On December 16, the trading volume of decentralized exchanges (DEXs) on Solana briefly reversed that of Ethereum for the first time amid the continued growth of the smart contract-enabled blockchain ecosystem.
Data from DeFillama shows that DEX trading volume on the blockchain reached $1.536 billion, while Ethereum stood at just $1.164 billion during the period.
Several community members welcomed the development, including Solana co-founder Anatoly Yakovenko. saying:
“I’m just pacing around the house and saying whoa over and over at this point.”
Meanwhile, Ethereum’s daily volume has since returned to its dominant position, with $945 million recorded over the past day, while Solana’s stood at $940 million at press time.
However, the brief reversal on December 16 indicates the robust growth and widespread adoption of Solana’s decentralized finance (DeFi) ecosystem among crypto enthusiasts.
As it stands, DEX volume on the blockchain is on track to surpass $10 billion for December, making it the most prolific month on record for the network, according to DeFillama. data.
Bonk and USDC boost Solana volume
CryptoSlate Volume analysis of the Orca exchange, the largest Solana-based DEX, showed that a significant portion of this trading activity came from the stablecoin USD Coin (USDC) and the memecoin Bonk.
BONK is the first dog-themed coin on Solana, bringing renewed attention and interest to the blockchain network. CryptoSlate reported that the digital asset added more than $1 billion to its market capitalization in one day last week, making it the third largest memecoin by market capitalization, behind Dogecoin and Shiba Inu.
Interest in the meme asset has also given rise to Solana’s blockchain-enabled Saga smartphones. sell during the weekend. Reports have revealed that the secondary sales of these phones on eBay were going for up to $5,000.
On the other hand, Circle CEO Jeremy Allaire previously revealed that 90% of all stablecoin trading volume on Solana was USDC. USDC is the second largest stablecoin by market capitalization.
Meanwhile, Helium’s MOBILE token is another asset that is receiving widespread attention from the Solana community. Trading of the asset has increased by more than 70% over the past day, and its price has increased by 71% to $0.006621 at the time of going to press.
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