Ethereum (ETH) competitor Solana (SOL) is sustaining its upward momentum because it overtakes layer-2 scaling resolution Polygon (MATIC) in every day decentralized trade (DEX) quantity.
New information from blockchain monitoring platform Artemis reveals that the sensible contract platform has surpassed MATIC in each general DEX quantity and the variety of every day transactions.
Artemis’ information reveals that as of yesterday, Solana had a DEX quantity of about $240.5 million, outpacing Polygon’s $137.5 million.
The numbers additionally present that Solana significantly surpassed Polygon – and different digital belongings reminiscent of ETH and Avalanche (AVAX) – when it comes to every day transactions. Solana has seen hundreds of thousands extra every day transactions in comparison with its opponents, logging 19.5 million on November 2nd in comparison with ETH’s 1.05 million, MATIC’s 2.59 million, and AVAX’s 192,000.
One other chart that shows Solana’s latest upward momentum is that of market cap. Because the begin of October, SOL has been outpacing its opponents when it comes to market cap, setting itself aside even additional in November.
Solana’s development has additionally been mirrored in its worth, because the sensible contract platform has seen a couple of 300% enhance in worth since January 1, 2023, when it was buying and selling for simply $9.97. Solana is transferring for $39.36 at time of writing, a fractional lower over the last 24 hours.
Not too long ago, two distinguished crypto strategists commented on the rise of Solana First, macro guru Raoul Paul stated that Solana resembled a “rocket ship” after the discharge of Firedance, a brand new validator shopper for the SOL blockchain that improved its scalability and velocity.
Days later, pseudonymous crypto dealer Pentoshi predicted that the ETH rival would retrace towards the $32 vary – solely to arrange one other transfer to the upside.
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