New data from decentralized finance (DeFi) tracker DeFiLlama reveals that surging altcoin Solana (SOL) is now the top traded digital asset on decentralized exchanges (DEXs) behind Ethereum (ETH).
Solana’s trading DEX volume has soared by more than 25% in the past week for a total of $5.6 billion, catapulting it into the second highest traded digital asset on DEXs, according to DeFiLlama. On December 13th, Solana ranked just fourth by DEX trading volume.
Ethereum is the top traded DEX asset with $8.89 billion in trading volume in the past week.
In the past 24 hours, Solana’s DEX trading volume totaled $895.9 million compared to ETH’s 1.07 billion.
Solana is trading for $122.32 at time of writing, a 7.73% gain during the last 24 hours and a massive increase of over 1,000% since the start of the year.
As the ETH competitor’s value surges, the network is gaining participants. Last week, stablecoin issuer Paxos announced its expansion to the Solana network after exclusively working with the top smart contract platform.
The New York-based crypto firm will release its dollar-pegged crypto asset, Pax Dollar (USDP), over the Solana blockchain starting January 17th, 2024.
As stated by Raj Gokal, co-founder of Solana, in a press release,
“Paxos’s decision to bring stablecoin issuance to the Solana blockchain will showcase how Solana’s high-performance network and low transaction fees can support regulated financial products and provide leaders like Paxos new ways to scale and innovate”
Solana has also seen high interest in its Web3 smartphone, Saga, which recently sold out after sales began in April. Buying Saga came with a reward of free Bonk (BONK), a surging meme coin built over Solana.
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