Ethereum (ETH) competitor Solana (SOL) maintains its upward momentum as it overtakes Layer-2 scaling solution Polygon (MATIC) in daily decentralized exchange (DEX) volume.
New data from blockchain tracking platform Artemis reveals which has surpassed smart contract platform MATIC in both total DEX volume and number of daily transactions.
Artemis data shows that Solana had DEX volume yesterday of about $240.5 million, better than Polygon’s $137.5 million.
The numbers also show that Solana significantly surpassed Polygon – and other digital assets such as ETH and Avalanche (AVAX) – in terms of daily transactions. Solana has seen millions more daily transactions compared to its peers, with 19.5 million recorded on November 2, compared to ETH’s 1.05 million, MATIC’s 2.59 million and AVAX’s 192,000.
Another chart that shows Solana’s recent upward momentum is that of its market cap. Since the beginning of October, SOL has surpassed its competitors in terms of market capitalization and further differentiated itself in November.
Solana’s growth is also reflected in its price, as the smart contract platform has seen a 300% price increase since January 1, 2023, when it traded at just $9.97. Solana is trading at $39.36 at the time of writing, down fractionally in the last 24 hours.
Recently, two prominent crypto strategists commented on Solana’s rise. First, macro guru Raoul Paul said Solana resembled a “rocket ship” after the release of Firedance, a new validator client for the SOL blockchain that improved its scalability and speed.
Days later, pseudonymous crypto trader Pentoshi predicted that the ETH rival would return to the $32 range – only to take another step higher.
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Featured image: Shutterstock/Holo Art