Solana Surpasses Ethereum in DEX Volume for Fourth Consecutive Month, Reinforcing Bullish SOL-ETH Ratio
Solana continues to outpace Ethereum in decentralized exchange (DEX) trading volume, extending its winning streak for the fourth month in a row, despite the broader crypto market’s subdued activity.
According to data from DeFiLlama, Solana-based DEXs have achieved over $60 million in trading volume this month, nearly doubling Ethereum’s $34 million. Solana’s appeal lies in its low transaction fees and high throughput, attracting both developers and users to its growing decentralized finance (DeFi) ecosystem, as noted by Tagus Capital.
Since October, Solana has consistently led the charge in DEX volume. January saw Solana-based DEXs hit $258 billion in trading volume, while Ethereum trailed behind at $86 billion.
Solana’s success is not confined to transaction volume. It has also surpassed Ethereum in revenue generation, earning $25 million this month, compared to Ethereum’s $16 million. In January, Solana’s revenue reached $124 million, while Ethereum brought in $109 million.
This solid performance strengthens the bullish sentiment around the SOL-ETH ratio, which peaked at 0.09 in January before retracing to 0.075, as shown by TradingView data.
However, despite Solana’s impressive growth, its total value locked (TVL) remains far behind Ethereum’s, standing at $9 billion compared to Ethereum’s $57 billion, indicating Ethereum’s continued dominance in the space.
