Solana outperforms Ethereum in terms of July trading volume

In July, the Solana ecosystem SOL $158.36 Solana -0.07% Market capitalization $74.26 billion VOL. 24 hours $0.26 billion surpassed the Ethereum SOL $158.36 Solana -0.07% Market capitalization $74.26 billion VOL. 24 hours $0.26 billion network for the first time in terms of trading volume on decentralized exchanges (DEX), reaching $ 55.8 billion versus $ 53.8 billion for Ethereum. The indicator does not take into account the second-level scaling solution (L2).

One of the reasons for the growth of the metric was the excitement around Solana-based meme tokens. According to Parsec Finance analyst kezfourtwez, users have created 1,567,948 coins on the popular Pump. fun platform, including 6,000 in the last 24 hours alone.

The total proceeds from the protocol’s commissions reached almost $ 80 million, with the figure hitting a record $ 2.3 million on July 31. The expert noted the fluidity of liquidity in coins and expressed concern about the stability of the «old» market leaders.

According to the analyst, there are 5−10 tokens with a market capitalization of $ 10−100 million that compete for the attention of traders. This is true until new coins appear that can take away their liquidity. Currently, the number of tokens exceeds the amount of capital needed to support price growth.

Earlier, the cryptocurrency data service DEX Screener launched a competitive platform on Solana called Moonshot, which competes with Pump.fun.