Solana Sees Major DEX Growth in 2024, Challenging Ethereum’s Dominance
In 2024, Ethereum solidified its dominance in decentralized exchange (DEX) activity, recording $674 billion in annual trading volumes, driven largely by Uniswap V3’s liquidity for wrapped ETH and stablecoins.
Despite growing competition, Ethereum outpaced Solana , which ended the year at $626 billion, and BNB Chain with $352 billion.
The DEX sector saw a resurgence , with total value locked reaching $24.46 billion by year-end, including $8.46 billion on Ethereum.
Uniswap stood out, achieving over $90 billion in trading volumes in the final two months, supported by low-cost transactions on Layer 2 networks like Base.
READ MORE:
Grayscale Identifies Top Cryptos with High Potential for Q1 2025 GrowthSolana gained traction in 2024 with protocol migrations and the launch of high-profile meme tokens like PENG.
Platforms such as Raydium and Jupiter facilitated increased activity, with bots accounting for 86% of its trading volume.
While Ethereum focused on stability and liquidity for major assets, Solana capitalized on emerging trends, marking a year of dynamic competition in decentralized finance.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
CEO Brad Garlinghouse: Ripple signed more US deals after Trump’s win compared to six months before
Analyst prediction: You might regret not buying more Ripple (XRP) and these 2 altcoins at current prices
Crypto trading firm GSR secures FCA approval
Bitcoin (BTC) Exceeded $100,000 Again! Will the Rise Continue? Analysis Company Announced!
QCP Capital said that it does not expect a short-term rise as Bitcoin approaches $100,000.