Solana surpasses Polygon in daily DEX trading volume as price rises

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On-chain data shows that the Solana network’s daily decentralized exchange (DEX) transaction volume has surpassed that of the scalable Polygon blockchain based on Ethereum Layer 2.

according to chart On the digital asset data platform Artemis XYZ, Solana’s current DEX daily trading volume is US$240.47 million, while Polygon’s is US$137.49 million.

Solana beats Polygon in daily DEX trading volume

Last week, Polygon’s daily DEX trading volume was $247.45 million, while Solana’s daily trading volume was $135.37 million. However, Solana overtook Polygon in nine days, seemingly switching places and reaching new heights.

Solana and its parent asset, SOL, have seen significant growth over the past few months. Proof-of-stake blockchain is increasingly attracting attention from institutional investors and is leading the flow of institutional investment capital.

SOL has become the most popular and beloved altcoin among institutional investors, with the asset having recorded $74 million in institutional inflows so far this year, second only to Bitcoin. The cryptocurrency received $15.5 million from institutional investors last week, with total inflows accounting for 47% of total assets under management (AUM).

In addition, Solana-based products saw the most significant growth in AUM in October, rising 74.1% to $140 million.

Solana grows significantly

Despite SOL’s ties to bankrupt crypto exchange FTX and its disgraced founder and former CEO Sam Bankman-Fried (SBF), Solana’s chart has remained bullish for much of the year, as have asset cryptocurrencies achieved significant growth. The collapse of FTX in November 2022 caused the value of SOL to plummet, causing the network to crash multiple times.

However, the price of SOL has increased by 80% every month and 40% in a year, outpacing leading assets such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).

Solana’s latest resurgence and growth has been driven by a number of factors, including the launch of Firedancer, a new authentication client on the network. The new authenticator application is designed to enhance the client application ecosystem and improve network resiliency, speed and reliability.

The ongoing Solana conference (labeled Breakpoint 2023) has also contributed to SOL’s rapid rise. The event takes place in Amsterdam from October 30 to November 3.

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