Solana establishes new all-time high against Ethereum with robust DEX trading activity

Solana’s SOL has surged to a new all-time high of 0.05797 against Ethereum, in keeping with Tradingview data.

This value efficiency follows its current surge above the $200 mark for the primary time since November 2021, coinciding with the blockchain record-breaking community activity.

The worth uptick has propelled Solana’s market capitalization to an unprecedented high of greater than $91 billion, cementing its place because the fourth-largest digital asset by market cap.

As of press time, Solana was trading for $207, in keeping with CryptoSlate’s information.

Solana DEX quantity

Solana’s surge in worth finds its roots in robust community activity, pushed notably by the prevailing memecoin fervor.

DeFillama data reveals that Solana’s decentralized exchanges (DEX) trading quantity stood at roughly $2.8 billion in the course of the previous day. This determine dwarfs the quantity recorded by Ethereum-based DEX throughout the identical time-frame.

This isn’t the primary time Solana’s DEX trading quantity has surpassed Ethereum’s in current months.

In the meantime, the highest three DEXs in quantity throughout all chains—Raydium, Jupiter, and Orca—are Solana-based, collectively commanding over 40% of the market share. Data from Dex Screener, an analytics platform monitoring decentralized change trading, additionally present that the highest 35 belongings by quantity within the previous 24 hours had been memecoins based mostly on Solana, together with Snap, Ebook of Meme, Wen, dogwifhat, and Nostalgia.

Solana Each day Energetic Addresses (Supply: Artemis)

As well as, the community has outperformed each different chain in each day energetic addresses, with greater than  2 million addresses interacting with the blockchain in the course of the reporting interval, in keeping with Artemis data.

Solana Charges Stay Low

Regardless of the numerous community activity, Solana has maintained its meager community charges in comparison with Ethereum and its layer-2 networks using Blobs.

In accordance with Tom Wan, an analyst at 21 Shares, the median gasoline payment on Solana stands at $0.0028, notably cheaper than the $0.004 to $0.077 vary recorded on Ethereum’s layer-2 networks following the Dencun Improve integration.

Solana Network feesSolana Network fees
Solana Vs. Ethereum Layer2 Community Charges. (Supply: Tom Wan)

Final week, Ethereum lately concluded the Dencun improve to scale back transaction charges drastically. Whereas the improve did lead to payment reductions, Solana’s charges stay considerably decrease.

Market observers recommend that these minimal charges might place Solana-based initiatives as viable alternate options to these on Ethereum.

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Posted In: DeFi, Expertise

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