Solana Overtakes Polygon in Daily Decentralized Exchange Volume
Ethereum (ETH) competitor Solana (SOL) continues its upward momentum, surpassing layer-2 scaling solution Polygon (MATIC) in daily decentralized exchange (DEX) volume, according to new data from blockchain tracking platform Artemis.
Artemis’ data reveals that Solana has outpaced MATIC in both overall DEX volume and the number of daily transactions. As of yesterday, Solana’s DEX volume stood at approximately $240.5 million, surpassing Polygon’s $137.5 million.
Solana also significantly outperformed Polygon, ETH, and Avalanche (AVAX) in terms of daily transactions, with 19.5 million transactions logged on November 2nd. In comparison, ETH recorded 1.05 million transactions, MATIC had 2.59 million, and AVAX had 192,000.
Additionally, Solana’s market cap has been consistently surpassing its competitors since the beginning of October, further solidifying its position in the market.
Since the start of the year, Solana has experienced an impressive 300% increase in price, rising from $9.97 on January 1, 2023, to $39.36 at the time of writing, with a slight decrease in the last 24 hours.
Expert Opinions on Solana’s Rise
Macro guru Raoul Paul likened Solana to a “rocket ship” following the release of Firedance, a new validator client for the SOL blockchain that enhanced its scalability and speed.
Pseudonymous crypto trader Pentoshi predicted a retracement of Solana’s price towards the $32 range, anticipating another upward move in the near future.
