According to data from DeFiLlama, the leading DeFi data aggregator, Solana’s on-chain DEX transaction volume surpassed that of Ethereum for the first time on Monday, July 8, 2024. Solana’s transaction volume spiked to $2.395 billion, outpacing Ethereum’s $2.177 billion.

On a weekly basis, Solana’s DEX transaction volume reached $14.012 billion, topping Ethereum’s $13.842 billion. Solana solidified its recent dominance by posting a 93.92% increase in transaction volume compared to Ethereum’s 40.03% increase.

Although Solana has made significant gains, Ethereum remains the dominant player in total value locked (TVL). DeFiLlama’s data shows Ethereum’s TVL is over four times that of Solana, with $7.113 billion compared to $1.722 billion.

Ethereum has experienced significant growth recently, fueled by numerous decentralized projects adopting the scalability-focused blockchain. Among the various solutions running on Solana, Raydium stands out with a transaction volume of $6.868 billion in the past seven days. It recorded $1.162 billion of that volume in the past 24 hours, resulting in a weekly surge of 143%.

Orca, Meteora, Phoenix, and Lifinity round out the top five solutions on Solana, each gaining between 38% and 76% of their DEX transaction volumes in the past week. Increased activity among these top solutions and other projects on Solana is driving the blockchain’s increasing prominence among decentralized networks.
Solana’s native cryptocurrency, SOL, also reflects the blockchain’s growth, with a 21% rebound from the recent pullback. SOL bounced off a recent low of $121.01 to trade for $143.64 at the time of writing, according to data from TradingView.