Solana has surpassed Ethereum in monthly decentralized exchange (DEX) trading volume for the first time in crypto history. Meanwhile, Solana’s ecosystem has seen a surge in on-chain activity over the past few months. Dapps such as Raydium, Pump.Fun and Jito have emerged as the highest fee generators on Solana. One closely followed crypto analyst believes that the leading altcoin competitor is poised for a major breakout.
Solana overtakes leading altcoin Ethereum for the first time in its history!
According to DefiLlama, Solana DEX volume reached $55.8 billion in July, surpassing on-chain trading activity on Ethereum between July 1 and July 31. Ethereum, the largest Blockchain for decentralized finance (DeFi), recorded $53.8 billion during the same period. Layer-2 networks such as Arbitrum and Base and L1 Blockchain Binance Smart Chain accounted for the most volume after Solana and Ethereum.
The turning point where Solana overtook Ethereum happened under different circumstances for both networks. As you’ve been following on Kriptokoin.com, Solana’s blockchain gained popularity last year as meme coins like dogwifhat (WIF) and Bonk (BONK) took the on-chain market by storm. Many speculative investors became millionaires overnight by betting on these tokens, which traded at billion-dollar market caps as of August 1.
Meanwhile, celebrities also jumped on Solana and quickly launched new tokens using tools like Pump.fun and Moonshot. While many of these coins failed, the presence of celebrities gave the meme coin commodity a boost. Asset managers like VanEck have applied to list spot Solana ETF shares with the US Securities and Exchange Commission. But Robert Mitchnick, BlackRock’s head of digital assets, said a basket of crypto ETF listings beyond Bitcoin and Ethereum seemed unlikely.
Raydium, Pump.Fun and Jito lead the way on Solana!
Over the last few months, altcoin Solana has experienced a surge in on-chain volume, complemented by an increase in daily active addresses. This recently surpassed 2 million (based on a 7-day moving average). This has resulted in a significant influx of users into the ecosystem, led by dapps such as Raydium, Pump.Fun and Jito. These dapps have also become the largest fee generators on the network.
Among these dapps, Raydium has emerged as the leading fee generator for users on Solana. The decentralized exchange (DEX) recorded $30 billion in trading volume in July, making it the second largest exchange by DEX volume after Uniswap. Meanwhile, Raydium generated over $65 million in fees in July, compared to $33 million in June, according to DeFiLlama data. Raydium was not the only app to accumulate user fees on Solana. Increased demand for memecoin trading has witnessed the rise of Pump.Fun.
Jamie Coutts: SOL is on the verge of a breakout!
Jamie Coutts, chief crypto analyst at Real Vision, says that Solana (SOL) has printed a bull pattern against Bitcoin (BTC) based on the simple moving average (SMA) crossover on the daily chart. In this context, the analyst said, “Solana’s relative strength is quite high. After the leading crypto consolidated against Bitcoin, a breakout seems to be on the horizon,” the analyst said. The analyst shares a chart showing that the SOL/BTC pair has entered a bull trend after the short-term SMA crossed the long-term SMA, which has signaled rallies in the past.
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