In a remarkable turnaround in the world of cryptocurrencies, the Solana Network stood out this week, surpassing Ethereum in two crucial aspects: volume on decentralized exchanges (DEX) and sales of non-fungible tokens (NFTs).
This is the first time that Solana has overtaken its more established rival, marking a significant moment in the cryptocurrency landscape.
According to data from DefiLlama, DEX volume on Solana has seen a substantial increase, reaching over $10 billion in the last seven days. This number not only surpasses Ethereum’s volume of $8.8 billion in the same period, but also puts Solana in the lead in 24-hour volume, with $2.1 billion versus Ethereum’s $1.2 billion.
Additionally, Solana recorded NFT sales worth $109 million last week, surpassing Ethereum by a significant margin of $30 million, according to a report from Crypto Slam. These numbers are a testament to the growing interest and confidence in the Solana platform.
Ethereum killer
Solana’s native token SOL also performed impressively. With a value increase of 7.3% to $92.78, SOL’s market capitalization reached $39.6 billion. This valuation places SOL among the five largest cryptocurrencies, surpassing XRP.
The Memecoins phenomenon has also contributed to this scenario. Solana-based Memecoin BONK saw a 300% increase in December, reaching a market cap of over $1 billion.
Another Memecoin, Dogwifhat, also based on Solana, has seen a 428% increase in the past seven days.
The migration of several Web3 startups from other networks to Solana, including Render, Ondo Finance and Helium, signals the growing preference for the network. Additionally, Paxos announced the issuance of its USDP stablecoin on the Solana network, marking the first time a stablecoin has been issued on a network other than Ethereum.
Major companies such as Visa and Shopify have also added support for Solana this year, further strengthening their position in the market.
Despite recovering from the FTX collapse a year ago and dealing with multiple outages, Solana is now in a robust position. With this progress, traders and investors are paying attention and wondering if the network will be able to continue this upward trajectory in the future.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
