Orhan 
As of 2024, Solana’s DEX ecosystem, with Raydium at the forefront, has seen significant growth. In recent months, Solana’s DEX trading volume has reached 168% of the transaction volume on Ethereum’s mainnet, signaling Solana’s competition with Ethereum in trading volume. At the beginning of the year, this ratio was only 48.85%, highlighting Solana’s rapid growth.
Raydium’s Growing Influence and Market Share
Raydium, one of the largest decentralized exchanges on Solana, has been pivotal in this rise. Starting the year with a market share of 7.6%, Raydium grew to 18.4% by October, reaching a total trading volume of $22.3 billion. This surge is bolstered by increased high-frequency token trading on Solana. New token projects like pump.fun have also contributed to the growth, although Ethereum’s dominant DEX, Uniswap, maintained its lead with a trading volume of $38 billion over the same period.
Innovative Approach
Projects like Truth Terminal, with its AI-powered features, have spurred new token launches and increased Solana’s trading volume. Truth Terminal, for example, has drawn significant social media and on-chain activity, creating a competitive edge for Solana with its fast token launch capabilities compared to Ethereum.
Layer 2 Solutions
Despite the increase in Solana’s mainnet transaction volume, a large portion of Ethereum’s DEX volume relies on Layer 2 solutions, which enhance speed and reduce costs. This may lead to even greater shifts in volume between Solana and Ethereum in the future.
Cross-Chain Trading Differences
User behaviors on Solana and Ethereum DEX platforms reveal distinct trading structures. Solana’s focus on new token trading contrasts with Ethereum’s Uniswap, where established token pairs are more popular. These differences illustrate how each chain serves unique user needs, highlighting both chains’ complementary roles.
Solana’s market volume growth in 2024, its innovative project base, and user-friendly infrastructure underscore its expanding competitive position in the crypto ecosystem, suggesting a more diversified future for blockchain networks.
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