Ethereum

Solana

<ul>
 <li><em>Solana-based DEXes logged trades worth more than $9 billion in the last week.</em></li>
 <li><i>SOL led the altcoin surge in the last 24 hours, recording double-digit gains of 13.67%.</i></li>
</ul>
<p><a href="https://ambcrypto.com/search/solana" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Solana’s [SOL]</a> decentralized exchange (DEX) volume rally continued as it temporarily displaced <a href="https://ambcrypto.com/search/ETHEREUM" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Ethereum [ETH]</a> from the top of the ladder in the last 24 hours, according to on-chain researcher Emperor Osmo.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$SOL</a> flipped <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$ETH</a> over the past 24 hours with $1.26 billion in DEX volume facilitated.</p>
 <p>It looks like it's actually accelerating. <a href="https://t.co/fgNbNCY0UE" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/fgNbNCY0UE</a></p>
 <p>— Emperor Osmo<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f9ea.png" alt="🧪" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@Flowslikeosmo) <a href="https://twitter.com/Flowslikeosmo/status/1737488178435522619?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">December 20, 2023</a></p>
</blockquote>
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<h4><strong>Solana makes history</strong></h4>
<p>As of this writing though, Ethereum reclaimed the numero uno rank while Solana slid to the second position, AMBCrypto spotted using <a href="https://defillama.com/dexs/chains" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">DeFiLlama’s</a> data. However, the bigger picture was still in favor of the purported ‘Ethereum-Killer’.</p>
<p>Over the last week, Solana-based DEXes logged trades worth more than $9 billion, as compared to Ethereum’s $8.836 billion. This was the first time in history that Solana surpassed Ethereum in 7-day DEX volumes.</p>
<p>In fact, Solana’s weekly growth rate of 33.75% stood out in a sea of red. Nearly all chains below Solana in the top 10 list suffered double-digit weekly losses.</p>
<p>Coinciding with SOL’s bullish action on the price charts, the sentiment around Solana’s DEX activity has also got a boost.</p>
<p>Until September, Solana made up barely 2% of total DEX volumes across all chains. However, it has ballooned to 17.84% as of this writing, AMBCrypto’s analysis revealed.</p>
<div id="attachment_359884" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/DEX-volume.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-359884" decoding="async" class="wp-image-359884 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/DEX-volume.png" alt="" width="1114" height="393" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/DEX-volume.png 1114w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/DEX-volume-300x106.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/DEX-volume-1024x361.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/DEX-volume-768x271.png 768w" sizes="(max-width: 1114px) 100vw, 1114px"></a>
 <p id="caption-attachment-359884" class="wp-caption-text">Source: DeFiLlama</p>
</div>
<h4><strong>Solana’s TVL increases manifold</strong></h4>
<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>The total value locked (TVL) exploded from around $600 million in mid-October to more than $2 billion at press time. Here again, Solana outperformed other chains in monthly growth.</p>
<div id="attachment_359889" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-TVL-2.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-359889" decoding="async" class="wp-image-359889 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-TVL-2.jpg" alt="" width="742" height="396" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-TVL-2.jpg 742w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Solana-TVL-2-300x160.jpg 300w" sizes="(max-width: 742px) 100vw, 742px"></a>
 <p id="caption-attachment-359889" class="wp-caption-text">Source: DeFiLlama</p>
</div>
<h4><strong>SOL’s rally continues</strong></h4>
<p>Meanwhile, SOL’s late-year surge continued, with the crypto breaking into the top 5 cryptos by market cap list.</p>
<p>The token led the altcoin surge in the last 24 hours, recording double-digit gains of 13.67%, as per <a href="https://coinmarketcap.com/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CoinMarketCap</a>. Year-to-date (YTD) the coin multiplied the gains of its holders by a factor of more than 9.</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>
<p>The price surge attracted traders’ attention, according to on-chain analytics firm Santiment. SOL became one of the top trending coins in the market with 13% uptick in social volumes.</p>
<p>However, there was a word of advice from Santiment for SOL holders.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f5e3.png" alt="🗣" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Solana</a> (+13%), <a href="https://twitter.com/hashtag/Stacks?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Stacks</a> (+23%), and <a href="https://twitter.com/hashtag/NEARprotocol?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#NEARprotocol</a> (+17%) are the top trending assets, according to rising social volumes. In each case, when there is mainstream talk at this level, <a href="https://twitter.com/hashtag/FOMO?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#FOMO</a> will create price tops. If holding any, take a cautious approach. <a href="https://t.co/bb3O2lFJd1" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">https://t.co/bb3O2lFJd1</a> <a href="https://t.co/oMnVvAI0ea" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/oMnVvAI0ea</a></p>
 <p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1737624240558580174?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">December 21, 2023</a></p>
</blockquote>
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