Solana vs Polygon and TRON – What DEX volumes and TVLs tell us
  • Solana outperforms Polygon and Tron in terms of transaction volume
  • DEX volumes and TVL have surged while overall interest in Solana NFTs has waned

Recent activities and interests regarding Solana [SOL] The network went down. However, despite the slowdown in activity, it still outperformed networks such as Polygon and Tron.

In fact, Artemis data revealed that Solana still maintains an advantage in terms of transfer volume, coming in second place after Ethereum in this aspect.

Source: Artemis

DEX volume is increasing

However, it’s not just overall activity that Solana has flourished in; recent data shows that Solana has also been doing well in terms of DEX (decentralized exchange) volume. In the past few days alone, Solana’s DEX trading volume has increased from his $691 million to his $1.2 billion. This surge in DEX volume highlights the popularity of Solana’s DEX and signals a budding ecosystem.

DEX activity on Solana can be largely attributed to the popularity of meme coins on the Solana network. Due to the low fees required to build tokens on the Solana network, the creation and trading of meme coins has surged, increasing the volume of the DEX.

Source: Artemis

Due to these factors, Solana also performed relatively well in terms of TVL (Total Value Locked). In fact, Solana was able to earn an average of $3.7 billion in his TVL over the past few days.

It is worth noting here that even though Solana’s TVL was consistent, protocols such as Tron continued to outperform Solana on this front.

Source: Artemis

However, despite Solana’s consistent activity and TVL, the revenue generated by the network continued to decline.

In fact, over the past week, the revenue generated by Solana has decreased from $1.1 million to $381,000. Tron continued to lead in this sector and generate significant revenue.

While overall metrics for the Solana ecosystem show signs of a healthy network, areas such as TVL and revenue need to improve for long-term sustainability.

read solana’s book [SOL] Price prediction for 2024-2025

Interest in NFTs declines

Another area where Solana needs to improve is the NFT sector. In recent weeks, interest in blue-chip NFT collectibles has plummeted.

Correspondingly, the Solana NFT collection’s average floor value and total NFT sales volume also decreased.

Source: Solana Floor

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