In the 24-hour perpetual futures trading volume, a crucial performance metric in the cryptocurrency space, Solana (SOL) has surpassed Ethereum (ETH).
CoinMarketCap statistics shows that Solana’s trading volume surpassed Ethereum’s 4.68 billion USDT, with a startling 5.56 billion USDT.
This change in the dynamics of the market coincides with Solana’s price rising by 7.51% in the last day.
With perpetual futures, traders may bet on the price of a cryptocurrency in the future without worrying about the contract’s expiration date. These tools are essential to the cryptocurrency market’s price discovery and liquidity.
Considering that Ethereum has always dominated the market, Solana’s advantage in this measure is very notable.
Firing on all cylinders
Solana continues to dominate Ethereum in spot trading volume, with a volume percentage of 8.43% compared to Ethereum’s 4.62%.
In addition, Solana has become a major player in the cryptocurrency field as its market valuation has surged past $50 billion.
Solana has lately outperformed Ethereum in terms of 24-hour DEX (Decentralised Exchange) trade volume, which adds to its already outstanding success.
With this, Solana achieves yet another significant milestone, undermining Ethereum’s dominant position in the decentralised financial (DeFi) space.
This increase is attributed by analysts to the growing total value locked on Solana’s platform, which has surpassed $1.4 billion for the first time since the market volatility of last year.
The platform’s surge has been attributed to its fast operations and reasonable transaction costs, as well as the growing community interest and meme currency ecosystem.
