Solana tries to embrace its ‘Ethereum killer’ label – How?

Journalist

Posted: December 22, 2023

• Solana-based DEXes logged trades worth more than $9 billion in the last week.
• SOL led the altcoin surge in the last 24 hours, recording double-digit gains of 13.67%.

Solana’s [SOL] decentralized exchange (DEX) volume rally continued as it temporarily displaced Ethereum [ETH] from the top of the ladder in the last 24 hours, according to on-chain researcher Emperor Osmo.

$SOL flipped $ETH over the past 24 hours with $1.26 billion in DEX volume facilitated.

It looks like it’s actually accelerating. pic.twitter.com/fgNbNCY0UE

— Emperor Osmo🧪 (@Flowslikeosmo) December 20, 2023

Solana makes history

As of this writing though, Ethereum reclaimed the numero uno rank while Solana slid to the second position, AMBCrypto spotted using DeFiLlama’s data. However, the bigger picture was still in favor of the purported ‘Ethereum-Killer’.

Over the last week, Solana-based DEXes logged trades worth more than $9 billion, as compared to Ethereum’s $8.836 billion. This was the first time in history that Solana surpassed Ethereum in 7-day DEX volumes.

In fact, Solana’s weekly growth rate of 33.75% stood out in a sea of red. Nearly all chains below Solana in the top 10 list suffered double-digit weekly losses.

Coinciding with SOL’s bullish action on the price charts, the sentiment around Solana’s DEX activity has also got a boost.

Until September, Solana made up barely 2% of total DEX volumes across all chains. However, it has ballooned to 17.84% as of this writing, AMBCrypto’s analysis revealed.

Source: DeFiLlama

Solana’s TVL increases manifold

Aside from the frenzy on its DEXes, the network saw a significant increase in the USD value of cryptos locked on its DeFi projects.

The total value locked (TVL) exploded from around $600 million in mid-October to more than $2 billion at press time. Here again, Solana outperformed other chains in monthly growth.

Source: DeFiLlama

SOL’s rally continues

Meanwhile, SOL’s late-year surge continued, with the crypto breaking into the top 5 cryptos by market cap list.

The token led the altcoin surge in the last 24 hours, recording double-digit gains of 13.67%, as per CoinMarketCap. Year-to-date (YTD) the coin multiplied the gains of its holders by a factor of more than 9.

How much are 1,10,100 SOLs worth today?

The price surge attracted traders’ attention, according to on-chain analytics firm Santiment. SOL became one of the top trending coins in the market with 13% uptick in social volumes.

However, there was a word of advice from Santiment for SOL holders.

🗣️ #Solana (+13%), #Stacks (+23%), and #NEARprotocol (+17%) are the top trending assets, according to rising social volumes. In each case, when there is mainstream talk at this level, #FOMO will create price tops. If holding any, take a cautious approach. https://t.co/bb3O2lFJd1 pic.twitter.com/oMnVvAI0ea

— Santiment (@santimentfeed) December 21, 2023