has reached $1.262 billion, marginally surpassing Ethereum's $1.167 billion. Arbitrum, BSC, and Avalanche follow behind.&nbsp;</p>
<p>This development marks yet another significant milestone for Solana since Ethereum has long been considered the dominant force in the decentralized finance (DeFi) sector.</p>
<h2 id="analyzing-the-top-chains-by-trading-volume">Analyzing the top chains by trading volume</h2>
<p>The landscape of DEX trading is fiercely competitive, with various blockchains vying for the top spot.&nbsp;</p>
<p>Solana's recent surge to the forefront is attributed to several factors, including the total value locked (TVL) on its platform, which has topped $1 billion for the first time since the <a href="https://u.today/ftx-initiated-massive-matic-avax-transfer-but-no-one-noticed" rel="noopener noreferrer nofollow">FTX</a> collapse in November last year.&nbsp;</p>
<p>This resurgence has been driven by rising asset prices and consistent inflows to DeFi protocols.&nbsp;</p>
<p>Decentralized exchanges on Solana, such as Orca, have seen remarkable increases in trading volume.&nbsp;</p>
<h2 id="solana-s-market-cap-surpasses-xrp">Solana's market cap surpasses XRP</h2>
<p>Further cementing its position in the cryptocurrency market, Solana's market capitalization has now outstripped that of XRP.&nbsp;</p>
<p>At the time of reporting, Solana's market cap stands at $35.42 billion. In contrast, XRP's market cap is slightly behind at $33.74 billion.</p>
<p>Solana's recent performance can be partly attributed to the rise of meme coins like <a href="https://u.today/bonk-bonk-lost-40-of-its-value-in-3-days-can-it-recover" rel="noopener noreferrer nofollow">Bonk</a>, a dog-themed token that now boasts a market cap of more than $1.2 billion. The speculative frenzy surrounding meme coins has played a significant role in the recent rally.&nbsp;</p>

Solana Now Ahead of Ethereum in DEX Trading Volume

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