data CoinGeko showcases a Solana-based decentralized exchange (DEX). Jupiter recently surpassed Ethereum’s best DEX Uniswap In metrics that matter, this has created a narrative that the SOL Network may actually be ready to take Ethereum’s position as the king of decentralized finance (DeFi).
Jupiter surpasses Uniswap in trading volume.
According to CoinGeko, Jupiter recorded over $510 million in trading volume in the last 24 hours. Uniswap V3 on Ethereum V2 recorded $455 million and $76 million, respectively. Jupiter’s recent dominance is believed to be due in part to recent WEN airdrops from its launch pad.
This airdrop brings new funds into the Solana ecosystem, especially Jupiter. That may be so, but it also highlights a new trend that seems likely to develop in the cryptocurrency ecosystem. This is related to the following facts: Solana Network facing it head on To Ethereum till late.
data Beyond Jupiter’s dominance, DeFiLlama shows that SOL is actually in line with Ethereum’s numbers. In the last 24 hours, Solana recorded a volume of $704 million compared to $741 million for Ethereum.
December 2023, Solana surpasses Ethereum For the first time in history, it appeared in 7-day DEX volume. data from the Block shows that Solana also surpassed Ethereum in terms of non-fungible token (NFT) trading volume during the same period.
SOL price at $97 | Source: SOLUSD on Tradingview.comWill Solana overtake Ethereum?
Ethereum has long been known as the network that houses the best decentralized applications (dApps) and continues to dominate the DeFi landscape. However, this may soon change if: Solana’s Run Become constant. Solana always says “Ethereum Killer.”
The SOL network is already known to have an edge over Ethereum. the former is faster It is more cost-effective than the latter. Ethereum’s gas fees also continue to be a major concern for users, and this cannot continue. Mainstream adoption of DEX It is expected to be achieved.
Moreover, it has become clear that more liquidity is flowing into Solana, which could attract more DeFi users to the ecosystem. It is worth mentioning that the WEN airdrop is just the tip of the iceberg. The JUP airdrop, Jupiter’s native token, is just the tip of the iceberg. going to happen January 31st.
This highly anticipated airdrop is expected to drive significant interest and trading activity for Jupiter and Solana. First of all, airdrop recipients are likely to have their funds diversified across the SOL ecosystem. Meanwhile, those who missed out on this airdrop will likely look to Solana’s other DeFi projects in the hope that they will qualify once the project in question launches its native token.
Featured image from Quora, chart from Tradingview.com