Ethereum

Solana

DeFi

Billion

<ul>
 <li>Solana recorded $55.876 billion in DEX volume in July, beating Ethereum’s $53.868 billion.</li>  
 <li>Solana’s affordable and fair rates in its high network build up,&nbsp; transaction cost, attract DeFi users.</li>  
 <li>Ethereum's high transaction fees led to its drop in the DEX volume ranking.</li> 
</ul>  
<p>Solana’s&nbsp; managed to exceed Ethereum, the second largest Altcoin in monthly Decentralized Exchange&nbsp; volume. According to <a href="https://defillama.com/dexs/chains" rel="noopener noreferrer nofollow">da</a><a href="https://defillama.com/dexs/chains" target="_blank" rel="noopener noreferrer nofollow">t</a><a href="https://defillama.com/dexs/chains" rel="noopener noreferrer nofollow">a</a> from DefiLlama. This move has happened for the first time showing confidence among the SOL community.</p>  
<h2 class="wp-block-heading" id="h-solana-tops-in-monthly-dex-key-reasons-revealed"><strong>Solana Tops In Monthly DEX: Key Reasons Revealed</strong></h2>  
<p>Solana's rise to the top has been highly attributed&nbsp; to its high speed, fair transaction rates, which have made it number one choice for decentralized finance (DeFi) applications. The blockchain's ability to process multiple transactions across the globe in seconds at low rates has interested a lot of users leading to a surge in the monthly volume.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/DegenerateNews/status/1818980240602915131
 </div>
</figure>  
<p>This performance has shown Solana an advantage compared to Ethereum, which has struggled with many users in the system and high fees when it comes to transactions, losing its gain in the competitive DeFi space.</p>  
<h3 class="wp-block-heading" id="h-july-dex-volume-solana-surpasses-ethereum-marks-2-billion-gap"><strong>July DEX Volume: Solana Surpasses Ethereum, Marks $2 Billion Gap</strong></h3>  
<p>In a period of one month, for the period starting on July 1 and ending on July 31, <a href="https://cryptonewsland.com/solana-gains-clarity-as-sec-excludes/" target="_blank" rel="noopener noreferrer nofollow">Solana</a> registered a total DEX volume of around $55.876 billion.</p>  
<p>In comparison, Ethereum managed to record $53.868 billion totalling a difference of $2billion.</p>  
<p>Arbitrum was ranked third with $24.569 billion (2 times smaller volume), followed by BSC with $17.888 billion and Base with $15.554 billion. The total DEX volume for July reached $190.443 billion – a 17.6% increase from June’s $156.879 billion.</p>  
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcjQ7fpRiqpGpIFs6M6Ji2NVJ85WORogD79aQB96zptVLb957ON4x81emXj-Q-cebYm5Jvhm-g67aADbvGrvHhjZyZWazFpXD1_8iVwjTgHvk7BDnnx87_2JiL2nCDhmbdNcaQDuGhjb-JpZfVB5cmXchQ?key=eYPv_4MFcEDqQNkAP9L7zQ" alt="">
</figure>  
<p><em>Source: </em><a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow"><em>CoinMarketCap</em></a></p>  
<p>According to CoinMarketCap, a comparison between SOL and ETH has shown a continuous bearish trend. In the past 24 hours, Ethereum recorded its price performance with an all time low of $3,136.32 and high of&nbsp; $3,339.08 while SOL recorded $166.20 and $183.51 respectively.</p>  
<p>At the time of writing Ethereum is trading at around $3,200 after a 3.6% decline in the past 24 hours and $19.1 billion in trading volume. Solana is priced at a little over $169&nbsp; after a 7.35% decline and has a trading volume of $3.6 billion.</p>  
<h4 class="wp-block-heading" id="h-read-also">Read also:</h4>  
<ul class="wp-block-yoast-seo-related-links yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/solana-surpasses-ethereum-in-dex-volume-emerges-as-leader-in-cost-efficient-transactions/" rel="noopener noreferrer nofollow">Solana Surpasses Ethereum In DEX Volume, Emerges as Leader in Cost-Efficient Transactions</a></li>  
 <li><a href="https://cryptonewsland.com/solanas-dex-rockets-beyond-1-billion-amid-defis-regulatory-storm/" rel="noopener noreferrer nofollow">Solana's DEX Rockets Beyond $1 Billion Amid DeFi's Regulatory Storm</a></li>  
 <li><a href="https://cryptonewsland.com/base-dex-surges-past-bnb-chain-reaches-record-267k-users/" rel="noopener noreferrer nofollow">Base DEX Surges Past BNB Chain Reaches Record 267K Users</a></li>  
 <li><a href="https://cryptonewsland.com/dex-transaction-volume-hits-2-62-billion-on-arbitrum/" rel="noopener noreferrer nofollow">Arbitrum DEX Transaction Volume Hits $2.62 Billion</a></li>  
 <li><a href="https://cryptonewsland.com/xrps-global-impact-amplified-by-uphold-and-sologenic-partnership/" rel="noopener noreferrer nofollow">XRP's Global Impact Amplified by Uphold and Sologenic Partnership</a></li> 
</ul> 
<p>The post <a href="https://cryptonewsland.com/solana-tops-ethereum-in-julys-dex-volume-signaling-a-new-defi-trend/" rel="noopener noreferrer nofollow">Solana Tops Ethereum in July’s DEX Volume, Signaling a New DeFi Trend</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Solana Tops Ethereum in July’s DEX Volume, Signaling a New DeFi Trend

Table of Contents

Crypto News Land

Other articles published on Aug 1, 2024

Futu Crypto Trading To Launch In Hong Kong On August 1st

Bridging The Crypto Divide: What Could Unite Both Sides Of The Aisle? An Industry Expert Weighs In

Unlock 1000x Returns: Discover How Zloadr Transforms Crypto Investments!

AVAX and Notcoin Face Bearish Pressure, Holders Shift To Raboo To Recover Losses

Weekly Article Recap: 7/22-7/26

MicroStrategy Reports Q2 Results: Holds 226,331 Bitcoin Worth $8.329 Billion

Join our free newsletter for daily crypto updates!