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There is an ongoing dramatic shift in the decentralized finance (DeFi) world as power is changing hands between Solana (SOL) and the de facto industry leader Ethereum (ETH). Over the past 24 hours, data from DefiLlama shows that Solana has flipped Ethereum in total decentralized exchange (DEX) volume for the first time in history.
The data shows that Solana has recorded an impressive boost of $1.536 billion in 24 hours, while Ethereum has amassed only $1.164 billion. The weekly change in Solana comes in at 54.21% at the time of writing, while Ethereum suffered more than an 8% decline. This impressive flipping has been labeled by many as a rare occurrence, with Solana founder Anatoly Yakovenko acknowledging his disbelief at the huge milestone.
Solana’s growth tempo has been encompassing thus far this year as it previously surpassed Ethereum in the NFT sales stat. While the digital currency has the highest growth margin in the year-to-date (YTD) period among the cryptocurrencies in the top 15, it achieved this run at a time when its future was destabilized following the implosion of FTX and the accompanying SOL sell-offs.
While the daily flipping has been recorded, Solana now sets sight on outranking XRP in market cap and Ethereum in total value locked (TVL) and cumulative volume.
Solana price outlook
Solana’s price is shockingly buckling under its own weight with a menacing sell-off. At the time of writing, Solana is changing hands at a price of $74, down by 5.65%, according to data from CoinMarketCap.
The ongoing sell-off is reflected in the 5.5% slump in market cap to $31,636,851,169 and the over 20% drop in trading volume to $2,358,903,714. While the sell-off is a major concern, Solana is still relatively in a better place with the price generally trading at its highest level for the year.
Solana’s year-to-date growth is 657%, and many see the current price drop as a healthy correction.