Ethereum and Base See Uptick in Activity While Solana DEX Volume Drops
Ethereum and Base– Over the past week, trading volume on Solana-based decentralized exchanges (DEXs) has taken a hit, dropping by more than 10%, according to data from DefiLlama.
Meanwhile, Ethereum, Base, and Sui blockchains have seen their trading volumes rise by roughly 12%, 11%, and a staggering 77%, respectively. When we look at the total network trading volume in U.S. dollars, Ethereum is leading the pack with a hefty $16.5 billion over the past week. Solana’s DEX activity comes in second, with just over $11 billion, while Base managed to pull in $5.4 billion during the same period.
Ethereum continues to dominate in terms of DEX total value locked (TVL), boasting over $6.44 billion, which is significantly higher than Solana’s $1.74 billion.
Despite the recent dip in Solana’s DEX trading volume, there’s a silver lining. Zeta Markets Founder Tristan Frizza highlighted that Solana is still capturing nearly 10% of the DEX market, according to CoinShares data. He also pointed out that institutional investors are beginning to diversify their portfolios, moving beyond Bitcoin and into altcoins like Solana. As this trend of institutional adoption grows, it could inject significant capital into the Solana ecosystem, fueling both innovation and demand.
Leave a comment