Solana (SOL)'s bright spots this cycle aren't limited to price. Data shows that other parts of the ecosystem continue to dominate the market.
The latest observed is a key area that Ethereum (ETH) has controlled in previous bull markets. But this time, Solana not only surpassed the blockchain led by Vitalik Buterin, but also had the participation of another prominent chain .
Solana saw significant growth in two key areas
According to defillama, the volume of the Solana -based decentralized exchange (DEX) in the past 24 hours has surpassed the combined volume of Ethereum and BNB Chain. Both networks recorded higher weekly gains, but that wasn't enough to stop Solana from retaining the top spot.
As you see below, Solana 's DEX volume is 2.24 billion USD. However, BNB Chain is 703.19 million USD, while Ethereum is 1.41 billion USD.
As a result of this growth, Solana now accounts for approximately 36% of total volume. This growth is related to many reasons, such as Staking and the features of applications built on chain.
In particular, the growth in meme coin trading across the network's decentralized applications has played a key Vai in this increase. For much of this market cycle, meme coins built on the Solana blockchain have performed better than any other network. As a result, demand for SOL and user activity peaked at different times.
Furthermore, data confirms that Total Value Locked has been trending upward since July 3. TVL is the value of assets locked or Staking in a protocol and measures the health of a network. At the time of writing, Solana 's TVL is $5.29 billion, higher than the level before the 2022 bear market began.
This growth shows that investors find the network trustworthy. If the value of locked assets continues to increase, the price of SOL may also increase. But XEM the potential of Token.
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