Solana Drinking the Ethereum Milkshake as DEX Market Share Rises
Solana has recently surged to capture nearly half of the decentralized exchange (DEX) market, driven by the memecoin launchpad Pump.fun. According to crypto exchange OKX, this surge indicates Solana is extending its dominance over Ethereum's DEX volume. OKX's report notes that Solana achieved an 89.7% DEX market share at the end of December and has maintained shares above 50% for the past five weeks. Factors contributing to this rise include Solana's fast transaction speeds, low costs, and developer-friendly tools. However, Ethereum still dominates in terms of weekly volume per address, indicating that larger trades, or ‘whales,’ remain active on Ethereum. Despite Solana's DEX volume growth, Ethereum holds a significant lead in liquidity quality and asset tokenization. The ongoing competition between Solana and Ethereum will depend on Solana's ability to adapt to market changes and attract further liquidity and development.
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