Solana’s dominance in decentralized exchanges (DEX) has reached new heights, logging over 14 million transactions in just 24 hours—a staggering figure that eclipses Ethereum’s 268,000 transactions during the same period.
In terms of total value locked (TVL), the blockchain now holds an impressive $75 billion across its DEX platforms, as reported by GeckoTerminal. This substantial DeFi volume underscores the blockchain’s status as a leading platform, even with just six DEXes compared to Ethereum’s 54.
Solana Surpasses Ethereum with 14M DEX Transactions as ETF Hopes Rise
While Ethereum holds the top spot for total TVL across all protocols at nearly $50 billion, Solana ranks third, with $6.23 billion. This metric considers all chains and forms of locked assets, not just DEXes. Tron and Binance Smart Chain (BSC) are also contenders in the top five, showing strong user bases and protocol adoption.
In the last month, the network’s TVL rose by an impressive 11.68%, a testament to its increasing traction in the DeFi space. Other competitors in the TVL rankings include Tron, Binance Smart Chain, and Base, which rank second, fourth, and fifth, respectively, with varying figures for protocols and active users.
Canary’s Solana ETF Application Adds Momentum
Highlighting investor interest, Canary Capital recently filed an application with the SEC for a spot Solana (SOL) ETF, aiming to set the network’s Net Asset Value (NAV) based on the CME CF Solana-Dollar Reference Rate. Canary’s ambitions go beyond the layer-1 alone, as they have filed for Ripple (XRP) and Litecoin (LTC) ETFs in recent months, signaling a broader push into crypto investments.
According to Canary’s statement, Solana’s consistently high transaction volume, daily active addresses, and new address creation reinforce its status as a robust DeFi contender in a competitive Layer-1 and EVM landscape.
Here’s the official quote from @CanaryFunds:
“Despite the hyper competitive L1 and EVM landscape, Solana has emerged as a battle-tested frontrunner for decentralized applications. Solana’s robust DeFi ecosystem has led to strong sustained on-chain analytics as measured by…— James Seyffart (@JSeyff) October 30, 2024
Although U.S. regulators have yet to approve a Solana ETF, Canary’s filing adds to a growing list of firms, including VanEck and 21Shares, that have sought approval for spot SOL ETFs this year. Currently, Brazil remains the only country to have approved a SOL ETF, which launched in August.
