Ethereum

Solana

DeFi

<div class="finbold">
 <p class="paragraph">In a significant shift within the decentralized exchange (DEX) sector, Solana (SOL) has recently outpaced Ethereum (ETH) in daily trading <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a>s, sparking discussions about its potential to challenge Ethereum’s long-established dominance in the cryptocurrency market.</p>
 <p class="paragraph">As of May 8, Solana’s 24-hour trading <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a> reached $1.314 billion, slightly edging out Ethereum’s $1.29 billion. This development not only underscores Solana’s expanding influence in the DeFi sector but also highlights its potential to be a leading market player.</p>
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    <p lang="en" dir="ltr">BREAKING: @solana FLIPS @ethereum IN 24H DEX VOLUME pic.twitter.com/asBpJObjjn</p>— DEGEN NEWS ️ (@DegenerateNews) May 10, 2024
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 <h2 class="wp-block-heading" id="h-nft-trading-surge-and-market-dynamics">NFT trading surge and market dynamics</h2>
 <p class="paragraph">On May 8, the daily count of non-fungible token (NFT) traders on Solana reached a multi-month high, with 123,426 traders engaged, according to <em>CryptoSlam</em>. This marked a 111% increase from the previous day’s count of 58,405 traders.&nbsp;</p>
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    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="326" src="https://cdn.thebittimes.com/images/2024/05/10/d297235c5a04595333ffc1d26d23b32b.webp" alt class="wp-image-175138" srcset="https://cdn.thebittimes.com/images/2024/05/10/d297235c5a04595333ffc1d26d23b32b.webp 1024w, https://cdn.thebittimes.com/images/2024/05/10/d297235c5a04595333ffc1d26d23b32b.webp 300w, https://cdn.thebittimes.com/images/2024/05/10/d297235c5a04595333ffc1d26d23b32b.webp 768w, https://cdn.thebittimes.com/images/2024/05/10/d297235c5a04595333ffc1d26d23b32b.webp 1536w, https://cdn.thebittimes.com/images/2024/05/10/d297235c5a04595333ffc1d26d23b32b.webp 1785w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Solana NFT Sales Volume. Source: CryptoSlam</em>
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 <p class="paragraph">Despite this vibrant activity, Solana’s NFT market experienced a 16% decline in sales <a rel="noopener noreferrer nofollow" title="volume" href="https://thebittimes.com/tag/volume.html">volume</a> on the same day, totaling $3.01 million, down from $3.5 million. This drop coincided with a 7% decrease in Solana’s value between May 7 and 8, with the price standing at $153.3 at press time.&nbsp;</p>
 <p class="paragraph">The fluctuating price potentially makes buying and minting NFTs more accessible but could deter high-value transactions, particularly from investors speculating on price appreciation.</p>
 <h2 class="wp-block-heading" id="economic-value-and-the-potential-to-outpace-ethereum">Economic value and the potential to outpace Ethereum&nbsp;</h2>
 <p class="paragraph"><em>Dan Smith</em>, a senior research analyst at <em>Blockworks</em>, highlighted an emerging shift in economic dynamics. On May 7, he noted that Solana’s total economic value from transactions was nearing that of Ethereum, particularly in terms of transaction fees and Maximum Extractable Value (MEV).&nbsp;</p>
 <p class="paragraph">MEV represents potential profits that validators can secure through strategic transaction orders. Solana’s advantage in MEV is bolstered by its lower fees and faster transaction speeds, which enable more frequent and cost-effective arbitrage opportunities compared to Ethereum.&nbsp;</p>
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">Alright you guys really ran with this one without any evidence but here's the data<br><br>Defining "total economic value" (shill me better names) as total transaction fees + captured MEV returned to validators <br><br>Yesterday<br>Ethereum: $3,165,772<br>Solana: $2,803,313 https://t.co/sZAvN0MCUV pic.twitter.com/QqXStScrvk</p>— Dan Smith (@smyyguy) May 7, 2024
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 <p class="paragraph">On May 6, the combined figures for Ethereum stood at $3,165, while the exact figure for Solana was not far off, at $2,803. Smith’s <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> suggested that Solana could “flip” Ethereum soon, perhaps within a week. Moreover, Solana’s fees have reached&nbsp; 50% of Ethereum’s over recent days, a sharp increase from just 1% during the 2021 bull run.</p>
 <p class="paragraph">However, this strategy is not without its drawbacks, as Solana’s network has faced congestion issues, with a high transaction failure rate of about 60%, raising concerns about reliability and consistent execution by validators.</p>
 <h2 class="wp-block-heading" id="challenges-ahead">Challenges ahead</h2>
 <p class="paragraph">Despite these advances, significant challenges remain for Solana. Its total value locked (TVL) as of May 10 was $4.14 billion, substantially lower than Ethereum’s $53 billion.&nbsp;</p>
 <p class="paragraph">Solana has also suffered from multiple outages, including a notable incident on February 6 when block production halted for approximately five hours due to overwhelming demand. These reliability issues could undermine confidence in Solana’s long-term stability and operational efficiency.</p>
 <p class="paragraph">As Solana’s MEV extraction capabilities grow, it presents both opportunities and challenges. Increased front-running risks and higher transaction costs could affect traders negatively, while enhanced validator incentives might spur further demand for SOL.&nbsp;</p>
 <p class="paragraph">Watching how Solana and Ethereum will adapt and compete in this evolving market remains a critical area for both investors and enthusiasts in the DeFi space.</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>:</em><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/can-sol-flip-eth-solana-surpasses-ethereum-in-dex-volume-tbt87979.html">https://thebittimes.com/can-sol-flip-eth-solana-surpasses-ethereum-in-dex-volume-tbt87979.html</a></p>

Can SOL flip ETH? Solana surpasses Ethereum in DEX volume

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TheBitTimes

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