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Solana Leads in DEX Volume While Ethereum Dominates Total Value Locked

Recent on-chain data indicates Solana generated $16.61 billion in weekly decentralized exchange volume, surpassing Ethereum despite a smaller capital base.

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According to a research report from Coinpedia, Solana is seeing heightened transaction intensity across its decentralized applications even as Ethereum maintains an advantage in total ecosystem liquidity. Over a seven-day period, Solana recorded $16.61 billion in decentralized exchange volume, outpacing Ethereum’s $9.03 billion. Daily volume figures reflected the same trend, with Solana posting $2.46 billion compared to Ethereum's $1.39 billion.

The report caveats that elevated trading turnover can stem from short-term speculation, arbitrage, and automated trading algorithms, meaning transaction volume alone does not measure overall liquidity depth. In total capital metrics, Ethereum continues to lead by a wide margin, holding approximately $51.53 billion in DeFi total value locked compared to Solana’s $6.13 billion.

A wide disparity also remains across stablecoin reserves. Ethereum's stablecoin supply is estimated at $146.94 billion, approximately 9.5 times higher than Solana’s $15.40 billion base. While Ethereum leverages this liquidity for settlement and collateral, the report notes that Solana’s lower capital baseline still leaves capacity for expansion as trading demand develops.

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