Solana Ecosystem Continues to Gain Market Share from Ethereum

The Layer 1 blockchain’s key metrics are growing at a parabolic pace, with DEX volumes more than double those of Ethereum.

The Solana ecosystem continues on its upward trajectory as it takes market share from Ethereum and adopts established infrastructure.

The Solana vs Ethereum weekly decentralized exchange (DEX) volume percentage has shattered all-time highs this week. It is now at 266%, which means Solana DEXs are processing more than double the volume of Ethereum DEXs. Solana also commands 36% of the total DEX market share across all of DeFi for the last week and 46% over the last 24 hours, according to DeFiLlama.

The adoption of DEXs has been largely driven by memecoin activity, but DeFi adoption is also beginning to pick up on the chain. Solana’s total value locked, while partially propelled by the appreciation of SOL, is up 500% this year to $8.4 billion from $1.4 billion in January.

On Nov. 20, Sky, formerly MakerDAO, announced USDS on Solana with the goal of making it the number one DeFi-focused stablecoin on the chain. USDS is being integrated immediately into Solana’s largest DeFi protocols, such as Raydium, Jito, Drift, and Kamino Finance.

Wormhole, the leading bridging solution between Ethereum and Solana, said, “This landmark integration enables native $USDS transfers between Ethereum and Solana, maintaining unified liquidity across chains. The DeFi renaissance is real.”