Solana Surpasses Ethereum in DEX Volumes: Market Implications
Solana has overtaken Ethereum in decentralized exchange (DEX) trading volume, processing $64.1 billion over 30 days according to DefiLlama data. While this marks a significant milestone for the network, its native token SOL has struggled to maintain momentum, declining 15% after failing to hold the $168 support level in June.
Drivers of Solana’s DEX Growth
- Raydium accounted for $19.1 billion in volume
- Pump.fun generated $14.2 billion
- Orca contributed $13.9 billion
Despite these gains, overall DEX activity remains 91% below January’s peak levels.
Current Market Challenges
Two factors are currently weighing on Solana‘s performance:
- The memecoin sector, once a key driver of activity, has seen tokens decline 25-42%
- Hyperliquid has emerged as the dominant platform for perpetual futures trading
Potential Positive Catalysts
The SEC may approve a Solana spot ETF in October, which could provide significant upside. The network’s technical advantages – including low fees and high throughput – continue to support its fundamental value proposition.
Market Outlook
While facing near-term challenges, Solana’s strong technological foundation and growing DEX adoption suggest long-term potential. Market participants will be watching the ETF decision and network activity closely in coming months.
