Solana DEX trading volume falls as Ethereum and Base see increased activity
Quick Take
- Solana-based decentralized exchange trading volume has decreased by over 10% in the past week, DeFiLlama data shows.
- In contrast, DEX volumes on the Ethereum, Sui, and Base networks have seen double-digit gains during the same period.
Solana-based decentralized exchange (DEX) trading volume over the past week has decreased by over 10%, according to DefiLlamma data.
Ethereum still holds a large lead over Solana in terms of DEX total value locked (TVL), with a TVL of over $6.44 billion, versus Solana's $1.74 billion.
Solana-based institutional investor demand
Despite the downturn in trading volume on Solana-based DEXs, Zeta Markets Founder Tristan Frizza cited data that showed Solana is capturing almost 10% of the DEX market.
Frizza pointed to CoinShares data, which indicated institutional investors have been broadening their exposure from bitcoin and into altcoins, with Solana experiencing increased allocations. He added that as this institutional adoption grows, it could bring an influx of capital into the Solana ecosystem, driving both innovation and demand.
"However, the future pace of institutional DeFi adoption on Solana will depend on the overall economic conditions and regulatory developments," Frizza told The Block.
In the past 24 hours, the Solana price decreased by 1.6%, to change hands for around $146 as of the time of writing, according to The Block's Price Page.
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