On-chain data shows that the Solana network has surpassed the layer-2 Ethereum-based scalability blockchain Polygon in daily decentralized exchange (DEX) trading volume.
According to charts on the digital assets data platform Artemis XYZ, Solana currently has a daily DEX trading volume of $240.47 million, while Polygon sits at $137.49 million.
Solana Flips Polygon In Daily DEX Volume
Last week, Polygon had a whopping $247.45 million in daily DEX trading volume, compared to Solana’s $135.37 million. However, the latter has overtaken the former within nine days, seemingly switching places and reaching for new heights.
Solana and its native asset, SOL, have witnessed significant growth within the past few months. The proof-of-stake blockchain has seen increasing interest from institutional investors and is leading in institutional investment inflows.
SOL has become the most popular and loved altcoin by institutional investors as the asset has recorded $74 million in institutional investment inflows year-to-date, being second to Bitcoin. The cryptocurrency received $15.5 million from institutional investors last week, and the overall inflows represent 47% of its total assets under management (AUM).
In addition, Solana-based products saw the most significant AUM increase in October, soaring by 74.1% to $140 million.
Solana Sees Remarkable Growth
Despite SOL’s affiliations with the bankrupt crypto exchange FTX and its disgraced founder and former CEO Sam Bankman-Fried (SBF), the Solana chart has been bullish for most of this year, and the crypto asset has witnessed remarkable growth. FTX’s collapse in November 2022 sent SOL’s value plunging, causing outages that halted the network several times.
However, SOL’s price has surged by 80% on a monthly basis and 40% in a year, outpacing leading assets like bitcoin (BTC), ether (ETH), and Ripple (XRP).
Solana’s latest rally and growth is fueled by several factors, including the launch of Firedancer, a new validator client, on the network. The new validator client is designed to enhance the client ecosystem and improve the network’s resilience, speed, and reliability.
The ongoing Solana conference, tagged Breakpoint 2023, has also driven SOL’s upward surge. The event is hosted in Amsterdam from October 30 to November 3.