Ethereum

Solana

Daily

<ul>
 <li><em>Daily swap transactions on Solana spiked to 9.25 million on Christmas day.</em></li>
 <li><em>Solana outperformed Ethereum in 7-day DEX volume.</em></li>
</ul>
<p><a href="https://ambcrypto.com/search/solana" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Solana [SOL]</a> vastly outperformed other blockchains in terms of decentralized finance (DeFi) activities lately.</p>
<h4><strong>Swaps on Solana surge</strong></h4>
<p>According to AMBCrypto’s analysis of Flipside’s statistics, daily swap transactions on Solana spiked to 9.25 million on Christmas day. In comparison, the bigger smart contracts network&nbsp;<a href="https://ambcrypto.com/search/ETHEREUM" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Ethereum [ETH]</a> could only clock 135,000 transactions.</p>
<div id="attachment_361065" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-swaps.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-361065" decoding="async" class="wp-image-361065 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-swaps.jpg" alt="" width="1290" height="1243" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-swaps.jpg 1290w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-swaps-300x289.jpg 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-swaps-1024x987.jpg 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-swaps-768x740.jpg 768w" sizes="(max-width: 1290px) 100vw, 1290px"></a>
 <p id="caption-attachment-361065" class="wp-caption-text">Source: Flipside</p>
</div>
<p>Crypto swap, as is well known, allows one to instantly trade one cryptocurrency for another, without the involvement of any crypto-to-fiat exchange. It has evolved into one of the most critical indicators of a protocol’s DeFi growth.</p>
<p>Solana’s high number of swaps reflected increased confidence and demand for its DeFi protocols, including decentralized exchanges (DEXes).</p>
<h4><strong>A peek at Solana’s DEX growth</strong></h4>
<p>Over the last week, Solana-based DEXes logged trades worth $10.74 billion, according to AMBCrypto’s examination of DeFiLlama’s data. With this, it outperformed even the likes of Ethereum, which executed $9.42 billion in trades.</p>
<p>In fact, December has turned out to be the most prolific month for Solana’s DEX activity. Since the start of the month, more than $24 billion have been settled as of this writing, a phenomenal threefold increase over the previous month.</p>
<div id="attachment_361071" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-DEX-volume-1.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-361071" decoding="async" class="wp-image-361071 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-DEX-volume-1.jpg" alt="" width="867" height="345" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-DEX-volume-1.jpg 867w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-DEX-volume-1-300x119.jpg 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-DEX-volume-1-768x306.jpg 768w" sizes="(max-width: 867px) 100vw, 867px"></a>
 <p id="caption-attachment-361071" class="wp-caption-text">Source: DeFiLlama</p>
</div>
<p>Aside from the frenzy on its DEXes, the network saw a significant increase in the USD value of cryptos locked on its DeFi projects.</p>
<p>Over the last month, Solana’s total value locked (TVL) has more than doubled to $2.19 billion at press time. In fact, Solana had the fastest monthly growth rate among the top ten networks.</p>
<div id="attachment_361072" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-TVL-3.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-361072" decoding="async" class="wp-image-361072 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-TVL-3.jpg" alt="" width="743" height="382" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-TVL-3.jpg 743w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-TVL-3-300x154.jpg 300w" sizes="(max-width: 743px) 100vw, 743px"></a>
 <p id="caption-attachment-361072" class="wp-caption-text">Source: DeFiLlama</p>
</div>
<p>As obvious, the jump was primarily driven by SOL’s rally at the price charts. However, the SOL-denominated TVL also witnessed an increase of 5.6% over the week.</p>
<p style="text-align: center;">How much are&nbsp;<a href="https://ambcrypto.com/convert/1-sol-to-usd" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">1,10,100 SOLs worth today</a>?</p>
<h4><strong>SOL retraces as traders lock in gains</strong></h4>
<p>SOL witnessed a sharp pullback in the last 24 hours as impatient traders decided to profit-take. This retracement caused SOL’s market cap to decline, pushing it to the fifth position, according to <a href="https://coinmarketcap.com/currencies/solana/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CoinMarketCap</a>.</p>
<p>However, on zooming out, it was all green. SOL added gains of 87% over the last month and nearly 11x times more than what it was at the beginning of the year.</p>

Solana takes the cake on these fronts as it outperforms Ethereum

AMBCrypto

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