Regardless of a 38% drop in weekly crypto buying and selling quantity throughout all decentralized exchanges (DEXs) on good contract platforms, Solana’s DEXs held their floor, dropping solely 8.6%, based on facts from DefiLlama.
In the meantime, Optimism suffered a loss in complete buying and selling quantity of greater than 60%, the most important among the many high 10 chains by complete worth (TVL). Polygon and Arbitrum additionally skilled drastic quantity losses, each round 50%.
Saber and Raydium had been the DEXes behind Solana’s comparatively small loss, with 45% and 32% development in buying and selling quantity respectively.
Moreover, Solana is closing in on Ethereum’s lead in decentralized change dominance, as proven in January buying and selling quantity knowledge. Within the first week of the month, Solana got here in third with a dominance of simply over 13%, surpassed by Arbitrum’s 18% and Ethereum’s 34%. Nevertheless, final week Solana overtook Arbitrum and climbed to a 19.5% market share, whereas Ethereum maintained a barely lowered dominance of 31.5%.
Whereas it looks like a small achievement for Solana, the hole in dominance for a similar interval final yr was considerably smaller: nearly 67%, with Ethereum holding 68% of the decentralized change market share, in comparison with Solana’s share on the time.
This enhance in buying and selling quantity recorded by Solana decentralized exchanges began in October 2023, when its dominance was 2.4%, and progressively elevated.
Solana’s peak dominance in weekly buying and selling quantity was recorded within the third week of December 2023. On that event, the chain was solely 0.34% behind Ethereum when it comes to quantity, which may be thought of a technical tie.
Nevertheless, Solana’s DEXes misplaced floor within the following weeks, registering a restoration in buying and selling quantity between January 13 and 19.