Solana DEXs momentarily outpace Ethereum amid surge in memecoin, stablecoin exercise

On Dec. 16, the buying and selling quantity of decentralized exchanges (DEX) on Solana briefly flipped that of Ethereum for the primary time amid the continued progress of the smart-contract-enabled blockchain ecosystem.

Knowledge from DeFillama reveals that the buying and selling quantity of DEXs on the blockchain reached $1.536 billion, whereas Ethereum stood at solely $1.164 billion throughout the interval.

A number of group members hailed the event, with Solana’s co-founder Anatoly Yakovenko saying:

“I’m simply pacing round the home and saying whoa again and again at this level.”

In the meantime, Ethereum’s each day quantity has since returned to its dominant place, with $945 million recorded throughout the previous day, whereas that of Solana stood at $940 million as of press time.

Nonetheless, the temporary flipping of Dec. 16 signifies the strong progress and widespread adoption of Solana’s decentralized finance (DeFi) ecosystem amongst crypto fans.

Because it stands, DEX quantity on the blockchain is on the right track to exceed $10 billion for December, making it probably the most prolific month on report for the community, per DeFillama knowledge.

Bonk, USDC driving Solana quantity

starcrypto’s evaluation of the Orca alternate’s quantity, the biggest Solana-based DEX, confirmed that a good portion of those buying and selling actions got here from the USD Coin (USDC) stablecoin and the Bonk memecoin.

BONK is the primary dog-themed coin on Solana, bringing renewed consideration and curiosity to the blockchain community. starcrypto reported that the digital asset added greater than $1 billion to its market capitalization inside a day final week, making it the third-largest memecoin by market capitalization, behind solely Dogecoin and Shiba Inu.

Curiosity within the meme asset additionally resulted in Solana’s blockchain-enabled Saga smartphones promoting out over the weekend. Reviews have revealed that the secondary gross sales of these telephones on eBay had been going for as a lot as $5,000.

Then again, Circle’s CEO Jeremy Allaire beforehand revealed that 90% of all stablecoin transaction quantity on Solana was USDC. USDC is the second-largest stablecoin by market capitalization.

In the meantime, Helium’s MOBILE token is one other asset having fun with widespread consideration from the Solana group. Buying and selling within the asset has elevated greater than 70% throughout the previous day, with its value rising 71% to $0.006621 as of press time.