The Solana network has managed to overtake the Ethereum network in terms of trading volume recorded on DEXs in the last 24 hours.
Decentralized trading platforms based on the Solana network recorded $1.3 billion, while the trading volume on platforms based on the Ethereum network reached $1.29 billion.
In third place was the Binance BSC network with a trading volume reaching $604 million.
The “Arbitrum” and “Base” networks occupy fourth and fifth places, having achieved $510 million and $286 million in trading volume on decentralized trading platforms (DEX), respectively.
The high trading volume on Solana came as a direct result of the low fees on the Solana network, which are 50% lower than their counterparts on Ethereum.
The network speed and low fees have made many analysts see Solana as a future project that may overtake Ethereum if the Solana network fixes its technical problems and provides more necessary updates and upgrades. If Ethereum does not update its mechanisms quickly, this may actually happen.
