Solana (SOL), Continuing to Outperform Ethereum in (DEX) Volume, the Decentralized Exchange. Here are the Latest Data

Solana, while the general crypto market remains stagnant, is pushing ahead to expand its four-month series by outperforming Ethereum (ETH) and other smart contract blockchains in terms of decentralized exchange (DEX) volume.

Solana DEX Volume Exceeds 60 Million Dollars, Increasing Its Superiority Over Ethereum

According to DeFiLlama, Solana-based DEXs surpassed 60 million dollars in total transaction volume this month, nearly doubling Ethereum's 34 million dollars.

Tagus Capital stated that the network's lower fees and higher yields continue to attract both developers and investors, and that it strengthens its increasing dominance in the decentralized finance(DeFi) ecosystem.

Solana has been the leader in DEX volume since October 2023. In January 2024, Solana-based DEXs processed $258 billion in transactions, surpassing Ethereum's $86 billion.

However, Solana's dominance is not only about transaction volume. Despite being known as a low-cost blockchain, it has also generated a significant amount of revenue.

• February revenues:
  • Solana: $25 million
  • Ethereum: $16 million
• January income:
  • Solana: 124 million dollars
  • Ethereum: 109 million dollars

According to TradingView data, this strong revenue performance supports the rise of the SOL-ETH trading pair, which fell to 0.075 after reaching a level close to 0.09 in January.

Despite Solana's DEX volume leadership, Ethereum still maintains its leadership in the total locked value (TVL), which is an important metric for measuring blockchain adoption, with a locked total value of (.

• Ethereum TVL: 57 billion dollars
• Solana TVL: $9 billion

As Ethereum continues to be the largest DeFi ecosystem, Solana's ongoing growth in trading activities and revenue generation may indicate a long-term change in the blockchain environment.