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Solana surpasses ethereum in definition, but the Pullix pre-sale hints at a new market leader in the industry's future.
Solana (SOL) has surpassed ethereum (eth) in trading volumes as the defi space continues to gain traction.
But this is not the end of the story, as Pullix (PLX) has the potential to surpass both when it completes the ongoing pre-sale event and launches later this month. Let's take a closer look at these interesting developments and what they mean for the future of decentralized finance.
Solana takes the lead in DeFi trading
Solana DEX leader Jupiter launched its native JUP token by airdropping 1 billion tokens to loyal users. Such a large airdrop helped Solana's DEX trading volume surpass that of ethereum in 24 hours, peaking at $1.14 billion when JUP trading went live.
But this event is not the only reason Solana overtook ethereum in defi trading. There has been a notable rise in Solana meme coins, with projects like DogWifHat and Myro reaching over $300 million in market caps in several weeks.
Solana's growing popularity can be attributed to its fast transaction speeds and low fees. Solana users can purchase $10 worth of any meme coin they want without worrying about fees affecting their investment. By comparison, ethereum's high gas fees make it nearly impossible for small investors to enter the defi market.
Can ethereum fight back?
ethereum has faced challenges throughout 2022 and 2023, with the price struggling to break above the $2,500 resistance level despite bitcoin (btc) bullish rallies. This can be attributed to bitcoin being the institutional play, while retail flocks to projects with lower entry points, such as Solana.
While Solana is gaining in DEX volume, the total value locked (TVL) of $32.58 billion on ethereum is much higher than the $1.649 billion currently locked on Solana. This shows that ethereum still dominates the defi market in terms of overall value and adoption.
Additionally, ethereum has a strong community and development team working on solutions to address network scalability issues. The next danksharding update, known as EIP-4844will significantly reduce gas fees on both Layer 1 ethereum transactions and Layer 2 scaling solutions.
Traders and investors should watch as Solana and ethereum continue to fight for dominance in the defi market. But one more player promises to further disrupt the defi trading landscape: Pullix.
Pullix can potentially topple both
Pullix is setting a new standard in the world of cryptocurrency trading. The upcoming exchange combines the best of CEX and DEX platforms to eliminate the current limitations faced by traders such as low liquidity and slow transaction speeds.
Pullix supports the concept of anonymous trading by allowing users to trade without meeting rigorous KYC requirements. This approach makes the platform particularly attractive to those who prioritize privacy and want to maintain control over their personal information while trading the cryptocurrency, commodities, stocks and forex markets.
PLX tokens facilitate transactions within the platform and act as a key enabler of platform features such as revenue sharing, liquidity provision incentives, and governance participation. The team will burn tokens regularly to maintain a deflationary supply and increase the value of PLX over time.
While Solana and ethereum have already established themselves as leaders in defi trading, Pullix can potentially disrupt the market in the future. Since traders can access all markets in a high liquidity environment, there is a high probability that Pullix will become the go-to platform for DeFi trading in the near future.
Pullix's success in raising over $5 million during its current pre-sale clearly indicates the market's confidence in the platform's potential. As Pullix enters the final two phases of its pre-sale, investors can purchase tokens at a discounted price of $0.10 before the price recovery begins.
Pullix, which will debut in the next 70 days, has already captivated an audience of more than 15,000 pre-registered users. Analysts note that this growth could be just the beginning of a much larger 100x journey as Pullix consolidates its position in the defi market.
For more information on Pullix pre-sale, check out the links below:
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