Solana’s Rally Continues As SOL Overtakes Polygon (MATIC) in Daily Decentralized Exchange Volume

Ethereum (ETH) competitor Solana (SOL) is sustaining its upward momentum because it overtakes layer-2 scaling answer 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 drastically surpassed Polygon – and different digital belongings similar to ETH and Avalanche (AVAX) – by way of every day transactions. Solana has seen thousands and 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 current upward momentum is that of market cap. Because the begin of October, SOL has been outpacing its opponents by way of market cap, setting itself aside even additional in November.

Solana’s progress has additionally been mirrored in its value, because the sensible contract platform has seen a couple of 300% enhance in value 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.

Lately, two distinguished crypto strategists commented on the rise of Solana First, macro guru Raoul Paul mentioned 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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