Data from CoinGeko shows that Solana-based decentralized exchange (DEX) Jupiter recently surpassed Ethereum’s foremost DEX Uniswap in a very important metric. This has created a narrative that the SOL network might indeed be able to take over Ethereum’s position because the King of Decentralized Finance (DeFi).
Jupiter Surpasses Uniswap In Trading Volume
In accordance with CoinGeko, Jupiter has recorded over $510 million in trading volume within the last 24 hours, surpassing Ethereum’s Uniswap V3 and V2, which recorded $455 and $76 million respectively. Jupiter’s recent dominance is believed to be partly resulting from the recent WEN airdrop that occurred on its launchpad.
This airdrop caused a splurge of recent money into the Solana ecosystem and Jupiter particularly. While that often is the case, it also highlights a latest trend that appears to be developing within the crypto ecosystem. That is in reference to the indisputable fact that the Solana network has been going toe-to-toe with Ethereum as of late.
Data from DeFiLlama shows that beyond Jupiter’s dominance, SOL is definitely matching Ethereum’s numbers. Within the last 24 hours, Solana recorded a trading volume of $704 million to Ethereum’s $741 million.
In December 2023, Solana surpassed Ethereum in 7-day DEX volume for the primary time in history. Data from the Block shows that Solana also outperformed Ethereum when it comes to non-fungible token (NFT) trading volume during that very same period.
SOL price at $97 | Source: SOLUSD on Tradingview.com
Solana To Overtake Ethereum?
Ethereum has long been generally known as the network housing the foremost decentralized applications (dApps) and has continued to dominate the DeFi landscape. Nevertheless, that would change soon enough if Solana’s runs turn out to be constant. That is more interesting, considering that Solana has all the time been known as the “Ethereum killer.”
The SOL network is already known to have an edge over Ethereum, considering that the former is quicker and less expensive than the latter. Ethereum’s gas fees have also continued to pose major concerns for users, and this can’t be sustained if mainstream adoption of DEXs is to be achieved.
Furthermore, it has turn out to be evident that more liquidity is flowing into Solana, something that would entice more DeFi users into the ecosystem. It’s value mentioning that the WEN airdrop was just the tip of the iceberg, because the JUP, Jupiter’s native token, airdrop is set to happen on January 31.
The highly-anticipated airdrop is predicted to drive considerable attention and trading activity towards Jupiter and Solana. For one, those eligible for the airdrop are more likely to diversify their funds across the SOL ecosystem. Meanwhile, those that missed out on this airdrop are more likely to look farm other DeFi projects on Solana in hopes that they will likely be eligible once these projects in query roll out their native tokens.
Featured image from Quora, chart from Tradingview.com