Solana-based decentralized exchanges (DEXs) have taken the majority of decentralized trading volume in the past 24 hours, according to CoinGecko data.
The top three DEXs ranked by 24-hour trading volume are Raydium in first position, Jupiter in second and Orca, ranked third. The trading volume on Raydium over the past 24 hours has now reached almost $2.2 billion. That is double the trading volume on Ethereum’s Uniswap V3 exchange, at $1.1 billion.
Solana-based DEXs are stealing market share
In terms of market share by trading volume for decentralized exchanges, Raydium and Jupiter hold 20.8% and 16.2%, respectively. In comparison, the Ethereum-based DEX Uniswap V3 lags behind in terms of market share by trading volume, accounting for only 10.7%. Uniswap V3 on Ethereum and Pancakeswap V3 on the Binance Smart Chain are now ranked fourth and fifth, respectively, in terms of 24-hour trading volume.
According to The Block’s Data Dashboard, weekly DEX volume on Solana has been increasing compared to that on Ethereum for almost four months. Currently, the weekly DEX volume on Solana divided by the weekly DEX volume on Ethereum stands at 29.41%, up from 10.71% at the beginning of December 2023.
Solana’s market capitalization reached a new all-time high on March 15. SOL increased by 6.17% in the past 24 hours, changing hands for $204.23 at 10:37 a.m. ET., per The Block’s price data.
The price of Solana has increased by over 6% in the past 24 hours. Image: The Block.
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