Solana DEXs hold market share of decentralized exchange volume

Markets • March 18, 2024, 11:35 a.m. EDT

Published 1 minute ago on

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DEX-based decentralized exchanges (DEXs) have absorbed the majority of decentralized trading volume over the past 24 hours, according to CoinGecko. data.

The top three DEXs ranked by 24-hour trading volume are Raydium in first place, Jupiter in second, and Orca in third. Trading volume on Raydium over the past 24 hours has now reached almost $2.2 billion. This is double the trading volume on Ethereum’s Uniswap V3 exchange, at $1.1 billion.

Solana-based DEXs are stealing market share

In terms of market share by trading volume for decentralized exchanges, Raydium and Jupiter hold 20.8% and 16.2%, respectively. In comparison, the Ethereum-based DEX Uniswap V3 lags behind in market share in terms of trading volume, accounting for just 10.7%. Uniswap V3 on Ethereum and Pancakeswap V3 on Binance Smart Chain are now ranked fourth and fifth, respectively, in terms of 24-hour trading volume.

According to The Block’s data dashboard, weekly DEX volume on Solana has been increasing compared to that on Ethereum for almost four months. Currently, the weekly DEX volume on Solana divided by the weekly DEX volume on Ethereum stands at 29.41%, up from 10.71% at the start of December 2023.

Solana’s market capitalization reached a new all-time high on March 15. SOL rose 6.17% over the past 24 hours, changing hands for $204.23 as of 10:37 a.m. ET, according to price data from The Block.

The price of Solana has increased by more than 6% in the last 24 hours. Image: The block.

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About the Author

Brian McGleenon is a UK-based stock reporter for The Block. He has worked as a financial journalist and producer for several media outlets over the years, such as Fuji Television, The Independent, Yahoo Finance, The Evening Standard and The Daily Express. Brian is also a screenwriter and producer with one feature film produced and another in development with Northern Ireland Screen. In addition to developments in Web3 and cryptocurrencies, he is also interested in geopolitics, environmental issues, artificial intelligence and longevity research. Contact us by email [email protected].

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