Solana's DEX Dominance and TVL Triumphs Amidst Revenue Retreat Despite a slight dip in activity,
Solana remains a formidable force, outshining
Polygon and
TRON in recent times.
While Ethereum takes the lead, Solana stands tall as the second-largest network for
transfer volume, according to Artemis's data.
The surge isn't limited to transfers alone; Solana's
DEX volumes witnessed a remarkable growth spurt, hitting $1.2 billion from $691 million in just a few days.
The popularity of memecoins on Solana fuels this rise, thanks to the network's low fees, making it an attractive hub for token creation and trading.
Despite consistent activity and a solid
TVL of $3.7 billion, Solana faces stiff competition from Tron in terms of protocol performance.
However, revenue generated on Solana has taken a hit lately, dropping from $1.1 million to $381,000 over the past week.
On the NFT front, Solana needs a boost as interest in blue-chip collections wanes and the floor value of average collections dwindles.
