The rivalry between Ethereum and Solana has taken a new twist with the current outlook of the DEX metrics over the past month. According to data from DeFiLlama, Solana has retained the top spot per DEX volume in the past 24 hours. This volume comes in at $3.99 billion over this period.
Solana edges out Ethereum again
Solana has continued to dominate the DEX volume, despite a milder growth rate of 11% in 24 hours compared to Ethereum’s 29.24% rally. However, Ethereum recorded a lower DEX volume of $3.35 billion within the same period.
Beyond the daily volume outlook, Solana has seen varying trends against Ethereum in this metric over the past week and month, respectively. Over the past week, the Solana chain saw its DEX volume hit $19.34 billion, outpaced by Ethereum’s $23.87 billion.
Solana took the lead on the monthly front with more than $112.7 billion, while Ethereum recorded a little over $87 billion. The rivalry between Solana and Ethereum takes different forms at different times.
As reported earlier by U.Today, Solana outpaced Ethereum in transaction fees in mid-February, a time when the market experienced shifting sentiment.
ETF to even out differences
Despite the uptick in the Solana and Ethereum DEX metrics, the latter is still the dominant chain per overall DeFi Total Value Locked (TVL). The Ethereum TVL per DeFiLlama comes in at $53.679 billion, as against Solana’s $7.09 billion.
According to Solana proponents, the prospective approval of a spot SOL ETF product by the United States Securities and Exchange (SEC) can make all the difference in giving the coin more of an advantage over Ethereum.
The Ethereum ETF launched last year and currently boasts a total AUM of over $2.8 billion, per Farside Investors data. With a Solana ETF, the argument that institutional funds will enter the coin is high, boosting its core growth metrics.
