Solana DEXs Dominate, Ethereum's Uniswap V3 Left Behind

In recent times, decentralized exchanges (DEXs) on Solana have captured a dominant share of decentralized trading volume. Raydium, Jupiter, and Orca, the top three DEXs on Solana, have surpassed Ethereum-based Uniswap V3 in terms of 24-hour trading volume, with Raydium alone reaching nearly $2.2 billion. Solana DEXs, such as Raydium and Jupiter, hold a significant market share (over 36%), outpacing Uniswap V3's 10.7% share. Solana's weekly DEX volume has been steadily growing relative to Ethereum's for several months, indicating Solana's increasing prominence in decentralized trading.

Solana's DEXs Gain Market Share, Ethereum Trails

Over the past 24 hours, decentralized exchanges (DEXs) have commanded the majority of decentralized trading volume, CoinGecko data reveals. Among them, Raydium, Jupiter and Orca emerged as the top three DEXs by 24-hour trading volume. Notably, Raydium surpassed Ethereum's Uniswap V3 exchange, with a daily trading volume of nearly $2.2 billion, double that of Uniswap V3.

Raydium and Jupiter boast impressive market share gains, capturing 20.8% and 16.2%, respectively, in terms of decentralized trading volume. Uniswap V3, on the other hand, lags behind, accounting for only 10.7% market share. Binance Smart Chain's Pancakeswap V3 trails Uniswap V3 in the rankings, placing fourth in 24-hour trading volume.

Data from The Block highlights a steady increase in weekly DEX volume on Solana compared to Ethereum over the past four months. As of today, Solana's weekly DEX volume relative to Ethereum's has reached 29.41%, a significant increase from 10.71% at the start of December 2023.

Meanwhile, Solana's market capitalization reached a new all-time high on March 15. SOL has experienced a 6.17% rise in the last 24 hours, trading at $204.23 as of 10:37 a.m. ET.

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