Token trading on Solana decentralized exchanges briefly flipped that of Ethereum exchanges in December as meme coin mania raged, and now it’s happened again—this time ascribed to an impending token airdrop.

As of Sunday night, rolling 24-hour trading volume on Solana-based decentralized exchanges (DEXes) topped Ethereum exchanges, according to data from DeFi Llama, with about $705 million on Solana during the span compared to $698 million on Ethereum.

Ethereum is back on top as of this writing, but the networks remain close: DeFi Llama shows about $742 million in Ethereum DEX trading over the last 24 hours, while Solana remains steady right around $705 million. Ethereum is well ahead in terms of seven-day volume, however, at $8.9 billion compared to less than $4.5 billion for Solana.

Even so, the recent short-lived reversals show that the long-dominant Ethereum is facing increasing pressure from Solana, as the

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Author: Andrew Hayward

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