By the end of July, the Solana ecosystem was ahead of Ethereum for the first time in terms of trading volume on decentralized exchanges — $55.8 billion versus $53.8 billion.
According to DefiLlama, Solana surpassed Ethereum in monthly DEX trading volume for the first time in July 2024, reaching $55.876 billion, compared to Ethereum’s $53.868 billion. Other outstanding performing chains include Arbitrum ($24.569 billion), BSC ($17.888 billion), and…
— Wu Blockchain (@WuBlockchain) August 1, 2024The indicator does not take into account L2 solutions.
Probably, the growth of the metric was influenced by the hype around meme tokens based on Solana.
https://forklog.com/cryptorium/pochemu-mem-tokeny-stali-tak-populyarny-v-2024-goduAccording to an analyst at Parsec Finance under the pseudonym kezfourtwez, on the popular Pump platform.fun users managed to create 1,567,948 coins, including 6,000 in the last 24 hours.
the trenches feel pretty cooked atm, gonna lay out some data and my thoughts because i need someone smarter than me to tell me how it gets resolved
> pump fun hit an ath in daily rev yesterday at $2.3m
> cumulative revenue is just under $80m
> 1,567,948 coins have been launched… pic.twitter.com/5Yh2wZU0Br
Total revenues from the protocol commissions approached $80 million on July 31, the figure reached a record $2.3 million.
The expert noted the "fluidity" of liquidity in coins and expressed concerns about the resilience of the "old" leaders.
In his opinion, there are 5-10 tokens with a capitalization of $ 10-100 million that compete for the attention of traders. This is relevant until the next cohort of coins appears that can "take away" their liquidity.
According to the expert, the number of tokens currently exceeds the amount of capital needed to maintain price growth.
Recall that the DEX Screener cryptocurrency data service launched on Solana competing with Pump.A fun playground called Moonshot.