Decentralized finance (DeFi) is a rapidly evolving sector where decentralized exchanges (DEX) play a pivotal role, handling billions of dollars in transactions. Solana, with its DEX platform Orca, has recently gained significant traction among investors.
Solana’s Milestone Achievement
New data from DefiLlama reveals that Solana (SOL) has outperformed Ethereum (ETH) in terms of 24-hour DEX volume, marking a notable achievement for the network. Despite this daily success, Solana still trails behind Ethereum in the weekly DEX volume rankings.
Solana’s weekly DEX volume has seen a 15.34% increase, while Ethereum experienced a 12.44% decline. Over the last week, Solana’s DEX volume reached $5.518 billion, compared to Ethereum’s $7.971 billion, maintaining Ethereum’s lead in the longer term. Nevertheless, Solana’s daily volume of $1.461 billion has surpassed Ethereum’s $1.443 billion.
Orca’s Contribution to Solana’s Growth
Orca, the leading DEX on the Solana network, played a significant role in this achievement, witnessing a weekly volume increase of roughly 50%, amounting to $2.211 billion. This surge positioned Orca as the third-largest DEX by weekly volume, trailing only behind Uniswap and PancakeSwap.
With a 24-hour volume of $726.83 million, ORCA ranks second among decentralized exchanges. Solana accounts for a third of the total $4.974 billion daily DeFi volume, and Orca captures nearly 10% of the global weekly DEX volume of $23.103 billion.
The growth of Solana and Orca could further enhance the value of their native tokens, SOL and ORCA, challenging the long-standing dominance of Ethereum and Uniswap in the DeFi space. Although SOL’s price dipped by 6% to $95.35 in the last 24 hours, the overall market trend and a 10.10% weekly price increase reflect an expanding interest in Solana.