The Rivalry Between Ethereum and Solana

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, with a volume of $3.99 billion.

Solana Edges Out Ethereum Again

Despite a milder growth rate of 11% in the last 24 hours, Solana has continued to dominate DEX volume, compared to Ethereum’s 29.24% rally, which recorded a lower DEX volume of $3.35 billion.

Beyond the daily volume outlook, Solana has seen varying trends against Ethereum in this metric over the past week and month. In the last week, Solana’s DEX volume hit $19.34 billion, while Ethereum outpaced it with $23.87 billion. However, Solana leads on the monthly front with over $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, Solana outpaced Ethereum in transaction fees in mid-February, amid shifting market sentiment.

ETF to Even Out Differences

Despite the uptick in DEX metrics for Solana and Ethereum, Ethereum remains the dominant chain for overall DeFi Total Value Locked (TVL), with $53.679 billion compared to Solana’s $7.09 billion.

Proponents of Solana argue that the prospective approval of a spot SOL ETF product by the U.S. Securities and Exchange Commission (SEC) could give Solana an advantage over Ethereum. The Ethereum ETF launched last year, boasting a total AUM of over $2.8 billion. A Solana ETF could attract institutional funds, boosting its core growth metrics.