Highlights
- Solana’s decentralized exchange ecosystem has achieved a trading volume of $60 million in February, nearly double that of Ethereum.
- Compared to Ethereum, Solana is generating higher revenues in the DEX space.
- Current data supports a bullish perspective on the SOL-ETH trading ratio.
Solana is set to maintain its leadership in DEX volume over Ethereum and other smart-contract platforms, even amidst a crypto market that is generally lackluster.
Solana-based exchanges have recorded a total trading volume exceeding $60 million this month, significantly higher than Ethereum’s $34 million. According to DeFiLlama, a data provider, this performance reinforces Solana’s robust position.
“Solana’s lower fees and higher throughput continue to attract developers and users, showcasing its rising importance in the decentralized finance space,” stated Tagus Capital.
Since October, Solana has consistently held the lead, with its DEXs reaching an impressive $258 billion in trading volume in January, overshadowing Ethereum’s $86 billion.
Moreover, Solana’s revenue this month has reached $25 million, compared to Ethereum’s $16 million. For January, Solana earned $124 million, while Ethereum generated $109 million.
Performance metrics support a bullish outlook on the SOL-ETH ratio, which reached a peak near 0.09 in January before retracting to 0.075, as reported by TradingView.
Nonetheless, Tagus Capital acknowledges that Solana’s total value locked (TVL) of $9 billion is significantly less than Ethereum’s $57 billion.
