- DeFiLlama data indicates that over the past week, trade volume on decentralized exchanges based on Solana has decreased by over 10%.
- Conversely, throughout the same time frame, DEX volumes on the Ethereum, Sui, and Base networks have increased by double digits.
DefiLlamma data shows that the trading volume of the Solana-based decentralized exchange (DEX) has dropped by more than 10% in the last week.
Trading volumes on the Ethereum, Base, and Sui blockchains have climbed by around 12%, 11%, and 77%, respectively, over the same period, in contrast to this fall. Ethereum had the highest network trade volume in US dollars over the last week, with $16.5 billion. With little more than $11 billion in DEX activity, Solana comes in second place, while Base’s DEX trading volume came to $5.4 billion in the same time frame.
Ethereum continues to outperform Solana in terms of DEX total value locked (TVL), with a TVL of around $6.44 billion compared to $1.74 billion for Solana.
Demand from institutional investors based in Solana
Zeta Markets Founder Tristan Frizza presented data indicating that Solana is grabbing about 10% of the DEX market, despite the decline in trade volume on Solana-based DEXs.
Frizza cited statistics from CoinShares, which showed institutional investors had been shifting their bets from bitcoin to alternative coins, with a greater allocation to Solana. He continued by saying that as institutional usage increases, money may flow into the Solana ecosystem, spurring demand and innovation.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
