Data from CoinGeko shows that Solana-based decentralized exchange (DEX) Jupiter recently surpassed ethereum's Top Uniswap DEX in an important metric. This has created a narrative that the SOL network could be ready to take over ethereum's position as king of decentralized finance (DeFi).
Jupiter surpasses Uniswap in trading volume
According to CoinGeko, Jupiter has recorded over $510 million in trading volume in the last 24 hours, surpassing ethereum Uniswap V3 and V2, which recorded $455 and $76 million respectively. Jupiter's recent dominance is believed to be due in part to the recent WEN airdrop that occurred on its launch pad.
This airdrop caused a splash of new money into the Solana ecosystem and Jupiter in particular. While that may be the case, it also highlights a new trend that appears to be developing in the crypto ecosystem. This is in reference to the fact that the solana network has been going head to head with ethereal lately.
Data from DeFiLlama shows that beyond Jupiter's dominance, SOL is actually matching ethereum's numbers. In the last 24 hours, Solana recorded a trading volume of $704 million compared to $741 million for ethereum.
In December 2023, Solana outperformed ethereum in 7-day DEX volume for the first time in history. nft-non-fungible-tokens/nft-overview” rel=”nofollow noopener” target=”_blank”>Data from the Block shows that Solana also surpassed ethereum in terms of non-fungible token (nft) trading volume during that same period.
<img decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/eClKv0qo/" alt="Tradingview.com Solana Price Chart (SOL ethereum Jupiter Uniswap)" width="3266" height="1530"/>SOL price at $97 | Source: SOLUSD on Tradingview.com
Will Solana overtake ethereum?
ethereum has long been known as the network that hosts the leading decentralized applications (dApps) and has continued to dominate the DeFi landscape. However, that could change very soon if ethereum-in-the-dust-report/” rel=”nofollow noopener” target=”_blank”>Solana's races become constant. This is more interesting, considering that Solana has always been called the “ethereal killer.”
It is already known that the SOL network has an advantage over ethereum, considering that the the first one is faster and more profitable than the latter. ethereum gas fees have also continued to raise major concerns for users, and this cannot be sustained if Widespread DEX Adoption you want to achieve.
Additionally, it has become evident that more liquidity is flowing into Solana, something that could attract more DeFi users to the ecosystem. It is worth mentioning that the WEN airdrop was just the tip of the iceberg, as the JUP airdrop, Jupiter's native token, is ready to be carried out On January 31.
The long-awaited air launch is expected to bring considerable attention and commercial activity to Jupiter and Solana. On the one hand, those eligible for the airdrop are likely to diversify their funds across the SOL ecosystem. In the meantime, those who missed this airdrop will likely look to other DeFi projects on Solana in hopes of being eligible once these projects in question deploy their native tokens.
Featured image from Quora, chart from Tradingview.com
