Solana’s Meteoric Rise: How It Outpaced Ethereum in DeFi Trading Volume This July!

Solana’s adoption surge shows no signs of stopping as it overtook longtime DeFi king, Ethereum in trading volumes for the month of July. According to data from DeFiLlama, Solana outpaced Ethereum in daily volumes for a total of 17 days in the past month. This contributed to 30% of all crypto DEX volume while Ethereum followed with 28.12%. In pure numbers, Solana’s DeFi ecosystem saw its exchanges process $56.849 billion worth of transactions, while Ethereum exchanges finished the month at $53.867 billion. That’s a difference of over 5%. 

Amidst this development, PawFury is emerging as a presale project to watch, promising high returns with seemingly predictable patterns, standing out in the volatile crypto landscape.

Pawfury (PAW) – A New Top-Tier Contender

Pawfury (PAW) is rapidly emerging as a top-tier contender in the cryptocurrency market. With its unique blend of advanced technology and practical utility, Pawfury (PAW) sets itself apart from other coins. Making it an attractive investment option. Backed by a strong and growing community and continuous development, Pawfury (PAW) demonstrates significant growth potential. This strategic positioning and innovative approach make Pawfury (PAW) a standout choice for investors looking for high returns in a competitive market.

Presale is Live Now – Join Now for a Chance to Benefit with PAW

Strategic Investment Approach in Pawfury The presale of Pawfury is strategically designed to benefit investors and ensure fair token distribution. With several stages and price increases, early participants enjoy lower entry costs. This structure not only generates excitement but also attracts necessary capital, boosting liquidity and market stability.

To celebrate its success, investors can now enjoy a 10% extra bonus on their first purchase on Pawfury using the promo code “EXTRA10X” for a limited time.

MemeCoin Rise Boosts Solana Ecosystem

What makes this development particularly notable is that Ethereum has long been the undisputed king of DeFi. The only other occasion when Ethereum DEXs were overtaken in volume was by BNB Chain, previously called Binance Smart Chain (BSC), back in 2021. That happened in the middle of BSC meme coin mania, presaging the Solana surge that has greatly contributed to the network’s recent spike in trading.

This major switch from Ethereum to Solana is not surprising given the later’s position as the blockchain of fun and a major blockchain for memecoin projects.  Crypto Analysts Frank Mathis echoes this sentiments as he believes that the lower transaction costs of Solana has attracted the attention of memecoin launches with platforms like Pump.fun becoming popular in the DeFi ecosystem. 

“Solana has done an amazing job of building community and bridging the gap between the developer community and the community of users,“If this trend continues, then I think we will start to realize more and more that the Ethereum ecosystem is at an inflection point,”” he added.

SOL price Analysis

Solana saw soaring popularity and price action in 2021, but lost steam and shed a substantial amount of its SOL token price in late 2022 amid the collapse of the closely linked crypto exchange FTX and its sister trading firm Alameda. But the network started to rebound last year and now is the leading destination for newly launched tokens of all sorts.

Solana has been riding a rollercoaster of price action, currently teetering between crucial support and resistance levels at $146 and $162. The recent 8% plunge saw SOL break below the psychologically important $157 mark, raising bearish alarms.

Despite the current price outlook, the Solana ecosystem is on a growth trajectory. New projects are leveraging its low transaction costs to build decentralized apps, a trend that could serve as a long-term bullish catalyst. This potential for growth should keep investors optimistic, even in the face of short-term bear pressure.