In July, the Solana ecosystem outpaced Ethereum in decentralized exchange trading volume for the first time, recording $55.8 billion compared to Ethereum’s $53.8 billion.
According to DefiLlama, Solana surpassed Ethereum in monthly DEX trading volume for the first time in July 2024, reaching $55.876 billion, compared to Ethereum’s $53.868 billion. Other outstanding performing chains include Arbitrum ($24.569 billion), BSC ($17.888 billion), and…
— Wu Blockchain (@WuBlockchain) August 1, 2024
This figure does not account for L2 solutions.
The surge in metrics is likely influenced by the hype surrounding meme tokens based on Solana.
According to Parsec Finance analyst known as kezfourtwez, users on the popular platform Pump.fun have created 1,567,948 coins, including 6000 in the last 24 hours.
the trenches feel pretty cooked atm, gonna lay out some data and my thoughts because i need someone smarter than me to tell me how it gets resolved
> pump fun hit an ath in daily rev yesterday at $2.3m
> cumulative revenue is just under $80m
> 1,567,948 coins have been launched… pic.twitter.com/5Yh2wZU0Br— kezfourtwez (@kez4twez) August 1, 2024
Cumulative protocol fee revenue has approached $80 million, with a record $2.3 million reached on July 31.
The expert noted the “fluidity” of liquidity in coins and expressed concerns about the resilience of “old” leaders.
In his view, there are 5-10 tokens with a capitalization of $10-100 million competing for traders’ attention. This remains relevant until the next cohort of coins emerges to “capture” their liquidity.
According to the expert, the number of tokens currently exceeds the capital volume needed to sustain price growth.
Earlier, the cryptocurrency data service DEX Screener launched a platform on Solana called Moonshot, competing with Pump.fun.